New Construction 4-Unit
For Sale
$525,000
11415 N 24th, McAllen, TX 78504
Residential Income, McAllen, TX
Property Size4,000 SF
Lot Size0.22 Acres
Price / SF$131.25
Days on Market334
Property Features for 11415 N 24th
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Parking
8
Parking features
Garage
Patio and Porch features
Patio
Appliances
Electric Water Heater, Dryer, Refrigerator, Stove/Range, Washer
Subdivision
North Park On 107 Subdivision
Lot features
Curb & Gutters, Sidewalks
Elementary school
Cavazos
Middle school
Elias Longoria
High school
Vela H.S.
Elementary school district
Edinburg ISD
Middle school district
Edinburg ISD
High school district
Edinburg ISD
Directions
From Trenton Rd, go north on N 23rd St, west on Sprague Ave, then north on N 25th St. Property is on the left.
Standard status
Active
APN
N660800000003400
Size
4,000 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1
HOA Fee
$85 Monthly
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
private patios
Building Details
Year built
2025
Floors in Building
1
Number of units
4
Building materials
Stucco
Roof type
Shingle
Listing Agency:
Effective Real Estate
(956) 322-8522
Listed By:
Ryan J. Mcdaniel
(956) 299-2111
Added: Oct 29, 2025
Changed: Sep 7
Last Checked: Sep 27 at 6:06PM
MLS# 484292
Copyright © 2026 Greater McAllen Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,000-square-foot quadplex is under construction on a 0.217-acre lot at 11415 N 24th in McAllen. The side-by-side configuration includes four residential units with open-concept interiors, contemporary finishes, stucco construction, shingle roofing, and central heating and cooling. Each unit includes a private patio, while garage parking serves the property. The appliance package includes a refrigerator, stove/range, washer, dryer, and electric water heater.
Built in 2025, the property is connected to public water and offers a four-unit residential income configuration. Its McAllen location places the asset near shopping, dining, and schools, as stated in the property information.
Built in 2025, the property is connected to public water and offers a four-unit residential income configuration. Its McAllen location places the asset near shopping, dining, and schools, as stated in the property information.
Key Highlights
- 4,000‑square‑foot quadplex under construction on a 0.217‑acre lot
- Four side‑by‑side residential units with open‑concept layouts
- 2025 construction with stucco exterior and shingle 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
$36,144
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
6.88%
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%
$722,880
$722.9K
Cap Rate 7%
$516,343
$516.3K
Cap Rate 9%
$401,600
$401.6K
Market Conditions
NOI Build-Up for 4,000 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
$55.2K $13.80/SF
− Vacancy
−$3.6K −$0.89/SF
EGI
$51.6K $12.91/SF
− OpEx
−$15.5K −$3.87/SF
NOI
$36.1K $9.04/SF
Area
McAllen, TX
Vacancy
6.46%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$722,880
Cap Rate 7%
$516,343
Cap Rate 9%
$401,600
Alternative Uses
Best Use
Multifamily LT 5
$516.3K
$451.8K – $602.4K
NOI $36,144 @ 7.0% cap · market cap 6.88%
Second Best
Apartment 5plus
$474.5K
$415.2K – $553.6K
NOI $33,216 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$1.09M
$950.4K – $1.27M
NOI $76,032 @ 7.0% cap · market cap 14.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
Explore this area
Business Placement
Demographics for 78504, TX
56,830
Population
21,417
Households
2.7
Avg Household Size
35
Median Age
40%
College-Educated
86%
High-School Grad
19.6 sq mi
ZIP Area
2,899
Density / Sq Mi
$77,627
Median Household Income
$41,632
Median Earnings
$1,178
Median Rent
$203,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four side-by-side units feature open layouts, contemporary finishes, private patios, and garage parking.
Where is this quadplex located?
The property is located at 11415 N 24th McAllen, TX.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 4,000‑square‑foot quadplex under construction on a 0.217‑acre lot; Four side‑by‑side residential units with open‑concept layouts; 2025 construction with stucco exterior and shingle roof
