Four-Unit Quadplex
For Sale
$425,000
1646 Rick Rhodes Drive, El Paso, TX 79936
Well-maintained quadplex with four identical units, private entrances, and a currently vacant unit.
Property Size2,916 SF
Price / SF$145.75
Days on Market210
Property Features for 1646 Rick Rhodes Drive
General Information
Standard status
Active
Size
2,916 SF
Total Parking Spaces
8
Property subtype
Multi-Family / Quadruplex
Zoning
R4
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,651
Amenities
Yes
Tile
Water Heater, Refrigerator, Free-Standing Gas Oven
.00
Flat
Building Details
Year Built
1984
Tenancy
Multi
Listing Agency:
Century 21 The Edge
Listed By:
Isabel Veronica Chacon · License #0572552
(915) 474-4289
Source:
Compass
Added: Feb 10
Changed: Aug 8
Last Checked: Jul 23 at 2:02PM
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 Century 21 The Edge
Investment Insights
Based on property information with market context.
This well-maintained quadplex features four identical units, each with a private entrance. Two of the rear units include spacious backyards and storage sheds, adding practical outdoor and storage value for residents.
The property is offered for sale as an investment opportunity and is currently generating $2,150 per month, with one unit vacant. This configuration can support an owner-occupant setup while also providing the option to stabilize or increase rental income as the vacant unit is filled.
A flexible four-unit layout and consistent unit design make the building straightforward to manage, with outdoor and storage improvements focused on the rear units. Please review the property details and rent roll information for specifics on the current occupancy.
The property is offered for sale as an investment opportunity and is currently generating $2,150 per month, with one unit vacant. This configuration can support an owner-occupant setup while also providing the option to stabilize or increase rental income as the vacant unit is filled.
A flexible four-unit layout and consistent unit design make the building straightforward to manage, with outdoor and storage improvements focused on the rear units. Please review the property details and rent roll information for specifics on the current occupancy.
Key Highlights
- Well‑maintained quadruplex built in 1984 with four identical units, each with a private entrance
- Two rear units include spacious backyards and storage sheds
- Currently generates $2,150/month total rent with one unit vacant
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
$35,136
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
8.27%
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%
$702,720
$702.7K
Cap Rate 7%
$501,943
$501.9K
Cap Rate 9%
$390,400
$390.4K
Market Conditions
NOI Build-Up for 2,916 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
$52.5K $18.00/SF
− Vacancy
−$2.3K −$0.79/SF
EGI
$50.2K $17.21/SF
− OpEx
−$15.1K −$5.16/SF
NOI
$35.1K $12.05/SF
Area
ZIP 79936
Vacancy
4.37%
Lease Rate
$18.00 /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%
$702,720
Cap Rate 7%
$501,943
Cap Rate 9%
$390,400
Alternative Uses
Best Use
Multifamily LT 5
$501.9K
$439.2K – $585.6K
NOI $35,136 @ 7.0% cap · market cap 8.27%
Second Best
Apartment 5plus
$445.9K
$390.2K – $520.2K
NOI $31,213 @ 7.0% cap · market cap 7.34%
Theoretical Best
Office A
$616.9K
$539.8K – $719.8K
NOI $43,185 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
355
Businesses Nearby
Explore this area
Business Placement
Demographics for 79936, TX
105,150
Population
36,825
Households
2.9
Avg Household Size
37
Median Age
28%
College-Educated
86%
High-School Grad
25.9 sq mi
ZIP Area
4,060
Density / Sq Mi
$64,958
Median Household Income
$32,862
Median Earnings
$1,214
Median Rent
$169,500
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?
Quadplex - Well-maintained quadplex with four identical units, private entrances, and a currently vacant unit.
Where is this quadplex located?
The property is located at 1646 Rick Rhodes Drive El Paso, TX.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Well‑maintained quadruplex built in 1984 with four identical units, each with a private entrance; Two rear units include spacious backyards and storage sheds; Currently generates $2,150/month total rent with one unit vacant
