7-Unit Apartment
New
For Sale
$694,950
515 PROSPECT Street, El Paso, TX 79902
Residential Income, El Paso, TX
Property Size4,854 SF
Lot Size0.20 Acres
Price / SF$143.17
Days on Market5
Property Features for 515 PROSPECT Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
A3
Appliances
Refrigerator
Subdivision
Sunset Heights
Elementary school
Mesita
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
S97999900805500
Size
4,854 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
8 SUNSET HEIGHTS 84 & E 6.6 FT OF 83 & W 1/2 OF 85 (8820 SQ FT)
Tax Annual Amount
5683
Legal Description
8 SUNSET HEIGHTS 84 & E 6.6 FT OF 83 & W 1/2 OF 85 (8820 SQ FT)
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1939
Number of units
7
Flooring type
Hardwood
Building materials
Stucco
Roof type
Shingle, Composition
Listing Agency:
Res Comm Real Estate
(915) 630-7325
Listed By:
Adolfo Holguin · License #0399907
(915) 772-5555
Added: Sep 10
Changed: Sep 14
Last Checked: Sep 14 at 11:06PM
MLS# 951168
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 7-unit apartment property contains 4,854 square feet on a 0.2-acre parcel. Built in 1939, the building features stucco construction, hardwood flooring, shingle and composition roofing, electric heating, window-unit cooling, and public sewer service. A refrigerator is included, and the property is zoned A3.
The property is located at 515 Prospect Street in El Paso’s Sunset Heights area, near downtown El Paso and UTEP. All units are fully leased, providing an established occupancy profile for the apartment asset.
The property is located at 515 Prospect Street in El Paso’s Sunset Heights area, near downtown El Paso and UTEP. All units are fully leased, providing an established occupancy profile for the apartment asset.
Key Highlights
- 7‑unit apartment property with 4,854 square feet
- All units are fully leased
- 0.2‑acre parcel in El Paso’s Sunset Heights area
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
$40,478
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
5.82%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Fully leased multifamily property with stucco construction, hardwood flooring, and proximity to downtown El Paso and UTEP.
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: 7‑unit apartment property with 4,854 square feet; All units are fully leased; 0.2‑acre parcel in El Paso’s Sunset Heights area
