16-Unit Brick Apartment
2428 Upas Avenue, McAllen, TX 78501
For Sale
$1,440,000
Residential Income, McAllen, TX
Property Size10,464 SF
Lot Size0.45 Acres
Price / SF$137.61
Days on Market99
Property Features for 2428 Upas Avenue
General Information
Property type
Property subtype
Parking
Parking features
Appliances
Subdivision
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Heating system
Cooling system
Amenities
covered carport parking
additional front parking
appliances included in every unit
on-site laundry facility
designated dog area
Building Details
Year built
Floors in Building
Number of units
Building materials
Roof type
Listing Agency:
RE/MAX elite · RE/MAX International
(956) 583-2100
Listed By:
Yanett Rodriguez
(956) 522-8213
Added: Aug 7
Changed: Oct 19
Last Checked: Nov 13 at 5:06AM
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.
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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 / Yr
$86,894
Cap Rate
6.03%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
676
Businesses Nearby
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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
$149,000
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in McAllen, TX
Properties on Market for Apartment buildings in McAllen
Vacancy Rate% for Multifamily in South region
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
