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    Multifamily Apartment Building Title is generated by Realmo AI

    501 E CLIFF Drive, El Paso, TX 79902

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    New
    For Sale
    $430,000

    MULTI_FAMILY - El Paso, TX

    Property size:
    2,968 SF
    Lot size:
    0.08 Acres
    Price / SF:
    $144/SF
    Added:
    Jun 2, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 5 at 1:06 pm

    Property Features for 501 E CLIFF Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R5
    Parking features
    On Street
    Appliances
    Refrigerator, Free-Standing Gas Oven
    Standard status
    Active
    APN
    A46299904206600
    Size
    2,968 SF
    Lot size
    0.08 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Description
    42 ALEXANDER W 40 FT OF 18 TO 20 & W 40 FT OF S 12 FT OF 17 (3600 SQ FT)
    Tax Annual Amount
    8228

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air
    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1925
    Number of units
    5
    Flooring type
    Laminate, Tile - Ceramic, Hardwood
    Building materials
    Brick
    Roof type
    Shingle, Composition

    We can help!

    Listing Contact
    Karin Ann Erickson

    Listing agent Karin Ann Erickson

    Listing office Keller Williams Realty 12040 Tierra Este suite B206, El Paso, TX

    Listing date Jun 2, 2026

    MLS# 945158

    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.

    HighLights

    • 5‑unit investment property with four studio apartments and one 3‑bedroom unit
    • Unfinished full basement of about 1,300 sq ft
    • Built in 1925 with brick construction
    • Forced‑air heating and window A/C units
    • Public sewer connected
    • On‑street parking; laminate, tile, and hardwood flooring

    Overview

    This multifamily apartment building offers a total of five units, including four studio apartments and one 3-bedroom unit. In addition, the property includes an unfinished full basement of approximately 1,300 square feet, which may provide extra storage or future expansion opportunities depending on how it’s developed. The building is positioned for investors seeking a straightforward rental mix with a combination of studio and family-sized layouts.

    Located at 501 E Cliff Drive in El Paso, Texas 79902, the property sits on a compact lot of about 0.08 acres and is designated under R5 zoning. That zoning classification may be relevant for buyers evaluating how the site can be utilized and whether there is flexibility for continued income-focused ownership.

    For tenants, the unit mix can support a range of household needs, from single-occupant studio living to the added space of a 3-bedroom option. For investors, the structure’s five-unit configuration can help spread occupancy across multiple units while leveraging the unfinished basement area as a value-add component. The property is offered for sale as an investment opportunity in a desirable subdivision.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $47.4k $15.96
    − Vacancy −$2.4k −$0.80
    EGI $45.0k $15.16
    − OpEx −$20.3k −$6.82
    NOI $24.8k $8.34
    2,968 SF · lease $15.96/SF/yr · vacancy 5.00% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $353.6K
    $309.4K – $412.5K (±1% cap)
    NOI $24,750 @ 7.0% cap · market cap 5.76%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $744.6K
    $651.5K – $868.7K (±1% cap)
    NOI $52,122 @ 7.0% cap · market cap 12.12%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Law Firm Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    El Paso
    County
    El Paso
    State
    Texas
    Longitude
    -106.492938
    Latitude
    31.770139

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    FAQs

    What type of property is this?
    Apartment building - Five-unit apartment building with four studios and one 3-bedroom unit plus an unfinished full basement for additional potential.
    Where is this apartment building located?
    The property is located at 501 E CLIFF Drive El Paso, TX.
    What is the asking price?
    The asking price for this property is $430,000.
    What are key features of this property?
    This property features: 5‑unit investment property with four studio apartments and one 3‑bedroom unit; Unfinished full basement of about 1,300 sq ft; Built in 1925 with brick construction
    (915) 694-0339
    We can help!
    Listing Contact
    Karin Ann Erickson
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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