16-Unit Brick Apartment
For Sale
$1,440,000
2428 Upas Avenue, McAllen, TX 78501
Residential Income, McAllen, TX
Property Size10,464 SF
Lot Size0.45 Acres
Price / SF$137.61
Days on Market54
Property Features for 2428 Upas Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
16
Parking features
Garage
Appliances
Electric Water Heater, Refrigerator, Stove/Range
Subdivision
Las Palmas
Elementary school
Seguin
Middle school
De Leon
High school
Rowe H.S.
Elementary school district
McAllen ISD
Middle school district
McAllen ISD
High school district
McAllen ISD
Directions
From Ware and Pecan drive north .6 miles and turn right into Vine Ave and drive .8 miles and turn right into 25th St, turn left into Upas and the property will be on your left
Standard status
Active
APN
L335000000001500
Size
10,464 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
15328
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
covered carport parking
additional front parking
appliances included in every unit
on-site laundry facility
designated dog area
Building Details
Year built
1980
Floors in Building
2
Number of units
16
Building materials
Brick
Roof type
Shingle
Listing Agency:
RE/MAX elite · RE/MAX International
(956) 583-2100
Listed By:
Yanett Rodriguez · License #695607
(956) 522-8213
Added: Aug 7
Changed: Aug 31
Last Checked: Sep 29 at 2:06AM
MLS# 511709
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.
This 16-unit apartment property contains 10 one-bedroom, one-bath residences and 6 two-bedroom, one-bath residences within a 10,464-square-foot building. Constructed in 1980 with brick exterior walls and a shingle roof, the property features central heating and central air conditioning.
Residents have access to covered carport parking, additional front parking, an on-site laundry facility, and a designated dog area. Each unit includes a refrigerator, stove/range, and electric water heater. The property is located at 2428 Upas Avenue in McAllen, Texas, within ZIP Code 78501.
Residents have access to covered carport parking, additional front parking, an on-site laundry facility, and a designated dog area. Each unit includes a refrigerator, stove/range, and electric water heater. The property is located at 2428 Upas Avenue in McAllen, Texas, within ZIP Code 78501.
Key Highlights
- 16‑unit apartment property with 10,464 square feet of building area
- Unit mix includes 10 one‑bedroom, one‑bath units and 6 two‑bedroom, one‑bath units
- Built in 1980 with brick construction and a 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
$86,894
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
6.03%
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%
$1,737,880
$1.7M
Cap Rate 7%
$1,241,343
$1.2M
Cap Rate 9%
$965,489
$965.5K
Market Conditions
NOI Build-Up for 10,464 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
$169.5K $16.20/SF
− Vacancy
−$11.5K −$1.10/SF
EGI
$158.0K $15.10/SF
− OpEx
−$71.1K −$6.79/SF
NOI
$86.9K $8.30/SF
Area
McAllen, TX
Vacancy
6.80%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,737,880
Cap Rate 7%
$1,241,343
Cap Rate 9%
$965,489
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.09M – $1.45M
NOI $86,894 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.84M
$2.49M – $3.32M
NOI $198,900 @ 7.0% cap · market cap 13.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
676
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained multifamily property with covered parking, in-unit appliances, laundry facilities, and a designated dog area.
Where is this apartment building located?
The property is located at 2428 Upas Avenue McAllen, TX.
What is the asking price?
The asking price for this property is $1,440,000.
What are key features of this property?
This property features: 16‑unit apartment property with 10,464 square feet of building area; Unit mix includes 10 one‑bedroom, one‑bath units and 6 two‑bedroom, one‑bath units; Built in 1980 with brick construction and a shingle roof
