Newer 8-Unit Apartment
For Sale
Contact for pricing
7601 N Fm 88, Weslaco, TX 78599
Turnkey 2023-built gated multifamily with eight 3-bedroom units and private balconies.
Property Size12,120 SF
Price / SF$99.01
Days on Market69
Property Features for 7601 N Fm 88
General Information
Standard status
Active
Size
12,120 SF
Property subtype
Multifamily
Additional Details
Business Included
Yes
Fenced Yard
Yes
Multifamily Units
8
Building Details
Year Built
2023
Buildings
2
Units
8
Tenancy
Multi
Listing Agency:
eXp Realty
(956) 433-9557
Listed By:
Ronnie Esparza
Source:
Crexi
Added: Jun 17
Changed: Aug 15
Last Checked: Aug 23 at 11:49PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 2023-built apartment complex offers eight residential units within a fully fenced and gated setting. Each unit provides a 3-bedroom, 2-bath layout with private balconies, supported by quality interior finishes including porcelain tile flooring, granite countertops, and plantation shutters. The property also includes a shared outdoor area featuring a Rainbow play set.
Located just off FM 88 between Elsa and Weslaco, the complex is positioned for convenient access to major employers, schools, shopping, and dining. Nearby retail options referenced in the remarks include Walmart, Dollar Tree, and CVS.
The unit mix makes the property well-suited for tenants seeking larger, family-oriented floorplans, with in-unit comforts and finishes designed to support day-to-day livability. For buyers, the combination of eight separate apartment units, newer construction, and a gated perimeter offers a straightforward multifamily holding built around consistent residential appeal.
Located just off FM 88 between Elsa and Weslaco, the complex is positioned for convenient access to major employers, schools, shopping, and dining. Nearby retail options referenced in the remarks include Walmart, Dollar Tree, and CVS.
The unit mix makes the property well-suited for tenants seeking larger, family-oriented floorplans, with in-unit comforts and finishes designed to support day-to-day livability. For buyers, the combination of eight separate apartment units, newer construction, and a gated perimeter offers a straightforward multifamily holding built around consistent residential appeal.
Key Highlights
- 2023‑built, fully fenced and gated 8‑unit apartment complex designed for long‑term rentals
- Each unit offers 3 bedrooms, 2 bathrooms, and over 1,500 SF of living space
- Private balconies included with each unit
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
$97,584
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
8.13%
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%
$1,951,680
$2.0M
Cap Rate 7%
$1,394,057
$1.4M
Cap Rate 9%
$1,084,267
$1.1M
Market Conditions
NOI Build-Up for 12,120 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
$200.7K $16.56/SF
− Vacancy
−$23.3K −$1.92/SF
EGI
$177.4K $14.64/SF
− OpEx
−$79.8K −$6.59/SF
NOI
$97.6K $8.05/SF
Area
Hidalgo County, TX
Vacancy
11.60%
Lease Rate
$16.56 /SF/Yr
Expense Ratio
45.00%
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%
$1,951,680
Cap Rate 7%
$1,394,057
Cap Rate 9%
$1,084,267
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.22M – $1.63M
NOI $97,584 @ 7.0% cap · market cap 8.13%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$9.13M
$7.99M – $10.65M
NOI $639,027 @ 7.0% cap · market cap 53.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
68
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey 2023-built gated multifamily with eight 3-bedroom units and private balconies.
Where is this apartment building located?
The property is located at 7601 N Fm 88 Weslaco, TX.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 2023‑built, fully fenced and gated 8‑unit apartment complex designed for long‑term rentals; Each unit offers 3 bedrooms, 2 bathrooms, and over 1,500 SF of living space; Private balconies included with each unit
