4-Unit Contemporary
New
For Sale
$535,000
1428 E Iris Avenue, McAllen, TX 78504
Apartments feature open layouts, quartz countertops, modern cabinetry and high ceilings.
Property Size3,900 SF
Price / SF$137.18
Days on Market3
Property Features for 1428 E Iris Avenue
General Information
Standard status
Active
Size
3,900 SF
Total Parking Spaces
8
Property subtype
Multi Family Home
Units
Unit Mix
2 x 3BR/2BA, 2 x 2BR/2BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$13,099
Building Details
Building Size
3,900 SF
Year Built
2023
Buildings
2
Stories
1
Units
4
Listing Agency:
Imperio Real Estate LLC
(956) 803-0341
Listed By:
Roberto Leal
(956) 821-6864
Source:
Gdvrealty
Added: Oct 23
Last Checked: Oct 23 at 5:59PM
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 Imperio Real Estate LLC
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Investment Insights
Based on property information with market context.
Built in 2023, this four-unit property at 1428 E Iris Avenue in McAllen includes two 3-bedroom, 2-bath apartments and two 2-bedroom, 2-bath apartments. The interiors have open layouts, high ceilings, quartz countertops, contemporary cabinetry and abundant natural light.
Shopping, dining, schools and major roadways are nearby. The property combines two distinct apartment layouts within a single multifamily asset.
Shopping, dining, schools and major roadways are nearby. The property combines two distinct apartment layouts within a single multifamily asset.
Key Highlights
- Four apartments: two 3‑bedroom, 2‑bath units and two 2‑bedroom, 2‑bath units
- Built in 2023
- Open layouts with high ceilings and abundant natural light
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,240
Cap Rate
6.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$704,800
$704.8K
Cap Rate 7%
$503,429
$503.4K
Cap Rate 9%
$391,556
$391.6K
Market Conditions
NOI Build-Up for 3,900 SF
Gross rent
$53.8K $13.80/SF
− Vacancy
−$3.5K −$0.89/SF
EGI
$50.3K $12.91/SF
− OpEx
−$15.1K −$3.87/SF
NOI
$35.2K $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%
$704,800
Cap Rate 7%
$503,429
Cap Rate 9%
$391,556
Alternative Uses
Best Use
Multifamily LT 5
$503.4K
$440.5K – $587.3K
NOI $35,240 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$462.7K
$404.8K – $539.8K
NOI $32,386 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$1.06M
$926.6K – $1.24M
NOI $74,131 @ 7.0% cap · market cap 13.86%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,514
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Apartments feature open layouts, quartz countertops, modern cabinetry and high ceilings.
Where is this quadplex located?
The property is located at 1428 E Iris Avenue McAllen, TX.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Four apartments: two 3‑bedroom, 2‑bath units and two 2‑bedroom, 2‑bath units; Built in 2023; Open layouts with high ceilings and abundant natural light
