Three-Story Office
For Sale
$3,100,000
402 S EL PASO Street, El Paso, TX 79901
COMMERCIAL - El Paso, TX
Property Size22,200 SF
Lot Size0.28 Acres
Price / SF$139.64
Days on Market223
Property Features for 402 S EL PASO Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C5
Fireplace
1
Standard status
Active
APN
M47399903404500
Lot size
0.28 Acres
Taxes and HOA fees
Tax Description
34 MILLS 102.00 FT ON EL PASO X 120.00 FT BEG 158.00 N OF SWC (12240.00 SQ FT)
Legal Description
34 MILLS 102.00 FT ON EL PASO X 120.00 FT BEG 158.00 N OF SWC (12240.00 SQ FT)
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Amenities
central heating and air conditioning
Building Details
Floors in Building
3
Building materials
Brick
Listing Agency:
Keller Williams Realty
(915) 603-5293
Listed By:
Armando Sarti
(915) 288-5287
Added: Jan 19
Changed: Aug 4
Last Checked: Aug 30 at 2:06PM
MLS# 936803
Copyright © 2026 Greater El Paso 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.
Well-maintained three-story brick office building offering approximately 22,200 square feet of rentable space. The first floor includes about 10,200 SF, the second floor about 1,800 SF, and the third floor about 10,200 SF. All floors are equipped with central heating and central air conditioning. The property also features a fireplace and is served by public sewer.
The building is located at 402 S. El Paso Street, just steps from the international bridge, with exposure in a high pedestrian and vehicular traffic corridor. It is positioned near Plaza Lagartos and surrounded by major hotels, restaurants, retail, and key downtown attractions.
Zoned C5, the building is currently income-producing and may support a range of uses aligned with office and related concepts, with potential to expand occupancy through lease-up of vacant or underutilized space.
The building is located at 402 S. El Paso Street, just steps from the international bridge, with exposure in a high pedestrian and vehicular traffic corridor. It is positioned near Plaza Lagartos and surrounded by major hotels, restaurants, retail, and key downtown attractions.
Zoned C5, the building is currently income-producing and may support a range of uses aligned with office and related concepts, with potential to expand occupancy through lease-up of vacant or underutilized space.
Key Highlights
- 0.28‑acre lot at 402 S. El Paso Street
- Approximately 22,200 SF rentable space: 10,200 SF (1st), 1,800 SF (2nd), 10,200 SF (3rd)
- Zoned C5
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
$281,017
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
9.07%
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%
$5,620,340
$5.6M
Cap Rate 7%
$4,014,529
$4.0M
Cap Rate 9%
$3,122,411
$3.1M
Market Conditions
NOI Build-Up for 22,200 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
$460.9K $20.76/SF
− Vacancy
−$86.2K −$3.88/SF
EGI
$374.7K $16.88/SF
− OpEx
−$93.7K −$4.22/SF
NOI
$281.0K $12.66/SF
Area
El Paso, TX
Vacancy
18.70%
Lease Rate
$20.76 /SF/Yr
Expense Ratio
25.00%
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%
$5,620,340
Cap Rate 7%
$4,014,529
Cap Rate 9%
$3,122,411
Alternative Uses
Best Use
Office B
$4.01M
$3.51M – $4.68M
NOI $281,017 @ 7.0% cap · market cap 9.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.57M
$4.87M – $6.50M
NOI $389,863 @ 7.0% cap · market cap 12.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,525
Businesses Nearby
Explore this area
Business Placement
Demographics for 79901, TX
10,027
Population
4,571
Households
2.2
Avg Household Size
40
Median Age
7%
College-Educated
46%
High-School Grad
2.2 sq mi
ZIP Area
4,558
Density / Sq Mi
$13,984
Median Household Income
$19,026
Median Earnings
$517
Median Rent
$93,100
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?
Office building - Well-maintained three-story office building zoned C5 with central heating and central air in brick construction.
Where is this office building located?
The property is located at 402 S EL PASO Street El Paso, TX.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: 0.28‑acre lot at 402 S. El Paso Street; Approximately 22,200 SF rentable space: 10,200 SF (1st), 1,800 SF (2nd), 10,200 SF (3rd); Zoned C5
