Four-Unit Quadplex with Central
For Sale
$600,000
3004 L Street, McAllen, TX 78503
MULTI_FAMILY - McAllen, TX
Property Size5,480 SF
Lot Size0.18 Acres
Price / SF$109.49
Days on Market138
Property Features for 3004 L Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
8
Parking features
None
Appliances
Electric Water Heater
Subdivision
Las Canadas
Lot features
Mature Trees
Elementary school
Palmer
Middle school
Kennedy
High school
PSJA South West H.S.
Elementary school district
PSJA ISD
Middle school district
PSJA ISD
High school district
PSJA ISD
Directions
From Expressway 83, South on Jackson Rd. Pass Yuma Ave, West on Olympia, take the first right, and follow around to L Street.
Standard status
Active
APN
L314900002002200
Size
5,480 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15042
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2014
Floors in Building
2
Number of units
4
Building materials
Stucco
Roof type
Tile
Listing Agency:
Keller Williams Realty RGV
(956) 928-1155
Listed By:
Jaime Lee Gonzalez · License #713189
(956) 599-8400
Added: Apr 15
Changed: Jul 29
Last Checked: Aug 30 at 12:06AM
MLS# 489154
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.
Four-unit quadplex at 3004 L Street in McAllen, Texas, built in 2014. The property totals 5,480 square feet on a 0.1814-acre lot and consists of four units, each offering three bedrooms and three bathrooms. The units are described as featuring a generous open-concept layout.
On the exterior, the building is constructed with stucco and has a tile roof. The home has central heating and central air, and each unit is served by a public water source. An electric water heater is included. Parking is listed as none.
The property is positioned for multi-family investors seeking a small, manageable four-unit configuration in McAllen.
On the exterior, the building is constructed with stucco and has a tile roof. The home has central heating and central air, and each unit is served by a public water source. An electric water heater is included. Parking is listed as none.
The property is positioned for multi-family investors seeking a small, manageable four-unit configuration in McAllen.
Key Highlights
- Four units, each with three bedrooms and three bathrooms
- Total 5,480 square feet on a 0.1814‑acre lot
- Built in 2014
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
$49,517
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
8.25%
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%
$990,340
$990.3K
Cap Rate 7%
$707,386
$707.4K
Cap Rate 9%
$550,189
$550.2K
Market Conditions
NOI Build-Up for 5,480 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
$75.6K $13.80/SF
− Vacancy
−$4.9K −$0.89/SF
EGI
$70.7K $12.91/SF
− OpEx
−$21.2K −$3.87/SF
NOI
$49.5K $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%
$990,340
Cap Rate 7%
$707,386
Cap Rate 9%
$550,189
Alternative Uses
Best Use
Multifamily LT 5
$707.4K
$619.0K – $825.3K
NOI $49,517 @ 7.0% cap · market cap 8.25%
Second Best
Apartment 5plus
$650.1K
$568.8K – $758.5K
NOI $45,507 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$1.49M
$1.30M – $1.74M
NOI $104,164 @ 7.0% cap · market cap 17.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
Explore this area
Business Placement
Demographics for 78503, TX
23,604
Population
8,090
Households
2.9
Avg Household Size
35
Median Age
25%
College-Educated
71%
High-School Grad
19.2 sq mi
ZIP Area
1,229
Density / Sq Mi
$48,765
Median Household Income
$27,514
Median Earnings
$1,087
Median Rent
$130,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit quadplex built in 2014 with central heating and central air and public water service.
Where is this quadplex located?
The property is located at 3004 L Street McAllen, TX.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Four units, each with three bedrooms and three bathrooms; Total 5,480 square feet on a 0.1814‑acre lot; Built in 2014
