Renovated 8-Unit Apartment
For Sale
$689,000
317 N 28th Street, McAllen, TX 78501
Updated kitchens, flooring, showers, and building systems support a refreshed residential offering.
Property Size7,200 SF
Days on Market36
Property Features for 317 N 28th Street
General Information
Standard status
Active
Size
7,200 SF
Total Parking Spaces
16
Property subtype
Multi Family Home
Occupancy
100%
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$7,983
Building Details
Building Size
7,200 SF
Year Built
1993
Buildings
2
Stories
1
Units
8
Listing Agency:
Capital Advisors Real Estate Group
(956) 562-0442
Listed By:
Alejandro Lopez
(956) 562-0442
Source:
Buyingandsellingmcallen
Added: Jul 27
Changed: Aug 30
Last Checked: Aug 30 at 7:17PM
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 Capital Advisors Real Estate Group
Investment Insights
Based on property information with market context.
This 8-unit apartment building at 317 N 28th Street in McAllen, Texas, was built in 1993 and has undergone comprehensive interior and exterior renovations. Each apartment contains 2 bedrooms and 1 bathroom, with renovated kitchens, modern flooring, updated showers, and new systems throughout.
The property is 100% leased and provides 16 dedicated parking spaces. Utilities are separately metered, with tenants responsible for their own utility costs. The improvements and unit configuration create a consistent multifamily layout across the building.
The property is 100% leased and provides 16 dedicated parking spaces. Utilities are separately metered, with tenants responsible for their own utility costs. The improvements and unit configuration create a consistent multifamily layout across the building.
Key Highlights
- 8‑unit apartment building with 2‑bedroom, 1‑bath units
- Comprehensive interior and exterior renovations completed
- Renovated kitchens, modern flooring, and updated showers
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
$59,790
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
8.68%
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%
$1,195,800
$1.2M
Cap Rate 7%
$854,143
$854.1K
Cap Rate 9%
$664,333
$664.3K
Market Conditions
NOI Build-Up for 7,200 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
$116.6K $16.20/SF
− Vacancy
−$7.9K −$1.10/SF
EGI
$108.7K $15.10/SF
− OpEx
−$48.9K −$6.79/SF
NOI
$59.8K $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%
$1,195,800
Cap Rate 7%
$854,143
Cap Rate 9%
$664,333
Alternative Uses
Best Use
Apartment 5plus
$854.1K
$747.4K – $996.5K
NOI $59,790 @ 7.0% cap · market cap 8.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $136,858 @ 7.0% cap · market cap 19.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
726
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 - Updated kitchens, flooring, showers, and building systems support a refreshed residential offering.
Where is this apartment building located?
The property is located at 317 N 28th Street McAllen, TX.
What is the asking price?
The asking price for this property is $689,000.
What are key features of this property?
This property features: 8‑unit apartment building with 2‑bedroom, 1‑bath units; Comprehensive interior and exterior renovations completed; Renovated kitchens, modern flooring, and updated showers
