7-Unit Apartment
For Sale
$694,950
515 Prospect Street, El Paso, TX 79902
A fully leased multifamily property offers a mix of four-bedroom and one-bedroom apartments.
Property Size4,854 SF
Price / SF$143.17
Days on Market45
Property Features for 515 Prospect Street
General Information
Standard status
Active
Size
4,854 SF
Property subtype
Multi Family Home
Zoning
A3
Occupancy
100%
Site & Location
Neighborhood
Sunset Heights Neighborhood Improvement Association
Additional Details
Multifamily Units
7
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$5,683
Building Details
Building Size
4,854 SF
Year Built
1939
Stories
2
Units
7
Listing Agency:
El Paso Real Estate Company
Listed By:
Al Jurado · License #0410918
(915) 630-8373
Source:
Elpasorealestateco
Added: Sep 14
Changed: Oct 27
Last Checked: Oct 26 at 3:47AM
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 El Paso Real Estate Company
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Investment Insights
Based on property information with market context.
This 1939 apartment property in El Paso contains seven units and totals 4,854 square feet. The unit mix includes one four-bedroom, one-bath apartment and six one-bedroom, one-bath apartments; all units are leased. The property is zoned A3.
The building is at 515 Prospect Street in the Sunset Heights area, near downtown El Paso and the University of Texas at El Paso.
The building is at 515 Prospect Street in the Sunset Heights area, near downtown El Paso and the University of Texas at El Paso.
Key Highlights
- Seven apartments; all units are leased
- One 4‑bedroom, 1‑bath unit and six 1‑bedroom, 1‑bath units
- 4,854 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,478
Cap Rate
5.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$809,560
$809.6K
Cap Rate 7%
$578,257
$578.3K
Cap Rate 9%
$449,756
$449.8K
Market Conditions
NOI Build-Up for 4,854 SF
Gross rent
$77.5K $15.96/SF
− Vacancy
−$3.9K −$0.80/SF
EGI
$73.6K $15.16/SF
− OpEx
−$33.1K −$6.82/SF
NOI
$40.5K $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%
$809,560
Cap Rate 7%
$578,257
Cap Rate 9%
$449,756
Alternative Uses
Best Use
Apartment 5plus
$578.3K
$506.0K – $674.6K
NOI $40,478 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,243 @ 7.0% cap · market cap 12.27%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,254
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 - A fully leased multifamily property offers a mix of four-bedroom and one-bedroom apartments.
Where is this apartment building located?
The property is located at 515 Prospect Street El Paso, TX.
What is the asking price?
The asking price for this property is $694,950.
What are key features of this property?
This property features: Seven apartments; all units are leased; One 4‑bedroom, 1‑bath unit and six 1‑bedroom, 1‑bath units; 4,854 square feet
