Two-Building Multifamily
For Sale
$795,000
2911 and 2913 N Veterans Boulevard, San Juan, TX 78589
MULTI_FAMILY - San Juan, TX
Property Size7,467 SF
Lot Size0.77 Acres
Price / SF$106.47
Days on Market48
Property Features for 2911 and 2913 N Veterans Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
None
Exterior features
Mature Trees
Fencing
Chain Link
Appliances
Electric Water Heater
Subdivision
Rsw Incorporated Unit No 1
Lot features
Mature Trees, Sidewalks
Elementary school
Reed & Mock
Middle school
Yzaguierre
High school
PSJA H.S.
Elementary school district
PSJA ISD
Middle school district
PSJA ISD
High school district
PSJA ISD
Directions
From Ferguson 495 head north on Veterans Blvd (I Rd), pass El Dora Rd a little further north property will be on your right hand side. Lucky apartments
Standard status
Active
APN
265530 & 265528
Size
7,467 SF
Lot size
0.77 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
14171
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1980
Floors in Building
2
Number of units
12
Building materials
Brick, Wood Siding
Roof type
Shingle
Listing Agency:
Keller Williams Realty RGV
(956) 928-1155
Listed By:
Jaime Lee Gonzalez · License #713189
(956) 599-8400
Added: Jul 12
Last Checked: Aug 28 at 11:06AM
MLS# 509448
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 multifamily property for sale includes 12 apartments split between two addresses. The unit mix consists of five two-bedroom, one-bath apartments and seven one-bedroom, one-bath apartments. Each apartment is described as having two dedicated parking spaces.
The property is located at 2911 and 2913 N Veterans Boulevard in San Juan, within Hidalgo County, Texas.
With its 12-apartment configuration and provided parking for each unit, this is a straightforward multifamily offering for buyers seeking a small residential income asset.
The property is located at 2911 and 2913 N Veterans Boulevard in San Juan, within Hidalgo County, Texas.
With its 12-apartment configuration and provided parking for each unit, this is a straightforward multifamily offering for buyers seeking a small residential income asset.
Key Highlights
- 12‑apartment multifamily property built in 1980
- Unit mix includes 5 two‑bedroom, 1‑bath units and 7 one‑bedroom, 1‑bath units
- Each apartment has two dedicated parking spaces
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
$60,120
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
7.56%
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%
$1,202,400
$1.2M
Cap Rate 7%
$858,857
$858.9K
Cap Rate 9%
$668,000
$668.0K
Market Conditions
NOI Build-Up for 7,467 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
$123.7K $16.56/SF
− Vacancy
−$14.3K −$1.92/SF
EGI
$109.3K $14.64/SF
− OpEx
−$49.2K −$6.59/SF
NOI
$60.1K $8.05/SF
Area
Hidalgo County, TX
Vacancy
11.60%
Lease Rate
$16.56 /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%
$1,202,400
Cap Rate 7%
$858,857
Cap Rate 9%
$668,000
Alternative Uses
Best Use
Apartment 5plus
$858.9K
$751.5K – $1.00M
NOI $60,120 @ 7.0% cap · market cap 7.56%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$5.62M
$4.92M – $6.56M
NOI $393,698 @ 7.0% cap · market cap 49.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
242
Businesses Nearby
Explore this area
Business Placement
Demographics for 78589, TX
38,987
Population
12,393
Households
3.1
Avg Household Size
32
Median Age
13%
College-Educated
62%
High-School Grad
25.5 sq mi
ZIP Area
1,529
Density / Sq Mi
$51,662
Median Household Income
$27,679
Median Earnings
$926
Median Rent
$112,400
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 for sale with 12 units across two addresses in San Juan, TX, including one- and two-bedroom layouts.
Where is this apartment building located?
The property is located at 2911 and 2913 N Veterans Boulevard San Juan, TX.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 12‑apartment multifamily property built in 1980; Unit mix includes 5 two‑bedroom, 1‑bath units and 7 one‑bedroom, 1‑bath units; Each apartment has two dedicated parking spaces
