5-Unit Apartment
For Sale
$392,500
511 E Nevada Avenue, El Paso, TX 79902
Residential Income, El Paso, TX
Property Size2,048 SF
Lot Size0.13 Acres
Price / SF$191.65
Days on Market141
Property Features for 511 E Nevada Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
A2
Parking features
Paved or Surfaced, On Street
Appliances
Water Heater, Refrigerator, Microwave, Free-Standing Gas Oven
Subdivision
Alexander
Elementary school
Lamar
Middle school
Wiggs
High school
Elpaso
Elementary school district
El Paso
Middle school district
El Paso
High school district
El Paso
Standard status
Active
APN
A46299901406900
Size
2,048 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
14 ALEXANDER E 40 FT OF (17 TO 20 & S 15 FT OF 16) (5474 SQ FT)
Tax Annual Amount
5678
Legal Description
14 ALEXANDER E 40 FT OF (17 TO 20 & S 15 FT OF 16) (5474 SQ FT)
Utilities
Sewer type
Public Sewer
Cooling system
Window Unit(s), Multi Units
Amenities
additional storage space
Building Details
Year built
1957
Number of units
5
Flooring type
Vinyl
Building materials
Stucco
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
The Real Estate Agency
(915) 600-7666
Listed By:
Marco Panduro · License #0796838
(915) 857-4000
Added: May 29
Changed: Oct 2
Last Checked: Oct 16 at 4:06PM
MLS# 944818
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.
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Investment Insights
Based on property information with market context.
This 5-unit apartment property at 511 E Nevada Avenue includes 2,048 square feet on a 0.13-acre lot. Three units have been remodeled with new mini-split systems, updated flooring, and fresh interior and exterior paint. Additional storage space is also available. The 1957 property has stucco construction, vinyl flooring, shingle roofing, and a mix of multi-unit and window cooling systems.
The property is in El Paso, near downtown and UTEP, and is zoned A2. Site features include paved or surfaced parking, on-street parking, public sewer, water heaters, refrigerators, microwaves, and free-standing gas ovens. Showings require 24-hour notice.
The property is in El Paso, near downtown and UTEP, and is zoned A2. Site features include paved or surfaced parking, on-street parking, public sewer, water heaters, refrigerators, microwaves, and free-standing gas ovens. Showings require 24-hour notice.
Key Highlights
- 5‑unit apartment property with 2,048 square feet
- Three of five units recently remodeled
- New mini‑split systems, updated flooring, and fresh interior and exterior paint in three units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,078
Cap Rate
4.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$341,560
$341.6K
Cap Rate 7%
$243,971
$244.0K
Cap Rate 9%
$189,756
$189.8K
Market Conditions
NOI Build-Up for 2,048 SF
Gross rent
$32.7K $15.96/SF
− Vacancy
−$1.6K −$0.80/SF
EGI
$31.1K $15.16/SF
− OpEx
−$14.0K −$6.82/SF
NOI
$17.1K $8.34/SF
Area
El Paso, TX
Vacancy
5.00%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$341,560
Cap Rate 7%
$243,971
Cap Rate 9%
$189,756
Alternative Uses
Best Use
Apartment 5plus
$244.0K
$213.5K – $284.6K
NOI $17,078 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$513.8K
$449.6K – $599.4K
NOI $35,966 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,918
Businesses Nearby
Explore this area
Business Placement
Demographics for 79902, TX
20,071
Population
9,752
Households
2.1
Avg Household Size
38
Median Age
39%
College-Educated
81%
High-School Grad
6.5 sq mi
ZIP Area
3,088
Density / Sq Mi
$45,333
Median Household Income
$33,495
Median Earnings
$777
Median Rent
$223,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Three apartments have updated interiors, new mini-split systems, and fresh paint, with additional storage on the property.
Where is this apartment building located?
The property is located at 511 E Nevada Avenue El Paso, TX.
What is the asking price?
The asking price for this property is $392,500.
What are key features of this property?
This property features: 5‑unit apartment property with 2,048 square feet; Three of five units recently remodeled; New mini‑split systems, updated flooring, and fresh interior and exterior paint in three units
