Renovated 5-Unit Apartment
502 N 15th Street McAllen, McAllen, TX 78501
For Sale
$625,000
Five apartments feature individual mini-split air-conditioning systems, with water and trash included in rent.
Property Size4,008 SF
Days on Market10
Property Features for 502 N 15th Street McAllen
General Information
Standard status
Size
Property subtype
Additional Details
Road Access
Multifamily Units
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
RE/MAX RGV Commercial Group
Listed By:
Noe Alejandro Lopez · License TX #564041
(956) 207-7361
Source:
Primeluxuryrealestate
Added: Nov 4
Changed: Nov 13
Last Checked: Nov 12 at 4:52PM
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 five-unit apartment building, constructed in 1973, has undergone renovations that include electrical work, refinished and painted exterior stucco, and a mini-split air-conditioning system in each apartment. Water and trash are included in the rent, and a rent roll is available for review.
The property is at 502 N 15th Street in McAllen, at the corner of 15th Street and Ebony. It is situated in the Historic Palm District.
The property is at 502 N 15th Street in McAllen, at the corner of 15th Street and Ebony. It is situated in the Historic Palm District.
Key Highlights
- Five apartment units
- Built in 1973
- Electrical upgrades and refinished, repainted exterior stucco
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,283
Cap Rate
5.33%
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
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
NOI $33,283 @ 7.0% cap · market cap 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$952.3K – $1.27M
NOI $76,184 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
5
Residential units
Yes
Paved road access
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
$149,000
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in McAllen, TX
Properties on Market for Apartment buildings in McAllen
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Five apartments feature individual mini-split air-conditioning systems, with water and trash included in rent.
Where is this apartment building located?
The property is located at 502 N 15th Street McAllen McAllen, TX.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Five apartment units; Built in 1973; Electrical upgrades and refinished, repainted exterior stucco
