Modern Three-Unit
For Sale
$455,000
2208 Galveston Avenue, McAllen, TX 78501
Residential Income, McAllen, TX
Property Size3,024 SF
Lot Size0.16 Acres
Price / SF$150.46
Days on Market69
Property Features for 2208 Galveston Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Parking features
None
Patio and Porch features
Porch, Patio
Fencing
Chain Link
Appliances
Electric Water Heater, Microwave, Refrigerator, Stove/Range-Electric Smooth
Subdivision
West Addition To Mcallen
Lot features
Alley, Curb & Gutters, Sprinkler System
Elementary school
Thigpen-Zavala
Middle school
Travis
High school
McAllen H.S.
Elementary school district
McAllen ISD
Middle school district
McAllen ISD
High school district
McAllen ISD
Directions
From the intersection of Expressway 83 & 23rd St., head north on 23rd St. Continue driving until you reach Galveston Ave., then turn right and head east. Your destination will be on the left-hand side, on the north side of the street.
Standard status
Active
APN
W240000006002200
Size
3,024 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7214
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
2023
Floors in Building
1
Number of units
3
Building materials
Stucco
Roof type
Shingle
Listing Agency:
BIG Realty
(956) 465-0011
Listed By:
Jose L. Aguilar
(956) 624-1891
Added: Jun 23
Changed: Aug 23
Last Checked: Aug 30 at 4:06AM
MLS# 491092
Copyright © 2026 Greater McAllen Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2023, this 3,024-square-foot triplex contains three matching residences. Each unit provides 3 bedrooms, 2 baths, and 1,008 square feet of living space, with tiled flooring, quartz countertops, backsplash tile, tiled shower walls, and ceiling fans. Kitchens include an electric range, refrigerator, and microwave. Separate utility meters serve each residence, and all three units are currently leased.
The property occupies a 0.1607-acre lot at 2208 Galveston Avenue in McAllen, Texas. Improvements include stucco construction, a shingle roof, central electric heating and cooling, public water service, chain-link fencing, a porch, and a patio. Front and rear parking areas are described in the property information, along with alley access.
The property occupies a 0.1607-acre lot at 2208 Galveston Avenue in McAllen, Texas. Improvements include stucco construction, a shingle roof, central electric heating and cooling, public water service, chain-link fencing, a porch, and a patio. Front and rear parking areas are described in the property information, along with alley access.
Key Highlights
- Three‑unit configuration with 3,024 square feet total
- Each residence includes 3 bedrooms, 2 baths, and 1,008 square feet
- Constructed in 2023 with stucco exterior and shingle roof
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
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 - Three leased residences with contemporary finishes, individual utility meters, and included kitchen appliances in McAllen.
Where is this triplex located?
The property is located at 2208 Galveston Avenue 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: Three‑unit configuration with 3,024 square feet total; Each residence includes 3 bedrooms, 2 baths, and 1,008 square feet; Constructed in 2023 with stucco exterior and shingle roof
