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    Residential Rental Package with Land Title is generated by Realmo AI

    516 S Mckinney Street, Mexia, TX 76667

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    For Sale
    $399,900

    MULTI_FAMILY - Mexia, TX

    Lot size:
    2.00 Acres
    Added:
    Apr 9, 2026
    Days on Market:
    58
    Last Refresh:
    Jun 5 at 2:06 pm

    Property Features for 516 S Mckinney Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    4
    Rooms
    Bedroom 6, Bathroom 1, Bedroom 5, Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 3, Bedroom 1, Bathroom 4, Bathroom 2
    Parking
    3
    Parking features
    Driveway
    Patio and Porch features
    Deck
    Interior features
    EatInKitchen, HighSpeedInternet, Pantry
    Appliances
    GasRange, Refrigerator
    Standard status
    Active
    APN
    R20860
    Lot size
    2.00 Acres

    Taxes and HOA fees

    Tax Description
    DIVISION M MEXIA, BLOCK 005, (75X145')
    Tax Annual Amount
    2438

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Space Heater
    Cooling system
    Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1969
    Floors in Building
    1
    Number of units
    3
    Flooring type
    Wood
    Roof type
    Composition

    We can help!

    Listing Contact
    Dawn James
    Dawn James

    Listing agent Dawn James License #711736

    Listing office Coldwell Banker Realty Flower Mound, TX

    Listing date Apr 9, 2026

    MLS# 21232143 Listing URL

    Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 3‑home package in Mexia with an additional fenced 1‑acre parcel behind the homes on S McKinney St.
    • 516 S McKinney St.: 1,416 SF, 2BR/1BA, 1‑car garage, on 0.25‑acre, leased through 1‑31‑27 at $1,450/mo.
    • 509 N Ross Ave.: 1,818 SF, 3BR/2BA, garage plus carport area, on 0.516‑acre, leased through 7‑31‑26 at $1,350/mo.
    • 512 S McKinney St.: 968 SF, 1BR/1BA over 100 years old; needs total renovation and re‑connection to city utility services.
    • Utilities: public water and public sewer; roof is composition; heating includes natural gas.
    • Interior features in the homes include eat‑in kitchen with pantry; flooring includes wood; cooling includes window unit(s); includes a deck and driveway parking.

    Overview

    Offered as a 3-home package with an additional 1-acre fenced land parcel in the City of Mexia, this property includes three single-family residences and a separate tract of land. Two homes are currently leased: 516 S McKinney St. is a 2-bedroom, 1-bath, 1-car garage home on approximately a quarter-acre lot, leased through 1-31-27; 509 N Ross Ave. is a 3-bedroom, 2 full-bath home with a garage and a carport area on a little over one-half acre, leased through 7-31-26. The third home, 512 S McKinney St., is an over-100-year-old 1-bedroom, 1-bath residence of 968 square feet that requires total renovation and must be reconnected to city utility services.

    The package also features a full 1-acre lot behind the homes on S McKinney Street. The fenced parcel provides flexibility for leasing as additional storage or other compatible uses, or for development, subject to applicable approvals. The listing describes the homes as purchasable either together as a package or separately.

    For tenants, this combination offers existing income from the two occupied homes while presenting a repositioning path with the fully renovated opportunity at 512 S McKinney St. For investors, the structure allows ownership of both stabilized and value-add components within the same fenced land and residential context, alongside an extra one-acre tract that may support future expansion or additional revenue opportunities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Mexia
    County
    Limestone
    State
    Texas
    Longitude
    -96.482496
    Latitude
    31.675421

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    FAQs

    What type of property is this?
    Single family property - Three-home rental package plus a fenced acre parcel, with two homes currently leased and one requiring full renovation.
    Where is this single family property located?
    The property is located at 516 S Mckinney Street Mexia, TX.
    What is the asking price?
    The asking price for this property is $399,900.
    What are key features of this property?
    This property features: 3‑home package in Mexia with an additional fenced 1‑acre parcel behind the homes on S McKinney St.; 516 S McKinney St.: 1,416 SF, 2BR/1BA, 1‑car garage, on 0.25‑acre, leased through 1‑31‑27 at $1,450/mo.; 509 N Ross Ave.: 1,818 SF, 3BR/2BA, garage plus carport area, on 0.516‑acre, leased through 7‑31‑26 at $1,350/mo.
    (972) 691-7580
    We can help!
    Listing Contact
    Dawn James
    Dawn James
    Real Estate License ID: 711736
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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