Building Details

Year Built 1973

Listing Agency: RE/MAX RGV Commercial Group

Listed By: Noe Alejandro Lopez · License #564041 Show Phone

Source: Aregtx

Added: Jul 20 Changed: Oct 4 Last Checked: Oct 7 at 3:53PM

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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 RE/MAX RGV Commercial Group

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Investment Insights

Based on property information with market context.

This renovated apartment property contains 5 units and was originally built in 1973. Improvements include electrical updates, refinished and painted exterior stucco, and new A/C mini-split systems installed in each apartment. Water and trash are included in the rent, providing a defined utility arrangement for occupants.

The property occupies the corner of 15th Street and Ebony in McAllen’s Historic Palm District, with a downtown setting. A rent roll is available for review, and the completed improvements provide a clear summary of the property’s current physical upgrades.

Key Highlights

• 5‑unit apartment complex
• Renovated with electrical improvements and refinished, painted exterior stucco
• New A/C mini‑splits installed in each apartment

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$33,283

Cap Rate

4.93%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$665,660 $665.7K

Cap Rate 7%

$475,471 $475.5K

Cap Rate 9%

$369,811 $369.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,008 SF

Gross rent

$64.9K $16.20/SF

− Vacancy

−$4.4K −$1.10/SF

EGI

$60.5K $15.10/SF

− OpEx

−$27.2K −$6.79/SF

NOI

$33.3K $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%

$665,660

Cap Rate 7%

$475,471

Cap Rate 9%

$369,811

Alternative Uses

Best Use

Apartment 5plus

$475.5K

$416.0K – $554.7K (±1% cap)

NOI $33,283 @ 7.0% cap · market cap 4.93%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.09M

$952.3K – $1.27M (±1% cap)

NOI $76,184 @ 7.0% cap · market cap 11.29%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Garden Center Locksmith Tanning Salon Nursing Home Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Residential units

Location Intelligence

Trade Area within ½ mile

2,532

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Updated multifamily property with dedicated mini-split cooling in every apartment and water and trash included in rent.

Where is this apartment building located?

The property is located at 502 N 15th St 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: 5‑unit apartment complex; Renovated with electrical improvements and refinished, painted exterior stucco; New A/C mini‑splits installed in each apartment