Four-Plex with Covered
For Sale
$535,000
5609 Sandpiper Avenue, McAllen, TX 78501
MULTI_FAMILY - McAllen, TX
Property Size4,320 SF
Lot Size0.24 Acres
Price / SF$123.84
Days on Market53
Property Features for 5609 Sandpiper Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
8
Appliances
Electric Water Heater, Dryer, Microwave, Refrigerator, Stove/Range, Washer
Subdivision
Shary Manor
Elementary school
Olivero Garza Sr.
Middle school
Sharyland North Junior
High school
Sharyland Pioneer H.S.
Elementary school district
Sharyland ISD
Middle school district
Sharyland ISD
High school district
Sharyland ISD
Directions
From Expressway 83, head north on Shary Rd. Continue past Mile 4. Subdivision entrance to SharyManor will be on the east side just after Mile 4 1/2. Turn into the subdivision and follow Sandpiper Ave. to the property.
Standard status
Active
APN
S295500000005500
Size
4,320 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10594
HOA Fee
$600 Annually
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2022
Floors in Building
1
Number of units
4
Building materials
Stucco
Roof type
Shingle
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Dara Herrera
(888) 519-7431
Added: Jul 10
Last Checked: Aug 31 at 4:06AM
MLS# 507493
Copyright © 2026 Greater McAllen 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 four-plex in a gated community includes four 3-bedroom, 2-bath units with open-concept layouts. Each unit features granite countertops, custom cabinetry, stainless steel appliances, and an in-unit washer/dryer. Outside, there are private fenced backyards, along with covered parking for residents.
The property is located in Sharyland ISD within Shary Manor. The listing indicates tenants pay utilities, and it is described as having strong rental demand.
With four separate residential units and covered parking, the building is positioned as a low-maintenance rental asset.
The property is located in Sharyland ISD within Shary Manor. The listing indicates tenants pay utilities, and it is described as having strong rental demand.
With four separate residential units and covered parking, the building is positioned as a low-maintenance rental asset.
Key Highlights
- Four‑plex in Shary Manor gated community in Sharyland ISD
- Built in 2022, with central heating and central air (stucco construction; shingle roof)
- Four units: each offers 3 bedrooms and 2 bathrooms with open‑concept layouts
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
$39,035
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
7.30%
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%
$780,700
$780.7K
Cap Rate 7%
$557,643
$557.6K
Cap Rate 9%
$433,722
$433.7K
Market Conditions
NOI Build-Up for 4,320 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
$59.6K $13.80/SF
− Vacancy
−$3.9K −$0.89/SF
EGI
$55.8K $12.91/SF
− OpEx
−$16.7K −$3.87/SF
NOI
$39.0K $9.04/SF
Area
McAllen, TX
Vacancy
6.46%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$780,700
Cap Rate 7%
$557,643
Cap Rate 9%
$433,722
Alternative Uses
Best Use
Multifamily LT 5
$557.6K
$487.9K – $650.6K
NOI $39,035 @ 7.0% cap · market cap 7.30%
Second Best
Apartment 5plus
$512.5K
$448.4K – $597.9K
NOI $35,874 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,115 @ 7.0% cap · market cap 15.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
97
Businesses Nearby
Explore this area
Business Placement
Demographics for 78501, TX
60,817
Population
24,807
Households
2.5
Avg Household Size
37
Median Age
27%
College-Educated
77%
High-School Grad
15.5 sq mi
ZIP Area
3,924
Density / Sq Mi
$49,451
Median Household Income
$29,092
Median Earnings
$943
Median Rent
$149,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units offer 3 bedrooms and 2 baths each, with in-unit washer/dryer and private fenced backyards.
Where is this quadplex located?
The property is located at 5609 Sandpiper Avenue McAllen, TX.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Four‑plex in Shary Manor gated community in Sharyland ISD; Built in 2022, with central heating and central air (stucco construction; shingle roof); Four units: each offers 3 bedrooms and 2 bathrooms with open‑concept layouts
