6-Unit Apartment
For Sale
$975,000
1201 E Iris, McAllen, TX 78504
Completed in 2024, the property offers appliance-equipped units in a six-home multifamily configuration.
Property Size6,639 SF
Price / SF$146.86
Days on Market43
Property Features for 1201 E Iris
General Information
Standard status
Active
Size
6,639 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
3 x 3BR/2BA, 3 x 2BR/2BA
Multifamily Units
6
Amenities
refrigerator
stove
microwave
Building Details
Year Built
2024
Listing Agency:
Winners Circle
(956) 250-7453
Listed By:
Yessenia Garcia · License #801070826
Source:
Tnt
Added: Jul 19
Changed: Aug 29
Last Checked: Aug 30 at 1:38PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Winners Circle
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.
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 = 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
$55,131
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
5.65%
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%
$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
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
$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 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%
$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
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
NOI $126,194 @ 7.0% cap · market cap 12.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 - 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
