16-Unit Apartment
New
For Sale
$1,440,000
2428 Upas Avenue McAllen, McAllen, TX 78501
Multifamily property with varied floor plans, covered parking, appliances, laundry facilities, and a designated dog area.
Property Size10,464 SF
Days on Market3
Property Features for 2428 Upas Avenue McAllen
General Information
Standard status
Active
Size
10,464 SF
Property subtype
Multi Family
Units
Unit Mix
10 x 1BR/1BA, 6 x 2BR/1BA
Multifamily Units
16
Taxes and HOA fees
Annual Taxes
$15,328
Amenities
covered carport parking
additional front parking
appliances included in every unit
on-site laundry facility
designated dog area
Building Details
Building Size
10,464 SF
Year Built
1980
Listing Agency:
RE/MAX elite
(956) 330-3674
Listed By:
Yanett Rodriguez · License #695607
Source:
Primeluxuryrealestate
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 10 at 2:53AM
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 RE/MAX elite
Investment Insights
Based on property information with market context.
Located at 2428 Upas Avenue in McAllen, this apartment complex contains 16 units arranged as 10 one-bedroom, one-bath residences and 6 two-bedroom, one-bath residences. The property was constructed in 1980 and provides a mix of unit sizes suited to varied household needs.
Resident amenities include covered carport spaces, additional parking at the front of the property, and appliances in each apartment. An on-site laundry facility and designated dog area add further functional features for residents. The combination of unit mix and shared amenities defines the property’s multifamily configuration.
Resident amenities include covered carport spaces, additional parking at the front of the property, and appliances in each apartment. An on-site laundry facility and designated dog area add further functional features for residents. The combination of unit mix and shared amenities defines the property’s multifamily configuration.
Key Highlights
- 16‑unit apartment complex built in 1980
- Unit mix includes 10 one‑bedroom, one‑bath units and 6 two‑bedroom, one‑bath units
- Covered carport parking plus additional front parking
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
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
1,394
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?
Apartment building - Multifamily property with varied floor plans, covered parking, appliances, laundry facilities, and a designated dog area.
Where is this apartment building located?
The property is located at 2428 Upas Avenue McAllen 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 complex built in 1980; Unit mix includes 10 one‑bedroom, one‑bath units and 6 two‑bedroom, one‑bath units; Covered carport parking plus additional front parking
