8-Plex Apartment
For Sale
Contact for pricing
805 First Street, Mission, TX 78572
Fully leased eight-unit multifamily with all units occupied, offering an income-focused option for buyers.
Property Size3,756 SF
Price / SF$100.91
Days on Market59
Property Features for 805 First Street
General Information
Standard status
Active
Size
3,756 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
8
Building Details
Year Built
1973
Tenancy
Multi
Listing Agency:
Texas Star Realty, LLC
Listed By:
Rodrigo Garza Saenz
Source:
Crexi
Added: Jun 9
Changed: Jul 10
Last Checked: Aug 6 at 9:24AM
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 Texas Star Realty, LLC
Investment Insights
Based on property information with market context.
This property is an 8-plex apartment building with all units currently occupied and described as fully leased. As an income-focused multifamily asset, it presents a turn-key ownership profile for buyers looking for a stabilized configuration rather than a repositioning opportunity.
The building is located at 805 First Street in Mission, TX, with the public remarks noting convenient access to major roads and proximity to shopping centers, restaurants, schools, and employment hubs. This surrounding mix supports day-to-day tenant convenience and helps explain the property’s appeal to renters seeking nearby services.
For prospective investors or owner-operators, the practical consideration here is straightforward: the property is marketed as fully occupied, which can reduce near-term leasing activity expectations compared with vacancies. The 8-unit layout is typically suited to buyers seeking manageable scale within a single multifamily building while maintaining rental income as the core business objective. Buyers should still confirm details such as unit configuration, lease terms, and any operating expenses during diligence.
The building is located at 805 First Street in Mission, TX, with the public remarks noting convenient access to major roads and proximity to shopping centers, restaurants, schools, and employment hubs. This surrounding mix supports day-to-day tenant convenience and helps explain the property’s appeal to renters seeking nearby services.
For prospective investors or owner-operators, the practical consideration here is straightforward: the property is marketed as fully occupied, which can reduce near-term leasing activity expectations compared with vacancies. The 8-unit layout is typically suited to buyers seeking manageable scale within a single multifamily building while maintaining rental income as the core business objective. Buyers should still confirm details such as unit configuration, lease terms, and any operating expenses during diligence.
Key Highlights
- 8‑plex multifamily property with all units occupied (fully leased).
- Year built: 1973.
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
$30,241
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
7.98%
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%
$604,820
$604.8K
Cap Rate 7%
$432,014
$432.0K
Cap Rate 9%
$336,011
$336.0K
Market Conditions
NOI Build-Up for 3,756 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
$62.2K $16.56/SF
− Vacancy
−$7.2K −$1.92/SF
EGI
$55.0K $14.64/SF
− OpEx
−$24.7K −$6.59/SF
NOI
$30.2K $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%
$604,820
Cap Rate 7%
$432,014
Cap Rate 9%
$336,011
Alternative Uses
Best Use
Apartment 5plus
$432.0K
$378.0K – $504.0K
NOI $30,241 @ 7.0% cap · market cap 7.98%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$2.83M
$2.48M – $3.30M
NOI $198,035 @ 7.0% cap · market cap 52.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
Explore this area
Business Placement
Demographics for 78572, TX
78,280
Population
32,696
Households
2.4
Avg Household Size
36
Median Age
25%
College-Educated
75%
High-School Grad
53.7 sq mi
ZIP Area
1,458
Density / Sq Mi
$54,029
Median Household Income
$30,004
Median Earnings
$900
Median Rent
$121,900
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 eight-unit multifamily with all units occupied, offering an income-focused option for buyers.
Where is this apartment building located?
The property is located at 805 First Street Mission, TX.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: 8‑plex multifamily property with all units occupied (fully leased).; Year built: 1973.
