Downtown El Paso Multifamily
For Sale
$198,900
412 S FLORENCE Street, El Paso, TX 79901
COMMERCIAL - El Paso, TX
Property Size1,800 SF
Lot Size0.07 Acres
Price / SF$110.50
Days on Market111
Property Features for 412 S FLORENCE Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
A3
Parking features
On Street
Fireplace
1
Subdivision
Campbell
Standard status
Active
APN
C05099914008100
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
3945
Tax Description
140 CAMPBELL LOT 17 (3120 SQ FT)
Tax Annual Amount
2025
Legal Description
140 CAMPBELL LOT 17 (3120 SQ FT)
Utilities
Sewer type
Public Sewer
Building Details
Floors in Building
1
Building materials
Brick
Listing Agency:
Home Pros Real Estate Group
(915) 585-8806
Listed By:
Michelle M Medrano · License #0631598
(915) 204-3259
Added: May 15
Changed: Aug 4
Last Checked: Sep 2 at 4:06PM
MLS# 944113
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.
Located in downtown El Paso, this five-unit multifamily property at 412 S Florence Street presents an investment opportunity. The property, situated on a 3,120 sq ft lot (0.07 acres), contains approximately 1,800 sq ft of space. Currently, three units are occupied, generating immediate rental income. The remaining units offer opportunities for renovation, lease-up, or increased rental revenue. The property is conveniently located near downtown attractions, restaurants, entertainment venues, international bridges, and major highways. This location is positioned in a growing area with strong rental demand. This multifamily property is suitable for both experienced and first-time investors looking to expand their portfolio in Central El Paso.
Key Highlights
- Prime Downtown El Paso location near attractions, restaurants, entertainment, international bridges, and major highways.
- Immediate rental income from 3 occupied units.
- Value‑add opportunity through renovation and lease‑up of 2 vacant units.
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
$15,010
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
7.55%
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%
$300,200
$300.2K
Cap Rate 7%
$214,429
$214.4K
Cap Rate 9%
$166,778
$166.8K
Market Conditions
NOI Build-Up for 1,800 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
$28.7K $15.96/SF
− Vacancy
−$1.4K −$0.80/SF
EGI
$27.3K $15.16/SF
− OpEx
−$12.3K −$6.82/SF
NOI
$15.0K $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%
$300,200
Cap Rate 7%
$214,429
Cap Rate 9%
$166,778
Alternative Uses
Best Use
Apartment 5plus
$214.4K
$187.6K – $250.2K
NOI $15,010 @ 7.0% cap · market cap 7.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$451.6K
$395.1K – $526.8K
NOI $31,610 @ 7.0% cap · market cap 15.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
60%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,631
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 Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit property with income potential in a prime urban location.
Where is this apartment building located?
The property is located at 412 S FLORENCE Street El Paso, TX.
What is the asking price?
The asking price for this property is $198,900.
What are key features of this property?
This property features: Prime Downtown El Paso location near attractions, restaurants, entertainment, international bridges, and major highways.; Immediate rental income from 3 occupied units.; Value‑add opportunity through renovation and lease‑up of 2 vacant units.
