Fourplex with Separate Electric
New
For Sale
$420,000
608 W Iris Avenue, McAllen, TX 78501
All four residences are occupied, and tenants handle their own electric service.
Property Size3,224 SF
Price / SF$130.27
Days on Market4
Property Features for 608 W Iris Avenue
General Information
Standard status
Active
Size
3,224 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Occupancy
100%
Units
Multifamily Units
4
Individually Metered Utilities
electricity
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$5,751
Amenities
on-site parking
Ceiling Fan(s)
Building Details
Building Size
3,224 SF
Year Built
1975
Buildings
2
Stories
1
Units
4
Listing Agency:
Grand Realty & Associates, LLC
(956) 900-1223
Listed By:
Paola Deleon
(956) 562-7898
Source:
Gdvrealty
Added: Oct 22
Changed: Oct 23
Last Checked: Oct 23 at 4:47PM
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 Grand Realty & Associates, LLC
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Investment Insights
Based on property information with market context.
Located at 608 W Iris Avenue in McAllen, this 3,224-square-foot fourplex was built in 1975. Its residences include 3-bedroom, 2-bath and 2-bedroom, 1.5-bath layouts. The property is fully leased and has on-site parking, with separate electric meters and tenants responsible for their electric service.
H-E-B, shopping centers, restaurants, medical facilities, schools, and downtown McAllen are among the destinations described as a short drive away.
H-E-B, shopping centers, restaurants, medical facilities, schools, and downtown McAllen are among the destinations described as a short drive away.
Key Highlights
- All four units are leased
- 3,224 square feet; built in 1975
- Unit layouts include 3 bedrooms and 2 baths, or 2 bedrooms and 1.5 baths
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,132
Cap Rate
6.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$582,640
$582.6K
Cap Rate 7%
$416,171
$416.2K
Cap Rate 9%
$323,689
$323.7K
Market Conditions
NOI Build-Up for 3,224 SF
Gross rent
$44.5K $13.80/SF
− Vacancy
−$2.9K −$0.89/SF
EGI
$41.6K $12.91/SF
− OpEx
−$12.5K −$3.87/SF
NOI
$29.1K $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 Rate 5%
$582,640
Cap Rate 7%
$416,171
Cap Rate 9%
$323,689
Alternative Uses
Best Use
Multifamily LT 5
$416.2K
$364.2K – $485.5K
NOI $29,132 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$382.5K
$334.7K – $446.2K
NOI $26,772 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$875.5K
$766.0K – $1.02M
NOI $61,282 @ 7.0% cap · market cap 14.59%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,416
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
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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?
Quadplex - All four residences are occupied, and tenants handle their own electric service.
Where is this quadplex located?
The property is located at 608 W Iris Avenue McAllen, TX.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: All four units are leased; 3,224 square feet; built in 1975; Unit layouts include 3 bedrooms and 2 baths, or 2 bedrooms and 1.5 baths
