Building Details

Year Built 2024

Listing Agency: Winners Circle

Listed By: Yessenia Garcia · License #801070826 Show Phone

Source: Tnt

Added: Jul 19 Changed: Sep 14 Last Checked: Oct 12 at 5:15PM

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Investment Insights

Based on property information with market context.

This 6-unit multifamily property was completed in 2024 and includes a balanced mix of three 3-bedroom, 2-bath residences and three 2-bedroom, 2-bath residences. Each unit is equipped with a refrigerator, stove, and microwave, providing a consistent appliance package across the complex. The property has 6,639 square feet of building area.

Located in Park Terrace at the corner of Nolana Avenue and Jackson Road in McAllen, the complex is positioned near area employment, retail, dining, and entertainment destinations. Doctors Hospital at Renaissance and Expressway 281 are each approximately 4 minutes away. The address is 1201 E Iris, McAllen, TX 78504.

Key Highlights

• 6‑unit multifamily property with 6,639 square feet
• Unit mix includes (3) 3‑bedroom, 2‑bath units and (3) 2‑bedroom, 2‑bath units
• Completed in 2024

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$55,131

Cap Rate

5.65%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,102,620 $1.1M

Cap Rate 7%

$787,586 $787.6K

Cap Rate 9%

$612,567 $612.6K

Market Conditions

NOI Build-Up for 6,639 SF

Gross rent

$107.6K $16.20/SF

− Vacancy

−$7.3K −$1.10/SF

EGI

$100.2K $15.10/SF

− OpEx

−$45.1K −$6.79/SF

NOI

$55.1K $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 Rate 5%

$1,102,620

Cap Rate 7%

$787,586

Cap Rate 9%

$612,567

Alternative Uses

Best Use

Apartment 5plus

$787.6K

$689.1K – $918.9K (±1% cap)

NOI $55,131 @ 7.0% cap · market cap 5.65%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.80M

$1.58M – $2.10M (±1% cap)

NOI $126,194 @ 7.0% cap · market cap 12.94%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Auto Repair Shop Building Supply Auto Parts Store Big Box & Wholesale Store Storage Facility Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

1,512

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

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Apartment building - Completed in 2024, the property offers appliance-equipped units in a six-home multifamily configuration.

Where is this apartment building located?

The property is located at 1201 E Iris McAllen, TX.

What is the asking price?

The asking price for this property is $975,000.

What are key features of this property?

This property features: 6‑unit multifamily property with 6,639 square feet; Unit mix includes (3) 3‑bedroom, 2‑bath units and (3) 2‑bedroom, 2‑bath units; Completed in 2024