Well-Maintained 6-Plex in Penitas,
For Sale
Contact for pricing
18202 Washington Palm Drive, Penitas, TX 78576
Fully occupied 6-plex generating $4,500 monthly income.
Property Size4,536 SF
Price / SF$90.39
Days on Market700
Property Features for 18202 Washington Palm Drive
General Information
Standard status
Active
Size
4,536 SF
Property subtype
Multifamily
Building Details
Year Built
2004
Buildings
1
Units
6
Listing Agency:
Dean & Co. Realty
Listed By:
Marcelino Gonzalez
(346) 803-0054
Source:
Crexi
Added: Oct 4, 2024
Changed: Aug 16
Last Checked: Sep 3 at 10:47AM
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 Dean & Co. Realty
Investment Insights
Based on property information with market context.
This well-maintained 6-plex is located in Penitas, Texas. The property consists of 2-bedroom, 1-bath units. The building has a new roof. The property is fully occupied and generates $4,500 of monthly income. The property size is 4,536 square feet.
Key Highlights
- Generates $4,500 of monthly income.
- Fully occupied 6‑plex.
- New roof.
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
$36,521
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
8.91%
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%
$730,420
$730.4K
Cap Rate 7%
$521,729
$521.7K
Cap Rate 9%
$405,789
$405.8K
Market Conditions
NOI Build-Up for 4,536 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
$75.1K $16.56/SF
− Vacancy
−$8.7K −$1.92/SF
EGI
$66.4K $14.64/SF
− OpEx
−$29.9K −$6.59/SF
NOI
$36.5K $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%
$730,420
Cap Rate 7%
$521,729
Cap Rate 9%
$405,789
Alternative Uses
Best Use
Apartment 5plus
$521.7K
$456.5K – $608.7K
NOI $36,521 @ 7.0% cap · market cap 8.91%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$3.42M
$2.99M – $3.99M
NOI $239,161 @ 7.0% cap · market cap 58.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Explore this area
Business Placement
Demographics for 78576, TX
13,901
Population
3,362
Households
4.1
Avg Household Size
25
Median Age
6%
College-Educated
53%
High-School Grad
58.2 sq mi
ZIP Area
239
Density / Sq Mi
$48,205
Median Household Income
$21,962
Median Earnings
$629
Median Rent
$116,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied 6-plex generating $4,500 monthly income.
Where is this apartment building located?
The property is located at 18202 Washington Palm Drive Penitas, TX.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Generates $4,500 of monthly income.; Fully occupied 6‑plex.; New roof.
