Five-Unit Apartment
For Sale
$399,999
511 East Nevada Avenue Unit AE, El Paso, TX 79902
Well-located five-unit property with three remodeled units and added tenant storage space.
Property Size2,048 SF
Price / SF$195.31
Days on Market69
Property Features for 511 East Nevada Avenue Unit AE
General Information
Standard status
Active
Size
2,048 SF
Property subtype
Multi-Family / House Plus Unit(s)
Additional Details
Multifamily Units
5
Building Details
Year Built
1957
Listing Agency:
The Real Estate Agency
(915) 317-0881
Listed By:
Marco Panduro · License #0796838
(915) 317-0881
Source:
Compass
Added: May 25
Changed: Jul 10
Last Checked: Jul 31 at 10:34AM
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 The Real Estate Agency
Investment Insights
Based on property information with market context.
This for-sale five-unit apartment building offers a straightforward residential income setup with multiple units in place. Three of the five units have been recently remodeled, including new mini-split systems, updated flooring, and fresh interior and exterior paint. The property also includes additional storage space, which can support tenant needs and help make the overall living experience more functional.
The building is described as being near downtown and close to UTEP, placing it within an area that should appeal to renters seeking convenient access to local employment and daily destinations. For buyers looking for an asset with some renovations already completed, the scope of interior and exterior updates on a majority of the units is a meaningful starting point.
For prospective owners, this property is positioned as a practical acquisition for continued portfolio expansion. With improvements already addressed in three units and the remaining units representing opportunities for further alignment, the building offers a clear path to bring consistency across the mix. The additional storage space further supports day-to-day tenant usability, while the recent mechanical updates in the remodeled units can help reduce near-term replacement concerns for those specific units.
The building is described as being near downtown and close to UTEP, placing it within an area that should appeal to renters seeking convenient access to local employment and daily destinations. For buyers looking for an asset with some renovations already completed, the scope of interior and exterior updates on a majority of the units is a meaningful starting point.
For prospective owners, this property is positioned as a practical acquisition for continued portfolio expansion. With improvements already addressed in three units and the remaining units representing opportunities for further alignment, the building offers a clear path to bring consistency across the mix. The additional storage space further supports day-to-day tenant usability, while the recent mechanical updates in the remodeled units can help reduce near-term replacement concerns for those specific units.
Key Highlights
- 5‑unit investment property near downtown and close to UTEP
- Three of the five units have been recently remodeled with new mini‑split systems
- Remodeled units include updated flooring and fresh interior and exterior paint
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 | $32.7k | $15.96 |
| − Vacancy | −$1.6k | −$0.80 |
| EGI | $31.1k | $15.16 |
| − OpEx | −$14.0k | −$6.82 |
| NOI | $17.1k | $8.34 |
2,048 SF · lease $15.96/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$244.0K
$213.5K – $284.6K
NOI $17,078 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$513.8K
$449.6K – $599.4K
NOI $35,966 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-located five-unit property with three remodeled units and added tenant storage space.
Where is this apartment building located?
The property is located at 511 East Nevada Avenue Unit AE El Paso, TX.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: 5‑unit investment property near downtown and close to UTEP; Three of the five units have been recently remodeled with new mini‑split systems; Remodeled units include updated flooring and fresh interior and exterior paint
