Renovated Five-Unit Apartment
For Sale
$675,000
502 N 15th Street, McAllen, TX 78501
Residential Income, McAllen, TX
Property Size4,008 SF
Lot Size0.24 Acres
Price / SF$168.41
Days on Market106
Property Features for 502 N 15th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Garage
Patio and Porch features
Patio
Appliances
Electric Water Heater, Gas Water Heater, Refrigerator, Stove/Range
Subdivision
North Mcallen
Lot features
Alley, Corner Lot, Mature Trees, Sidewalks
Elementary school
Wilson
Middle school
Travis
High school
McAllen H.S.
Elementary school district
McAllen ISD
Middle school district
McAllen ISD
High school district
McAllen ISD
Directions
Located on the corner of 15th street and Ebony in McAllen. From Business 83 go North on 15th St.
Standard status
Active
APN
N540000021001100
Size
4,008 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
7954
Utilities
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Building Details
Year built
1973
Floors in Building
2
Number of units
5
Building materials
Stucco
Roof type
Metal, Composition
Listing Agency:
RE/MAX RGV Commercial Group · RE/MAX International
(956) 683-8600
Listed By:
Noe Alejandro Lopez · License #564041
(956) 207-7361
Added: Jun 14
Changed: Sep 14
Last Checked: Sep 27 at 4:06PM
MLS# 474025
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 renovated five-unit apartment property contains 4,008 square feet and was built in 1973. Improvements include electrical updates, refinished and painted stucco exteriors, and new electric mini-split air-conditioning systems serving each apartment. The property also includes garage parking, a patio, public water service, and a combination composition and metal roof. Appliances include refrigerators, stove/ranges, and electric or gas water heaters.
The 0.241-acre property is located at the corner of 15th Street and Ebony in McAllen’s Historic Palm District, within the downtown area. Water and trash are included in the rent, providing an established operating feature for the five-apartment configuration.
The 0.241-acre property is located at the corner of 15th Street and Ebony in McAllen’s Historic Palm District, within the downtown area. Water and trash are included in the rent, providing an established operating feature for the five-apartment configuration.
Key Highlights
- Five‑unit apartment property with 4,008 square feet
- 0.241‑acre site at 502 N 15th Street, McAllen, TX 78501
- Electrical upgrades, refinished stucco, and new paint
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
$33,283
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
4.93%
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%
$665,660
$665.7K
Cap Rate 7%
$475,471
$475.5K
Cap Rate 9%
$369,811
$369.8K
Market Conditions
NOI Build-Up for 4,008 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
$64.9K $16.20/SF
− Vacancy
−$4.4K −$1.10/SF
EGI
$60.5K $15.10/SF
− OpEx
−$27.2K −$6.79/SF
NOI
$33.3K $8.30/SF
Area
McAllen, TX
Vacancy
6.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$665,660
Cap Rate 7%
$475,471
Cap Rate 9%
$369,811
Alternative Uses
Best Use
Apartment 5plus
$475.5K
$416.0K – $554.7K
NOI $33,283 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$952.3K – $1.27M
NOI $76,184 @ 7.0% cap · market cap 11.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,532
Businesses Nearby
Explore this area
Business Placement
Demographics for 78501, TX
60,817
Population
24,807
Households
2.5
Avg Household Size
37
Median Age
27%
College-Educated
77%
High-School Grad
15.5 sq mi
ZIP Area
3,924
Density / Sq Mi
$49,451
Median Household Income
$29,092
Median Earnings
$943
Median Rent
$149,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily property with individual mini-split air conditioning, garage parking, and a patio.
Where is this apartment building located?
The property is located at 502 N 15th Street McAllen, TX.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Five‑unit apartment property with 4,008 square feet; 0.241‑acre site at 502 N 15th Street, McAllen, TX 78501; Electrical upgrades, refinished stucco, and new paint
