8-Unit Apartment
417 N 28th Street, McAllen, TX 78501
For Sale
$675,000
Residential Income, McAllen, TX
Property Size6,486 SF
Lot Size0.26 Acres
Price / SF$104.07
Days on Market135
Property Features for 417 N 28th Street
General Information
Property type
Property subtype
Parking features
Exterior features
Appliances
Subdivision
Lot features
Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Heating system
Cooling system
Water source
Building Details
Year built
Floors in Building
Number of units
Building materials
Roof type
Listing Agency:
Realty Executives RGV · Realty Executives International
(956) 971-8989
Listed By:
Romayeo (Ronnie) R. Esparza · License TX #0609166
(956) 433-9557
Added: Jul 2
Changed: Oct 29
Last Checked: Nov 13 at 10:06PM
MLS# 504928
Copyright © 2026 Greater McAllen 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.
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Investment Insights
Based on property information with market context.
This 8-unit apartment property contains 6,486 square feet across two-story residences, with each unit offering 2 bedrooms and 1.5 baths. Built in 1994, the complex features brick and frame/wood construction, shingle roofing, central air conditioning, and electric heating. Individual units include electric water heaters, refrigerators, electric coil ranges, washers, and dryers.
The property occupies 0.2623 acres in McAllen, Texas, near South Texas College and the McAllen Convention Center. Public water serves the complex, and mature trees contribute to the exterior setting. Parking is listed as none.
The property occupies 0.2623 acres in McAllen, Texas, near South Texas College and the McAllen Convention Center. Public water serves the complex, and mature trees contribute to the exterior setting. Parking is listed as none.
Key Highlights
- 8 two‑story apartment units
- Each unit includes 2 bedrooms and 1.5 baths
- 6,486 square feet on 0.2623 acres
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$53,861
Cap Rate
7.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,077,220
$1.1M
Cap Rate 7%
$769,443
$769.4K
Cap Rate 9%
$598,456
$598.5K
Market Conditions
NOI Build-Up for 6,486 SF
Gross rent
$105.1K $16.20/SF
− Vacancy
−$7.1K −$1.10/SF
EGI
$97.9K $15.10/SF
− OpEx
−$44.1K −$6.79/SF
NOI
$53.9K $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 Rate 5%
$1,077,220
Cap Rate 7%
$769,443
Cap Rate 9%
$598,456
Alternative Uses
Best Use
Apartment 5plus
$769.4K
$673.3K – $897.7K
NOI $53,861 @ 7.0% cap · market cap 7.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $123,286 @ 7.0% cap · market cap 18.26%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
899
Businesses Nearby
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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
$149,000
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in McAllen, TX
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Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story residential units with two bedrooms, one-and-a-half baths, central air, and electric heating.
Where is this apartment building located?
The property is located at 417 N 28th Street McAllen, TX.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 8 two‑story apartment units; Each unit includes 2 bedrooms and 1.5 baths; 6,486 square feet on 0.2623 acres
