McAllen Multifamily Investment
502 N 15th Street McAllen, TX 78501
502 N 15th Street, McAllen, TX, 78501
$675,000
For Sale
$675,000
MULTI_FAMILY - McAllen, TX
Property Size4,008 SF
Lot Size0.24 Acres
Price / SF$168.41
Days on Market34
Property Features for 502 N 15th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Parking features
- Garage
- Patio and Porch features
- Patio
- Appliances
- Electric Water Heater, Gas Water Heater, Refrigerator, Stove/Range
- Standard status
- Active
- APN
- N540000021001100
- Size
- 4,008 SF
- Lot size
- 0.24 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 7954
Utilities
- Heating system
- Electric (Heating)
- Cooling system
- Electric
- Water source
- Public
Building Details
- Year built
- 1973
- Floors in Building
- 2
- Number of units
- 5
- Building materials
- Stucco
- Roof type
- Metal, Composition
Listing Agency
RE/MAX RGV Commercial Group
(956) 683-8600
2575 E Griffin Parkway Suite 14, Mission, TX
Listed by
Noe Alejandro Lopez · License #564041
(956) 207-7361
Added: Jun 14 Checked: Jul 17 at 5:06 am
MLS# 474025
Listing URL
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 renovated 5-unit apartment complex is located in the Historic Palm District of McAllen, at the corner of 15th St. and Ebony, in a prime downtown location. The property has undergone upgrades and improvements, including electrical work, exterior stucco refinishing and painting, and the installation of new A/C mini-splits in each apartment. The property size is 4,008 square feet, situated on a 0.241-acre lot. Water and trash services are included in the rent. There is potential to raise rents in all units. Rent roll is available.
Key Highlights
- Renovated 5‑unit apartment complex in McAllen's Historic Palm District.
- Prime downtown location at the corner of 15th St. and Ebony.
- New A/C mini‑splits in each apartment.
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 | $64.9k | $16.20 |
| − Vacancy | −$4.4k | −$1.10 |
| EGI | $60.5k | $15.10 |
| − OpEx | −$27.2k | −$6.79 |
| NOI | $33.3k | $8.30 |
4,008 SF · lease $16.20/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$475.5K
$416.0K – $554.7K
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
NOI $76,184 @ 7.0% cap · market cap 11.29%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Renovated 5-unit apartment complex in McAllen's Historic Palm District.
Where is this apartment building located?
The property is located at 502 N 15th Street 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: Renovated 5‑unit apartment complex in McAllen's Historic Palm District.; Prime downtown location at the corner of 15th St. and Ebony.; New A/C mini‑splits in each apartment.
