Commercial Property Near Medical
For Sale
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341 Chelsea St, El Paso, TX 79905
Commercial property near hospital and medical college, I-10 access.
Property Size1,917 SF
Price / SF$195.62
Days on Market204
Property Features for 341 Chelsea St
General Information
Standard status
Active
Size
1,917 SF
Class
C
Property subtype
Office, Retail
Zoning
C4
Building Details
Year Built
1964
Stories
1
Units
1
Listing Agency:
Cornerstone Realty El Paso
Listed By:
Adel Reyes CCIM · License #TX 0463446
Source:
Crexi
Added: Feb 7
Changed: Aug 26
Last Checked: Aug 29 at 12:08PM
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 Cornerstone Realty El Paso
Investment Insights
Based on property information with market context.
This commercial property is located adjacent to the county hospital and Texas Tech Medical College, offering convenient access to I-10. A new medical building is currently under construction next to the site, which is expected to enhance visibility and traffic. The property is suitable for medical offices, retail, or service-oriented businesses. It also offers flexibility for a mixed-use concept, with the potential to incorporate small residential apartments alongside the commercial space. The property has a size of 1917 square feet.
Key Highlights
- Strategic location adjacent to the county hospital and Texas Tech Medical College
- Convenient access to I‑10
- Neighbors a new medical building currently under construction, enhancing visibility and traffic
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
$24,844
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
6.63%
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%
$496,880
$496.9K
Cap Rate 7%
$354,914
$354.9K
Cap Rate 9%
$276,044
$276.0K
Market Conditions
NOI Build-Up for 1,917 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
$46.0K $24.00/SF
− Vacancy
−$4.6K −$2.40/SF
EGI
$41.4K $21.60/SF
− OpEx
−$16.6K −$8.64/SF
NOI
$24.8K $12.96/SF
Area
El Paso, TX
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$496,880
Cap Rate 7%
$354,914
Cap Rate 9%
$276,044
Alternative Uses
Best Use
Healthcare Medical
$354.9K
$310.6K – $414.1K
NOI $24,844 @ 7.0% cap · market cap 6.63%
Second Best
Office B
$346.7K
$303.3K – $404.4K
NOI $24,266 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$480.9K
$420.8K – $561.1K
NOI $33,665 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,014
Businesses Nearby
Under-served
Demand for This Use
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 Office in El Paso, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Commercial property near hospital and medical college, I-10 access.
Where is this medical office space located?
The property is located at 341 Chelsea St El Paso, TX.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Strategic location adjacent to the county hospital and Texas Tech Medical College; Convenient access to I‑10; Neighbors a new medical building currently under construction, enhancing visibility and traffic
