The U.S. National Hurricane Center said the storm's center was about 40 miles (70 kilometers) west-southwest of Salina Cruz late Monday, and it was moving northwest at 5 mph (7 kph).
On June 12, the Moderate Resolution Imaging Spectroradiometer or MODIS instrument aboard NASA's Aqua satellite captured a visible-light image of the storm that enabled forecasters to see Calvin became more organized.
The NHC said Calvin dissipated at 10 a.m. on Tuesday.
Tropical Storm Calvin is making landfall in southeastern Mexico.
The Government of Mexico has discontinued the Tropical Storm Warning along the Pacific coast of Mexico.
Tropical Depression Three-E is expected to move slowly northwestward and move inland along the coast of southern Mexico by early Tuesday morning.
Tropical-storm-force winds - 39 miles per hour or greater - are expected to first reach the coast within portions of the warning area on Monday.
"Regardless of the strength of this system, heavy rain will impact coastal regions of southern Mexico through the middle of the week", said AccuWeather Senior Meteorologist Matt Rinde.
The National Hurricane Center noted that "Calvin is expected to cause flash floods and mudslides in the Mexican states of Oaxaca, Guerrero, Chiapas, Tabasco and Veracruz through midweek".