Renovated Five-Unit Apartment
For Sale
$675,000
502 N 15th Street, McAllen, TX 78501
MULTI_FAMILY - McAllen, TX
Property Size4,008 SF
Lot Size0.24 Acres
Price / SF$168.41
Days on Market52
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: Aug 3
Last Checked: Aug 4 at 10:06AM
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.
Renovated five-unit apartment complex on a small lot with stucco exterior construction and a patio. The property was built in 1973 and features a mix of roof materials including composition and metal roofing. Cooling is electric, and each apartment has new electric A/C mini-splits. Interior appliances noted include an electric water heater, a gas water heater, a refrigerator, and a stove/range. Parking is available with a garage, and the apartments are connected to public water.
Located on the corner of 15th St. and Ebony in McAllen’s Historic Palm District, the complex offers on-site convenience for residents. Water and trash are included in the rent. A rent roll is available, and the seller notes a potential to raise rents in all units.
Located on the corner of 15th St. and Ebony in McAllen’s Historic Palm District, the complex offers on-site convenience for residents. Water and trash are included in the rent. A rent roll is available, and the seller notes a potential to raise rents in all units.
Key Highlights
- Renovated five‑unit apartment complex with patio
- New electric A/C mini‑splits installed on each apartment
- Water and trash included in the rent
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $64.9k | $16.20 |
| − Vacancy | −$4.4k | −$1.10 |
| EGI | $60.5k | $15.10 |
| − OpEx | −$27.2k | −$6.79 |
| NOI | $33.3k | $8.30 |
4,008 SF · lease $16.20/SF/yr · vacancy 6.80% · expense 45.00%
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
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,697
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated five-unit apartment complex with mini-split A/C units, patio, and water/trash included in rent.
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: Renovated five‑unit apartment complex with patio; New electric A/C mini‑splits installed on each apartment; Water and trash included in the rent
