Four-Unit Residential Income
For Sale
$340,000
623 E Washington St, Weslaco, TX 78599
Four residences each provide two bedrooms, a full bath, and distinct kitchen, dining, and living areas.
Property Size3,416 SF
Price / SF$99.53
Days on Market57
Property Features for 623 E Washington St
General Information
Standard status
Active
Size
3,416 SF
Property subtype
Residential Income
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,520
Listing Agency:
Marcus Phipps Real Estate LLC
Listed By:
Marcus Phipps · License #450735
(956) 423-5300
Source:
Exprealty
Added: Aug 4
Changed: Sep 28
Last Checked: Sep 28 at 1:33PM
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 Marcus Phipps Real Estate LLC
Investment Insights
Based on property information with market context.
This four-unit residential property totals 3,416 square feet. Each residence has two bedrooms and one bathroom, along with a kitchen, dining area, and living room. The roof was replaced in 2023, and a privacy fence was added in 2024. The property has had one owner and has been maintained over time.
The complex is at 623 E Washington St in Weslaco, north of the Expressway and off Bridge Rd, with access to the surrounding area.
The complex is at 623 E Washington St in Weslaco, north of the Expressway and off Bridge Rd, with access to the surrounding area.
Key Highlights
- Four residential units, each with 2 bedrooms and 1 bathroom
- 3,416 square feet total
- Roof replaced in 2023
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
$29,873
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%
$597,460
$597.5K
Cap Rate 7%
$426,757
$426.8K
Cap Rate 9%
$331,922
$331.9K
Market Conditions
NOI Build-Up for 3,416 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
$48.0K $14.04/SF
− Vacancy
−$5.3K −$1.55/SF
EGI
$42.7K $12.49/SF
− OpEx
−$12.8K −$3.75/SF
NOI
$29.9K $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%
$597,460
Cap Rate 7%
$426,757
Cap Rate 9%
$331,922
Alternative Uses
Best Use
Multifamily LT 5
$426.8K
$373.4K – $497.9K
NOI $29,873 @ 7.0% cap · market cap 8.79%
Second Best
Apartment 5plus
$392.9K
$343.8K – $458.4K
NOI $27,504 @ 7.0% cap · market cap 8.09%
Theoretical Best
Hotel Hospitality
$2.57M
$2.25M – $3.00M
NOI $180,109 @ 7.0% cap · market cap 52.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
168
Businesses Nearby
Explore this area
Business Placement
Demographics for 78599, TX
32,500
Population
9,945
Households
3.3
Avg Household Size
29
Median Age
16%
College-Educated
67%
High-School Grad
26.5 sq mi
ZIP Area
1,226
Density / Sq Mi
$55,939
Median Household Income
$27,841
Median Earnings
$954
Median Rent
$113,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residences each provide two bedrooms, a full bath, and distinct kitchen, dining, and living areas.
Where is this quadplex located?
The property is located at 623 E Washington St Weslaco, TX.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Four residential units, each with 2 bedrooms and 1 bathroom; 3,416 square feet total; Roof replaced in 2023
