Modern Triplex with Separate
For Sale
$455,000
2208 Galveston Ave, McAllen, TX 78501
Newly built 2023 triplex with three leased units, each with three bedrooms, two baths, and separate utility metering.
Property Size3,024 SF
Price / SF$150.46
Days on Market50
Property Features for 2208 Galveston Ave
General Information
Standard status
Active
Size
3,024 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
3
Building Details
Year Built
2023
Tenancy
Multi
Listing Agency:
BIG Realty
Listed By:
Jose L. Aguilar
(956) 465-0011
Source:
Aregtx
Added: Jul 20
Changed: Aug 18
Last Checked: Sep 6 at 12:03PM
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 BIG Realty
Investment Insights
Based on property information with market context.
Built in 2023, this modern triplex features three identical residential units. Each unit includes three bedrooms and two bathrooms with about 1,008 square feet of living space, along with modern interior finishes such as quartz counters in the kitchen and baths, tiled backsplash, tiled shower walls, ceiling fans, and tiled flooring. The units are equipped with appliances including a refrigerator, stove, and microwave, and each has its own separate utility meters.
Parking is available at both the front and rear of the property, with convenient alley access for vehicles.
All three units are currently leased, providing immediate rental income.
Parking is available at both the front and rear of the property, with convenient alley access for vehicles.
All three units are currently leased, providing immediate rental income.
Key Highlights
- Newly built 2023 triplex with 3 identical units and separate utility metering
- Each unit offers 3 bedrooms, 2 bathrooms, and 1,008 sf of living space (3,024 sf total)
- All 3 units are leased at $1,300 per month ($3,900 total)
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
$27,325
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
6.01%
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%
$546,500
$546.5K
Cap Rate 7%
$390,357
$390.4K
Cap Rate 9%
$303,611
$303.6K
Market Conditions
NOI Build-Up for 3,024 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
$41.7K $13.80/SF
− Vacancy
−$2.7K −$0.89/SF
EGI
$39.0K $12.91/SF
− OpEx
−$11.7K −$3.87/SF
NOI
$27.3K $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 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%
$546,500
Cap Rate 7%
$390,357
Cap Rate 9%
$303,611
Alternative Uses
Best Use
Multifamily LT 5
$390.4K
$341.6K – $455.4K
NOI $27,325 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$358.7K
$313.9K – $418.5K
NOI $25,112 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$821.1K
$718.5K – $958.0K
NOI $57,480 @ 7.0% cap · market cap 12.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,870
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Newly built 2023 triplex with three leased units, each with three bedrooms, two baths, and separate utility metering.
Where is this triplex located?
The property is located at 2208 Galveston Ave McAllen, TX.
What is the asking price?
The asking price for this property is $455,000.
What are key features of this property?
This property features: Newly built 2023 triplex with 3 identical units and separate utility metering; Each unit offers 3 bedrooms, 2 bathrooms, and 1,008 sf of living space (3,024 sf total); All 3 units are leased at $1,300 per month ($3,900 total)
