Gated
1408 E Iris Avenue, McAllen, TX 78501
For Sale
New
$555,000
Four residential units offer a mix of two- and three-bedroom layouts with in-unit appliances.
Property Size4,500 SF
Price / SF$123.33
Days on Market2
Property Features for 1408 E Iris Avenue
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Highway Access
Taxes and HOA fees
Annual Taxes
Amenities
gated community
Ceiling Fan(s)
Decorative/High Ceilings
Dryer
Microwave
Walk-In Closet(s)
Washer
Sprinkler System
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listing Agency:
Blue Diamond Realty Group LLC
(956) 467-2120
Listed By:
Denyss Alanis
(956) 212-7547
Source:
Dolcevitargv
Added: Nov 6
Changed: Nov 7
Last Checked: Nov 6 at 5:06PM
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 Blue Diamond Realty Group LLC
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Investment Insights
Based on property information with market context.
Built in 2023, this 4,500-square-foot fourplex contains two 3-bedroom, 2-bath units and two 2-bedroom, 2-bath units. Each residence includes a washer, dryer, microwave, stove, and refrigerator, along with contemporary finishes and functional layouts. The property is within a gated community with controlled entry.
The McAllen property is near an expressway, shopping centers, restaurants, hospitals, and schools. The four-unit configuration combines two distinct bedroom layouts, with two bathrooms in each residence.
The McAllen property is near an expressway, shopping centers, restaurants, hospitals, and schools. The four-unit configuration combines two distinct bedroom layouts, with two bathrooms in each residence.
Key Highlights
- Four units totaling 4,500 square feet
- Unit mix includes two 3‑bedroom, 2‑bath units and two 2‑bedroom, 2‑bath units
- Built in 2023
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,662
Cap Rate
7.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$813,240
$813.2K
Cap Rate 7%
$580,886
$580.9K
Cap Rate 9%
$451,800
$451.8K
Market Conditions
NOI Build-Up for 4,500 SF
Gross rent
$62.1K $13.80/SF
− Vacancy
−$4.0K −$0.89/SF
EGI
$58.1K $12.91/SF
− OpEx
−$17.4K −$3.87/SF
NOI
$40.7K $9.04/SF
Area
McAllen, TX
Vacancy
6.46%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$813,240
Cap Rate 7%
$580,886
Cap Rate 9%
$451,800
Alternative Uses
Best Use
Multifamily LT 5
$580.9K
$508.3K – $677.7K
NOI $40,662 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$533.8K
$467.1K – $622.8K
NOI $37,369 @ 7.0% cap · market cap 6.73%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,536 @ 7.0% cap · market cap 15.41%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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See the owner, sales and loan history
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Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,514
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
$149,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Quadplexes in McAllen, TX
Properties on Market for Quadplexes in McAllen
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units offer a mix of two- and three-bedroom layouts with in-unit appliances.
Where is this quadplex located?
The property is located at 1408 E Iris Avenue McAllen, TX.
What is the asking price?
The asking price for this property is $555,000.
What are key features of this property?
This property features: Four units totaling 4,500 square feet; Unit mix includes two 3‑bedroom, 2‑bath units and two 2‑bedroom, 2‑bath units; Built in 2023
