Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1506 Playa Dr Weslaco, TX 78596

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1506 Playa Dr Weslaco, TX 78596

    View on Map
    • Apartment buildings
    • 4,050 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 1506 Playa Dr

    Year built
    2023
    Property size
    4,050 SF
    Property type
    Apartment buildings
    Property subtype
    Small apartment buildings

    Description

    This exceptional fourplex in Weslaco, Texas presents a compelling investment opportunity. Built in 2023, this fully leased property boasts a prime location within a gated community, offering proximity to schools, shopping, and convenient expressway access. The property comprises two buildings, totaling 4,050 square feet on a 10,149.916 square foot lot. The four units are attractively designed with modern open-concept floor plans featuring wood-like tile throughout. Two units offer 2 bedrooms and 2 bathrooms, while the other two provide 3 bedrooms and 2 bathrooms. Each unit includes a private fenced backyard, stainless steel appliances, a washer and dryer, and ample closet space. The kitchens feature custom cabinets and modern quartz countertops. Master bedrooms are spacious, with large bathrooms featuring frameless glass showers. Eight carport spaces are available for residents. Tenants are responsible for their own utilities, ensuring a strong, immediate cash flow for the investor. The asking price is $485,000. This is a turnkey investment ready to generate immediate returns.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Weslaco
    County
    Hidalgo
    State
    Texas
    Longitude
    -97.9575
    Latitude
    26.1444

    Comparable in this City

    • Value Estimation by Request
      6.88 Acres

      00 Mile 3 1/2

      Multifamily properties • 6.88 Acres
      00 Mile 3 1/2, Weslaco, TX 78596
      View Details
    • Value Estimation by Request

      3918 Las Vistas

      Multifamily properties
      3918 Las Vistas, Weslaco, TX 78596
      View Details
    • Value Estimation by Request

      1303 Lore Dr

      Multifamily properties
      1303 Lore Dr, Weslaco, TX 78596
      View Details
    • Value Estimation by Request
      2,279 SF

      1309 Gonzalez Rd

      Multifamily properties • 2,279 SF
      1309 Gonzalez Rd, Weslaco, TX 78596
      View Details
    • Value Estimation by Request

      2808 Delta Rd

      Multifamily properties
      2808 Delta Rd, Weslaco, TX 78596
      View Details
    • Value Estimation by Request
      4,386 SF

      3906 Las Vistas Ln

      Multifamily properties • 4,386 SF
      3906 Las Vistas Ln, Weslaco, TX 78596
      View Details

    Similar Nearby for Sale

    • $505,000
      4,200 SF

      Weslaco Fourplex: Prime Investment

      High-Yield Multifamily Property in Weslaco, TX
      1631 Playa Dr, Weslaco, TX 78596
      View Details
    • $1,050,000
      8,320 SF

      Weslaco 8-Plex Investment Opportunity

      Fully occupied 8-plex in Weslaco, TX with strong income.
      1104 Jesse St, Weslaco, TX 78596
      View Details
    • $1,000,000

      Weslaco Luxury Quadplex Investment

      High-Cap Rate Multifamily Property in Weslaco, TX
      Weslaco, TX 78596
      View Details
    • New
      $1,200,000
      13,875 SF

      Weslaco Multifamily Investment Opportunity

      17-unit apartment complex in Weslaco, TX, fully leased.
      800 S Texas Blvd, Weslaco, TX 78596
      View Details
    • Contact for pricing
      10,920 SF

      1306 E 11th St, Weslaco, TX 78596

      Apartment buildings • 10,920 SF
      1306 E 11Th St, Weslaco, TX 78596
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Weslaco Office Suite For Rent

      Office suite for lease in high-traffic Weslaco location.
      150 S Texas Blvd, Weslaco, TX 78596
      View Details
    • Contact for pricing

      Weslaco Class A Office Space

      Class A office space available for rent in Weslaco, Texas.
      2290 W Pike Blvd, Weslaco, TX 78596
      View Details
    • Contact for pricing

      Remodeled Commercial Space For Lease

      3,820 SF commercial space on a .48-acre corner lot.
      503 S Illinois Ave, Weslaco, TX 78596
      View Details
    • $1.40 SF/Yr

      Prime Endcap Space Available

      Endcap space suitable for office, retail, or professional use.
      1102 S Airport Dr, Weslaco, TX 78596
      View Details
    • Contact for pricing
      1,250 SF

      Versatile Commercial Space Available

      1,250 SF space ideal for office, retail, or medical.
      623 S Texas Blvd, Weslaco, TX 78596
      View Details
    • $3,000 /Mo
      49,658 SF

      Weslaco Land For Lease

      1.14 acres available for lease in Weslaco, Texas.
      414 18Th St, Weslaco, TX 78596
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1506 Playa Dr
    Weslaco, TX 78596
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!