Four-Unit Apartment
New
For Sale
$369,900
4308 Kings Drive, Mission, TX 78574
Four-unit residential property with upgraded kitchens and active leasing across the building.
Property Size3,720 SF
Price / SF$99.44
Days on Market7
Property Features for 4308 Kings Drive
General Information
Standard status
Active
Size
3,720 SF
Property subtype
Residential Income
Occupancy
50%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,151
Listing Agency:
BIG Realty
(956) 465-0011
Listed By:
Imelda Saldivar
(956) 605-2079
Source:
Exprealty
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 26 at 12:00PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of BIG Realty
Investment Insights
Based on property information with market context.
This 3,720-square-foot quadplex contains four apartments. Kitchen improvements have been completed in all four units, including replacement countertops. Two apartments are currently leased, while leasing efforts are underway for the remaining two units.
The property is located at 4308 Kings Drive in Mission, Texas. Its four-unit configuration and completed kitchen updates provide a clear basis for evaluating the asset as a residential income property.
The property is located at 4308 Kings Drive in Mission, Texas. Its four-unit configuration and completed kitchen updates provide a clear basis for evaluating the asset as a residential income property.
Key Highlights
- Four‑unit quadplex totaling 3,720 square feet
- Kitchen upgrades completed in all 4 units
- Countertops replaced throughout the kitchens
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$32,531
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$650,620
$650.6K
Cap Rate 7%
$464,729
$464.7K
Cap Rate 9%
$361,456
$361.5K
Market Conditions
NOI Build-Up for 3,720 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$52.2K $14.04/SF
− Vacancy
−$5.8K −$1.55/SF
EGI
$46.5K $12.49/SF
− OpEx
−$13.9K −$3.75/SF
NOI
$32.5K $8.74/SF
Area
Hidalgo County, TX
Vacancy
11.02%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$650,620
Cap Rate 7%
$464,729
Cap Rate 9%
$361,456
Alternative Uses
Best Use
Multifamily LT 5
$464.7K
$406.6K – $542.2K
NOI $32,531 @ 7.0% cap · market cap 8.79%
Second Best
Apartment 5plus
$427.9K
$374.4K – $499.2K
NOI $29,951 @ 7.0% cap · market cap 8.10%
Theoretical Best
Hotel Hospitality
$2.80M
$2.45M – $3.27M
NOI $196,137 @ 7.0% cap · market cap 53.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Explore this area
Business Placement
Demographics for 78574, TX
63,627
Population
18,309
Households
3.5
Avg Household Size
28
Median Age
16%
College-Educated
58%
High-School Grad
51.9 sq mi
ZIP Area
1,226
Density / Sq Mi
$52,536
Median Household Income
$28,029
Median Earnings
$807
Median Rent
$119,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with upgraded kitchens and active leasing across the building.
Where is this quadplex located?
The property is located at 4308 Kings Drive Mission, TX.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: Four‑unit quadplex totaling 3,720 square feet; Kitchen upgrades completed in all 4 units; Countertops replaced throughout the kitchens
