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 Market126
Property Features for 511 E Nevada Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
A2
Parking features
On Street, Paved or Surfaced
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) 317-0881
Added: May 29
Changed: Sep 21
Last Checked: Oct 1 at 11:06PM
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.
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,078
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.35%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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
