Two-Story Duplex with
For Sale
$369,000
1502 & 1504 N Florence St, El Paso, TX 79902
Both units include kitchens, laundry rooms, and fireplaces, with additional basement space available for rental use.
Property Size2,396 SF
Price / SF$154.01
Days on Market144
Property Features for 1502 & 1504 N Florence St
General Information
Standard status
Active
Size
2,396 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,847
Amenities
fully equipped kitchen
dedicated laundry room
charming fireplace
Building Details
Stories
2
Listing Agency:
REAL Broker LLC
(915) 630-4441
Listed By:
Jackie Stevens
(915) 630-4441
Source:
Exprealty
Added: Apr 11
Changed: Aug 31
Last Checked: Aug 30 at 9:21PM
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 REAL Broker LLC
Investment Insights
Based on property information with market context.
This two-story duplex includes two residential units, each equipped with a kitchen, dedicated laundry room, and fireplace. The property also features a basement that can be used as additional rental space, expanding the available configuration beyond the primary units.
The building is located within El Paso’s historic district in ZIP code 79902, near a university. Its location and unit layout support consideration for student occupancy or longer-term residential tenants, as identified in the property information. The street address is 1502 & 1504 N Florence St.
The building is located within El Paso’s historic district in ZIP code 79902, near a university. Its location and unit layout support consideration for student occupancy or longer-term residential tenants, as identified in the property information. The street address is 1502 & 1504 N Florence St.
Key Highlights
- Two‑story duplex with two residential units
- Each unit has a fully equipped kitchen, dedicated laundry room, and fireplace
- Basement offers additional space that can be used for rental purposes
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
$21,663
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
5.87%
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%
$433,260
$433.3K
Cap Rate 7%
$309,471
$309.5K
Cap Rate 9%
$240,700
$240.7K
Market Conditions
NOI Build-Up for 2,396 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
$32.5K $13.56/SF
− Vacancy
−$1.5K −$0.64/SF
EGI
$30.9K $12.92/SF
− OpEx
−$9.3K −$3.87/SF
NOI
$21.7K $9.04/SF
Area
El Paso, TX
Vacancy
4.75%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
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%
$433,260
Cap Rate 7%
$309,471
Cap Rate 9%
$240,700
Alternative Uses
Best Use
Multifamily LT 5
$309.5K
$270.8K – $361.1K
NOI $21,663 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$285.4K
$249.8K – $333.0K
NOI $19,980 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$601.1K
$526.0K – $701.3K
NOI $42,077 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,260
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
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Frequently Asked Questions
What type of property is this?
Duplex - Both units include kitchens, laundry rooms, and fireplaces, with additional basement space available for rental use.
Where is this duplex located?
The property is located at 1502 & 1504 N Florence St El Paso, TX.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Two‑story duplex with two residential units; Each unit has a fully equipped kitchen, dedicated laundry room, and fireplace; Basement offers additional space that can be used for rental purposes
