8-Unit Multifamily
For Sale
$559,900
515 W MISSOURI Avenue, El Paso, TX 79901
Residential Income, El Paso, TX
Property Size3,240 SF
Lot Size0.10 Acres
Price / SF$172.81
Days on Market49
Property Features for 515 W MISSOURI Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
A3
Appliances
Refrigerator, Range Hood
Subdivision
East El Paso
Elementary school
Aoy
Middle school
Guillen
High school
Bowie
Elementary school district
El Paso
Middle school district
El Paso
High school district
El Paso
Standard status
Active
APN
S636999000A5500
Size
3,240 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
A STEVENS 22 & W 10.01 FT OF 21 (4201.20 SQ FT)
Tax Annual Amount
4000
Legal Description
A STEVENS 22 & W 10.01 FT OF 21 (4201.20 SQ FT)
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Ceiling Fan(s), Central Air
Building Details
Year built
1913
Number of units
8
Flooring type
Vinyl
Building materials
Brick, Stucco
Roof type
Shingle
Listing Agency:
The Real Estate Power Houses
(915) 549-4663
Listed By:
Gustavo Andazola · License #0433295
(915) 478-5050
Added: Jul 22
Changed: Sep 4
Last Checked: Sep 8 at 1:06AM
MLS# 948044
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 8-unit multifamily property contains 3240 square feet on a 0.1-acre site. The 1913 building features brick and stucco construction, vinyl flooring, shingle roofing, central air conditioning, natural-gas heat, ceiling fans, and public sewer service. Refrigerators and range hoods are included, and all eight units are occupied.
The property is situated in El Paso’s historic district, minutes from UTEP and downtown. Zoning is A3. Five units are leased on month-to-month terms, while a sixth unit has recently rolled to a new lease period, providing near-term lease flexibility. The tenant base includes students and workforce residents, and current year-to-date collection loss is 4.63%.
The property is situated in El Paso’s historic district, minutes from UTEP and downtown. Zoning is A3. Five units are leased on month-to-month terms, while a sixth unit has recently rolled to a new lease period, providing near-term lease flexibility. The tenant base includes students and workforce residents, and current year-to-date collection loss is 4.63%.
Key Highlights
- 8‑unit multifamily property with all eight units occupied
- 3240 square feet on a 0.1‑acre site
- 1913 construction with brick and stucco exterior
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
$27,019
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
4.83%
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%
$540,380
$540.4K
Cap Rate 7%
$385,986
$386.0K
Cap Rate 9%
$300,211
$300.2K
Market Conditions
NOI Build-Up for 3,240 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
$51.7K $15.96/SF
− Vacancy
−$2.6K −$0.80/SF
EGI
$49.1K $15.16/SF
− OpEx
−$22.1K −$6.82/SF
NOI
$27.0K $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%
$540,380
Cap Rate 7%
$385,986
Cap Rate 9%
$300,211
Alternative Uses
Best Use
Apartment 5plus
$386.0K
$337.7K – $450.3K
NOI $27,019 @ 7.0% cap · market cap 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$812.8K
$711.2K – $948.3K
NOI $56,899 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,556
Businesses Nearby
Explore this area
Business Placement
Demographics for 79901, TX
10,027
Population
4,571
Households
2.2
Avg Household Size
40
Median Age
7%
College-Educated
46%
High-School Grad
2.2 sq mi
ZIP Area
4,558
Density / Sq Mi
$13,984
Median Household Income
$19,026
Median Earnings
$517
Median Rent
$93,100
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 - Brick-and-stucco property with central air, natural-gas heat, and public sewer service.
Where is this apartment building located?
The property is located at 515 W MISSOURI Avenue El Paso, TX.
What is the asking price?
The asking price for this property is $559,900.
What are key features of this property?
This property features: 8‑unit multifamily property with all eight units occupied; 3240 square feet on a 0.1‑acre site; 1913 construction with brick and stucco exterior
