Eight Two-Story Apartment
For Sale
$699,000
417 N 28th Street, McAllen, TX 78501
MULTI_FAMILY - McAllen, TX
Property Size6,486 SF
Lot Size0.26 Acres
Price / SF$107.77
Days on Market53
Property Features for 417 N 28th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
None
Exterior features
Mature Trees
Appliances
Electric Water Heater, Dryer, Refrigerator, Stove/Range-Electric Coil, Washer
Subdivision
Alaniz
Lot features
Alley, Corner Lot, Curb & Gutters, Irregular Lot, Mature Trees, Sidewalks
Elementary school
Alvarez
Middle school
De Leon
High school
Rowe H.S.
Elementary school district
McAllen ISD
Middle school district
McAllen ISD
High school district
McAllen ISD
Directions
From Ware rd. & Business 83., north on 29th St., east on Ebony Ave., then south on 28th St. Property is on corner of Ebony & 28th
Standard status
Active
APN
A230000000003200
Size
6,486 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9628
Utilities
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1994
Floors in Building
2
Number of units
8
Building materials
Brick, Frame/Wood
Roof type
Shingle
Listing Agency:
Realty Executives RGV · Realty Executives International
(956) 971-8989
Listed By:
Romayeo (Ronnie) R. Esparza · License #0609166
(956) 433-9557
Added: Jul 2
Changed: Aug 13
Last Checked: Aug 23 at 7:06AM
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.
Investment Insights
Based on property information with market context.
This apartment building features eight two-story units, each with two bedrooms and 1.5 baths. Construction is brick with frame/wood elements, and the roof is shingle. Heating is electric central, with central air and electric cooling.
The units are equipped with standard in-unit appliances including electric water heater, refrigerator, stove/range-electric coil, washer, and dryer. Exterior features include mature trees. The property’s water source is public, and there is no parking identified for the complex.
Location-wise, the complex is described as being blocks from South Texas College and the McAllen Convention Center, placing it within an active area of McAllen, Texas.
The units are equipped with standard in-unit appliances including electric water heater, refrigerator, stove/range-electric coil, washer, and dryer. Exterior features include mature trees. The property’s water source is public, and there is no parking identified for the complex.
Location-wise, the complex is described as being blocks from South Texas College and the McAllen Convention Center, placing it within an active area of McAllen, Texas.
Key Highlights
- Eight two‑story units with two bedrooms and 1.5 baths each
- Built in 1994 with brick and frame/wood construction
- Central electric heating and central air with electric cooling
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
$53,861
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
7.71%
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%
$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
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
$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 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%
$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 7.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $123,286 @ 7.0% cap · market cap 17.64%
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
899
Businesses Nearby
Explore this area
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
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 - 1994-built brick and frame two-story apartment building with electric central air, public water, and no on-site parking.
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 $699,000.
What are key features of this property?
This property features: Eight two‑story units with two bedrooms and 1.5 baths each; Built in 1994 with brick and frame/wood construction; Central electric heating and central air with electric cooling
