5-Unit Apartment
For Sale
$330,000
615-617 South Virginia Street, El Paso, TX 79901
Two separate buildings offer five residential units with kitchens, bathrooms, ceramic tile, and concrete finishes.
Property Size2,138 SF
Price / SF$154.35
Days on Market236
Property Features for 615-617 South Virginia Street
General Information
Standard status
Active
Size
2,138 SF
Property subtype
Multi-Family / House Plus Unit(s)
Zoning
R1
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$8,479
Amenities
Yes
Ceramic Tile, Concrete
Washer Hookup, Built-In Electric Oven
.00
Pitched, Shingle
Building Details
Year Built
1930
Buildings
2
Listing Agency:
Team Juan Uribe
(915) 585-0007
Listed By:
Norma Uribe · License #0395099
Source:
Compass
Added: Jan 8
Changed: Aug 31
Last Checked: Aug 30 at 11:47PM
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 Team Juan Uribe
Investment Insights
Based on property information with market context.
This 5-unit apartment property comprises two separate buildings at 615 and 617 South Virginia Street. The 615 building contains two units, each identified with two bedrooms, one bathroom, and a kitchen. The 617 building includes three units; one is described with two bedrooms, one bathroom, and a kitchen. Interior features include ceramic tile, concrete, washer hookups, and a built-in electric oven. The buildings were constructed in 1930, and the property carries R1 zoning. The address places the asset on South Virginia Street in El Paso, Texas, with the two-building layout providing a defined multifamily configuration.
Key Highlights
- Five residential units distributed across two buildings
- 615 South Virginia Street building includes two two‑bedroom, one‑bath units with kitchens
- 617 South Virginia Street building contains three units
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
$17,829
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
5.40%
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%
$356,580
$356.6K
Cap Rate 7%
$254,700
$254.7K
Cap Rate 9%
$198,100
$198.1K
Market Conditions
NOI Build-Up for 2,138 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
$34.1K $15.96/SF
− Vacancy
−$1.7K −$0.80/SF
EGI
$32.4K $15.16/SF
− OpEx
−$14.6K −$6.82/SF
NOI
$17.8K $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%
$356,580
Cap Rate 7%
$254,700
Cap Rate 9%
$198,100
Alternative Uses
Best Use
Apartment 5plus
$254.7K
$222.9K – $297.2K
NOI $17,829 @ 7.0% cap · market cap 5.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$536.4K
$469.3K – $625.8K
NOI $37,546 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
3,714
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 - Two separate buildings offer five residential units with kitchens, bathrooms, ceramic tile, and concrete finishes.
Where is this apartment building located?
The property is located at 615-617 South Virginia Street El Paso, TX.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Five residential units distributed across two buildings; 615 South Virginia Street building includes two two‑bedroom, one‑bath units with kitchens; 617 South Virginia Street building contains three units
