Fully Leased 9-Unit Apartment
For Sale
$760,000
8005 Cisne Street, Pharr, TX 78577
MULTI_FAMILY - Pharr, TX
Property Size7,998 SF
Lot Size0.64 Acres
Price / SF$95.02
Days on Market128
Property Features for 8005 Cisne Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
18
Parking features
None
Exterior features
Mature Trees
Appliances
Electric Water Heater, Disposal, Refrigerator, Stove/Range, Washer
Subdivision
Las Milpas
Lot features
Irregular Lot, Mature Trees
Elementary school
Anaya
Middle school
Escalante
High school
PSJA H.S.
Elementary school district
PSJA ISD
Middle school district
PSJA ISD
High school district
PSJA ISD
Directions
From W LAS MILPAS RD and S CAGE BLVD head WEST on W LAS MILPAS RD; turn NORTH on CISNE ST; property will be on the EAST side.
Standard status
Active
APN
L330000000000613
Size
7,998 SF
Lot size
0.64 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
14387
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1999
Floors in Building
1
Number of units
9
Building materials
Brick, Wood Siding
Roof type
Composition
Listing Agency:
Glass House Real Estate
(956) 331-9329
Listed By:
Antonio Gabriel Villeda · License #801067833
(956) 331-9329
Added: Apr 25
Changed: Aug 13
Last Checked: Aug 30 at 1:06PM
MLS# 410289
Copyright © 2026 Greater McAllen Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully leased 9-unit apartment complex offers a unit mix where the majority are 3 bed / 2 bath. All leases are structured as 12-month terms, providing an occupied setup from day one. The property includes a 1999 brick building with wood siding and a composition roof.
Recent building improvements include a roof replacement in 2016. For most units, the HVAC and water heater units are less than 7 years old. Additional exterior features include mature trees, and the building is served by public water.
The available details also include central electric heating and central air conditioning, along with in-unit electric water heater, disposal, refrigerator, stove/range, and washer. The property contains about 0.64 acres with approximately 7,998 square feet of building area and is located at 8005 Cisne Street in Pharr, Texas (Hidalgo County).
Recent building improvements include a roof replacement in 2016. For most units, the HVAC and water heater units are less than 7 years old. Additional exterior features include mature trees, and the building is served by public water.
The available details also include central electric heating and central air conditioning, along with in-unit electric water heater, disposal, refrigerator, stove/range, and washer. The property contains about 0.64 acres with approximately 7,998 square feet of building area and is located at 8005 Cisne Street in Pharr, Texas (Hidalgo County).
Key Highlights
- Fully leased 9‑unit apartment complex with mostly 3 bed / 2 bath units
- All leases are 12‑month terms
- Roof replaced in 2016
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
$64,396
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
8.47%
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%
$1,287,920
$1.3M
Cap Rate 7%
$919,943
$919.9K
Cap Rate 9%
$715,511
$715.5K
Market Conditions
NOI Build-Up for 7,998 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
$132.4K $16.56/SF
− Vacancy
−$15.4K −$1.92/SF
EGI
$117.1K $14.64/SF
− OpEx
−$52.7K −$6.59/SF
NOI
$64.4K $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%
$1,287,920
Cap Rate 7%
$919,943
Cap Rate 9%
$715,511
Alternative Uses
Best Use
Apartment 5plus
$919.9K
$805.0K – $1.07M
NOI $64,396 @ 7.0% cap · market cap 8.47%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$6.02M
$5.27M – $7.03M
NOI $421,695 @ 7.0% cap · market cap 55.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
264
Businesses Nearby
Explore this area
Business Placement
Demographics for 78577, TX
79,937
Population
26,568
Households
3
Avg Household Size
30
Median Age
18%
College-Educated
70%
High-School Grad
26.0 sq mi
ZIP Area
3,075
Density / Sq Mi
$49,768
Median Household Income
$28,186
Median Earnings
$988
Median Rent
$111,500
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 - Fully leased apartment complex with a mix of 3-bed units and 12-month leases in a brick building.
Where is this apartment building located?
The property is located at 8005 Cisne Street Pharr, TX.
What is the asking price?
The asking price for this property is $760,000.
What are key features of this property?
This property features: Fully leased 9‑unit apartment complex with mostly 3 bed / 2 bath units; All leases are 12‑month terms; Roof replaced in 2016
