Renovated
For Sale
$395,000
423 North Carolina Drive, El Paso, TX 79915
Four occupied units provide refrigerated air and a mix of two-bedroom and one-bedroom layouts.
Property Size2,719 SF
Lot Size0.50 Acres
Price / SF$145.27
Days on Market231
Property Features for 423 North Carolina Drive
General Information
Standard status
Active
Size
2,719 SF
Lot size
0.50 Acres
Property subtype
Multi-Family / Quadruplex
Zoning
A1
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,949
Amenities
refrigerated air
Yes
Ceramic Tile
See Remarks
.00
Shingle
Building Details
Year Built
1968
Listing Agency:
Camacho Real Estate
(915) 401-0787
Listed By:
Lizette Jaquez · License #0705867
Source:
Compass
Added: Jan 13
Changed: Aug 30
Last Checked: Aug 30 at 9:29AM
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 Camacho Real Estate
Investment Insights
Based on property information with market context.
This renovated quadplex contains four occupied units within a 2719-square-foot property on a half-acre lot. The front structure is configured as a duplex, with each residence offering two bedrooms, one bathroom, a living area, and a kitchen. A third unit follows the same two-bedroom, one-bathroom layout, while the fourth provides one bedroom and one bathroom. Refrigerated air is installed throughout the property.
Constructed in 1968 and designated A1, the property is located at 423 North Carolina Drive in El Paso, Texas. The unit mix combines three two-bedroom residences with one one-bedroom residence, providing a varied configuration within a single multifamily asset.
Constructed in 1968 and designated A1, the property is located at 423 North Carolina Drive in El Paso, Texas. The unit mix combines three two-bedroom residences with one one-bedroom residence, providing a varied configuration within a single multifamily asset.
Key Highlights
- Four occupied rental units
- 2719 SF property on a half‑acre lot
- Three two‑bedroom, one‑bathroom units and one one‑bedroom, one‑bathroom unit
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
$24,583
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
6.22%
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%
$491,660
$491.7K
Cap Rate 7%
$351,186
$351.2K
Cap Rate 9%
$273,144
$273.1K
Market Conditions
NOI Build-Up for 2,719 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
$36.9K $13.56/SF
− Vacancy
−$1.8K −$0.64/SF
EGI
$35.1K $12.92/SF
− OpEx
−$10.5K −$3.87/SF
NOI
$24.6K $9.04/SF
Area
El Paso, TX
Vacancy
4.75%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
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%
$491,660
Cap Rate 7%
$351,186
Cap Rate 9%
$273,144
Alternative Uses
Best Use
Multifamily LT 5
$351.2K
$307.3K – $409.7K
NOI $24,583 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$323.9K
$283.4K – $377.9K
NOI $22,674 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$682.1K
$596.9K – $795.8K
NOI $47,749 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
Explore this area
Business Placement
Demographics for 79915, TX
35,234
Population
14,139
Households
2.5
Avg Household Size
41
Median Age
13%
College-Educated
68%
High-School Grad
8.9 sq mi
ZIP Area
3,959
Density / Sq Mi
$35,938
Median Household Income
$25,400
Median Earnings
$808
Median Rent
$117,600
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?
Quadplex - Four occupied units provide refrigerated air and a mix of two-bedroom and one-bedroom layouts.
Where is this quadplex located?
The property is located at 423 North Carolina Drive El Paso, TX.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Four occupied rental units; 2719 SF property on a half‑acre lot; Three two‑bedroom, one‑bathroom units and one one‑bedroom, one‑bathroom unit
