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403 Pirul Street W, Edinburg, TX 78541
Luxury apartments near the University of Texas RGV.
Property Size3,844 SF
Price / SF$124.84
Days on Market731
Property Features for 403 Pirul Street W
General Information
Standard status
Active
Size
3,844 SF
Total Parking Spaces
8
Property subtype
Multifamily
Building Details
Year Built
2015
Buildings
1
Units
4
Listing Agency:
BERKSHIRE HATHAWAY HOMESERVICES RGV REALTY
Listed By:
Martin Manzo · License #TREC # 0579568
Source:
Crexi
Added: Sep 3, 2024
Changed: Aug 8
Last Checked: Aug 29 at 9:19PM
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 BERKSHIRE HATHAWAY HOMESERVICES RGV REALTY
Investment Insights
Based on property information with market context.
This property features luxury apartments within walking distance of the University of Texas RGV. The units have industrial gray-white walls, porcelain flooring, rainfall showers, and granite countertops in both the kitchen and bathrooms. Modern fixtures are installed throughout, including ceiling fans, lights, faucets, sink vessels, and showers. Each apartment includes appliances. The property is fenced and includes concrete slab private patio areas. Situated on a large corner lot at the end of a dead-end street, the location offers low traffic and privacy. The property size is 3844 square feet.
Key Highlights
- Walking distance to the University of Texas RGV.
- Enjoy your private fenced patio.
- Includes appliances.
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
$32,271
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
6.72%
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%
$645,420
$645.4K
Cap Rate 7%
$461,014
$461.0K
Cap Rate 9%
$358,567
$358.6K
Market Conditions
NOI Build-Up for 3,844 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
$60.4K $15.72/SF
− Vacancy
−$1.8K −$0.46/SF
EGI
$58.7K $15.26/SF
− OpEx
−$26.4K −$6.87/SF
NOI
$32.3K $8.40/SF
Area
Edinburg, TX
Vacancy
2.90%
Lease Rate
$15.72 /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%
$645,420
Cap Rate 7%
$461,014
Cap Rate 9%
$358,567
Alternative Uses
Best Use
Apartment 5plus
$461.0K
$403.4K – $537.9K
NOI $32,271 @ 7.0% cap · market cap 6.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$997.4K
$872.7K – $1.16M
NOI $69,819 @ 7.0% cap · market cap 14.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
354
Businesses Nearby
Explore this area
Business Placement
Demographics for 78541, TX
48,513
Population
17,669
Households
2.7
Avg Household Size
28
Median Age
25%
College-Educated
77%
High-School Grad
290.2 sq mi
ZIP Area
167
Density / Sq Mi
$50,567
Median Household Income
$30,752
Median Earnings
$945
Median Rent
$142,600
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 - Luxury apartments near the University of Texas RGV.
Where is this apartment building located?
The property is located at 403 Pirul Street W Edinburg, TX.
What is the asking price?
The asking price for this property is $479,900.
What are key features of this property?
This property features: Walking distance to the University of Texas RGV.; Enjoy your private fenced patio.; Includes appliances.
