8-Unit Apartment
For Sale
$590,000
Pending
3216 Rivera Avenue, El Paso, TX 79905
Each residence is configured with two bedrooms and one bathroom.
Property Size4,004 SF
Days on Market225
Property Features for 3216 Rivera Avenue
General Information
Standard status
Pending
Size
4,004 SF
Total Parking Spaces
8
Property subtype
Multi-Family / House Plus Unit(s)
Zoning
A3
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$5,948
Amenities
Yes
Refrigerator, Gas Cooktop
.00
Flat
Building Details
Year Built
1962
Buildings
1
Listing Agency:
Keller Williams Realty
Listed By:
Victor M Franco · License #0338487
(915) 328-3232
Source:
Compass
Added: Jan 20
Changed: Aug 30
Last Checked: Aug 30 at 7:00PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 8-unit apartment property contains 4,004 square feet and was built in 1962. Every residence includes a two-bedroom, one-bathroom layout, with refrigerators and gas cooktops identified among the interior features. The property is zoned A3.
Located at 3216 Rivera Avenue in El Paso, the asset sits near the Americas Bridge and nearby schools. Its setting provides access to transportation corridors, employment centers, and cross-border commerce. The building’s eight-unit configuration offers a straightforward multifamily format for continued apartment use.
Located at 3216 Rivera Avenue in El Paso, the asset sits near the Americas Bridge and nearby schools. Its setting provides access to transportation corridors, employment centers, and cross-border commerce. The building’s eight-unit configuration offers a straightforward multifamily format for continued apartment use.
Key Highlights
- 8‑unit apartment building with 2 bedrooms and 1 bathroom per unit
- 4,004 square feet of multifamily property
- Built in 1962
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
$33,390
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
5.66%
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%
$667,800
$667.8K
Cap Rate 7%
$477,000
$477.0K
Cap Rate 9%
$371,000
$371.0K
Market Conditions
NOI Build-Up for 4,004 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
$63.9K $15.96/SF
− Vacancy
−$3.2K −$0.80/SF
EGI
$60.7K $15.16/SF
− OpEx
−$27.3K −$6.82/SF
NOI
$33.4K $8.34/SF
Area
El Paso, TX
Vacancy
5.00%
Lease Rate
$15.96 /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%
$667,800
Cap Rate 7%
$477,000
Cap Rate 9%
$371,000
Alternative Uses
Best Use
Apartment 5plus
$477.0K
$417.4K – $556.5K
NOI $33,390 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.00M
$879.0K – $1.17M
NOI $70,316 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,241
Businesses Nearby
Explore this area
Business Placement
Demographics for 79905, TX
22,483
Population
9,168
Households
2.5
Avg Household Size
39
Median Age
10%
College-Educated
58%
High-School Grad
6.6 sq mi
ZIP Area
3,407
Density / Sq Mi
$25,496
Median Household Income
$21,636
Median Earnings
$646
Median Rent
$103,900
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 - Each residence is configured with two bedrooms and one bathroom.
Where is this apartment building located?
The property is located at 3216 Rivera Avenue El Paso, TX.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: 8‑unit apartment building with 2 bedrooms and 1 bathroom per unit; 4,004 square feet of multifamily property; Built in 1962
