Historic Multifamily Apartment
For Sale
$305,000
1207 E RIO GRANDE Avenue, El Paso, TX 79902
MULTI_FAMILY - El Paso, TX
Property Size3,186 SF
Lot Size0.24 Acres
Price / SF$95.73
Days on Market54
Property Features for 1207 E RIO GRANDE Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
A2
Parking
5
Subdivision
Franklin Heights
Elementary school
Lamar
Middle school
Wiggs
High school
Elpaso
Elementary school district
El Paso
Middle school district
El Paso
High school district
El Paso
Standard status
Active
APN
F60799908307800.
Size
3,186 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
83 FRANKLIN HEIGHTS 11 & 12 & W 1/2 OF 13 (10500 SQ FT)
Tax Annual Amount
7794
Legal Description
83 FRANKLIN HEIGHTS 11 & 12 & W 1/2 OF 13 (10500 SQ FT)
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Building Details
Year built
1901
Number of units
5
Flooring type
Hardwood, Tile
Building materials
Brick
Roof type
Composition
Additional Structures
Outbuilding
Listing Agency:
Keller Williams Realty
(915) 603-5293
Listed By:
Allison M Dillard · License #0664018
(915) 799-9708
Added: Jun 22
Changed: Jun 29
Last Checked: Aug 14 at 3:06PM
MLS# 946286
Copyright © 2026 Greater El Paso 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 historic, 1900s home has been converted into fully rented apartments, with conversion dated prior to 1977. The property is offered with a storage building and shed, and off-street parking is accessed through the back alley. Some TLC is needed, and inspection reports are available for review.
The site is zoned A2. It is located at 1207 E Rio Grande Avenue in El Paso, TX 79902, on a 0.24-acre lot with 3,186 square feet of property size.
For buyers or operators seeking a turn-key occupied multifamily configuration, the current in-place rental situation is reflected in the stated $3,100 per month rental income. Back-alley parking supports tenant convenience, while the included storage structures can help support day-to-day resident needs. Prospective buyers can request access through their agent to review the inspection reports and any available 3D tours.
The site is zoned A2. It is located at 1207 E Rio Grande Avenue in El Paso, TX 79902, on a 0.24-acre lot with 3,186 square feet of property size.
For buyers or operators seeking a turn-key occupied multifamily configuration, the current in-place rental situation is reflected in the stated $3,100 per month rental income. Back-alley parking supports tenant convenience, while the included storage structures can help support day-to-day resident needs. Prospective buyers can request access through their agent to review the inspection reports and any available 3D tours.
Key Highlights
- 1901 brick home converted to fully rented apartments prior to 1977
- Generates $3,100/month in rental income (per provided remarks)
- Off‑street parking available via the back alley for tenant access
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
$26,568
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
8.71%
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%
$531,360
$531.4K
Cap Rate 7%
$379,543
$379.5K
Cap Rate 9%
$295,200
$295.2K
Market Conditions
NOI Build-Up for 3,186 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
$50.8K $15.96/SF
− Vacancy
−$2.5K −$0.80/SF
EGI
$48.3K $15.16/SF
− OpEx
−$21.7K −$6.82/SF
NOI
$26.6K $8.34/SF
Area
El Paso, TX
Vacancy
5.00%
Lease Rate
$15.96 /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%
$531,360
Cap Rate 7%
$379,543
Cap Rate 9%
$295,200
Alternative Uses
Best Use
Apartment 5plus
$379.5K
$332.1K – $442.8K
NOI $26,568 @ 7.0% cap · market cap 8.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$799.3K
$699.4K – $932.5K
NOI $55,951 @ 7.0% cap · market cap 18.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,947
Businesses Nearby
Explore this area
Business Placement
Demographics for 79902, TX
20,071
Population
9,752
Households
2.1
Avg Household Size
38
Median Age
39%
College-Educated
81%
High-School Grad
6.5 sq mi
ZIP Area
3,088
Density / Sq Mi
$45,333
Median Household Income
$33,495
Median Earnings
$777
Median Rent
$223,300
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 - Fully rented apartment property with back-alley off-street parking and additional storage structures.
Where is this apartment building located?
The property is located at 1207 E RIO GRANDE Avenue El Paso, TX.
What is the asking price?
The asking price for this property is $305,000.
What are key features of this property?
This property features: 1901 brick home converted to fully rented apartments prior to 1977; Generates $3,100/month in rental income (per provided remarks); Off‑street parking available via the back alley for tenant access
