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    The Largest CRE Database in the US with Over 1 Million Listings

    2210 1St St Mission, TX 78572

    Sponsored
    For Sale
    $4,700,000

    35-Unit Multifamily Investment Opportunity

    Property size:
    35,750 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    419
    This exceptional 35-unit apartment complex in Mission, Texas, presents a compelling investment opportunity. Boasting a 100% occupancy rate and a strong NOI of $490,740, this stabilized property offers a 6.81% cap rate. Built in 2014, the complex comprises seven two-story buildings totaling 35,750 square feet on a 2.15-acre lot. Each of the 35 units is priced at $134,285.71, with an overall asking price of $4,700,000. The property is conveniently located less than five minutes from major roadways, including the expressway, and is in close proximity to popular retail destinations such as Walmart, HEB, and Target, as well as the Mission event center. Residents enjoy a desirable amenity package including a community pool with a lounge and grill area, a fitness center, and a children's playground. The property is zoned RM and sits within the highly-rated Sharyland ISD school district. This turnkey investment offers a rare combination of strong financial performance, desirable location, and attractive resident amenities. The property's modern design and gated community enhance its appeal and contribute to its consistently high occupancy. This is a truly exceptional opportunity for investors seeking a stable, high-performing multifamily asset in a thriving Texas market.

    Property Features for 2210 1St St

    General Information

    Property type
    Multifamily properties
    Square Feet
    35,750 SF
    Lot Size
    93,654 SF

    Building Details

    Year Built
    2014
    Buildings
    7
    Stories
    2
    Units
    35

    We can help!

    Listing Contact
    Mere Flores
    Mere Flores

    Learn more

    Property Insight Report

    HighLights

    • $4,700,000 asking price for a stabilized multifamily investment.
    • 35‑unit apartment building totaling 35,750 square feet.
    • $131.47 price per square foot, with a 6.81% cap rate and $490,740 NOI.
    • 100% occupancy, generating $134,286 per unit.
    • Located in Mission, TX (78572), on a 2.15‑acre lot, zoned RM.
    • Built in 2014, featuring seven 2‑story buildings.
    Property Profile Location Intelligence

    Current Use by Public Records

    ANGO Holdings Construction Company Aqua Luxury Living ... Townhouse Complex

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mission
    County
    Hidalgo
    State
    Texas
    Longitude
    -98.289979848581
    Latitude
    26.20121024339

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    FAQs

    What type of property is this?
    Multifamily property - 35-Unit Multifamily Investment Opportunity
    Where is this multifamily property located?
    The property is located at 2210 1St St Mission, TX.
    What is the asking price?
    The asking price for this property is $4,700,000.
    What are key features of this property?
    This property features: $4,700,000 asking price for a stabilized multifamily investment.; 35-unit apartment building totaling 35,750 square feet.; $131.47 price per square foot, with a 6.81% cap rate and $490,740 NOI.
    Request Owner's contact information
    2210 1St St Mission, TX 78572
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    Mission, TX 78572
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2210 1St St Mission, TX 78572
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    We can help!
    Listing Contact
    Mere Flores
    Mere Flores
    Real Estate License ID: 0699895
    Learn more
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