Fourplex with Private
7006 56th Street, McAllen, TX 78573
For Sale
$527,000
A gated-community rental property combines two-bedroom and three-bedroom homes with covered parking and kitchen appliances.
Property Size4,306 SF
Price / SF$122.39
Days on Market16
Property Features for 7006 56th Street
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
gated community
private backyard
kitchen appliances
Ceiling Fan(s)
Dryer
Washer
Sprinkler System
Building Details
Building Size
Year Built
Buildings
Stories
Units
Construction
Listing Agency:
Texas Landmark Realty LLC
Listed By:
Irene Uribe Manrique De Lara · License #801067752
(956) 492-5638
Source:
Gdvrealty
Added: Oct 22
Changed: Nov 6
Last Checked: Nov 6 at 3:16PM
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 Texas Landmark Realty LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This four-unit multifamily property totals 4,306 square feet and includes two three-bedroom residences and two two-bedroom residences. Each home has an open layout, contemporary finishes, a private backyard, covered parking, and major kitchen appliances.
The property is within an HOA-maintained gated community at 7006 56th Street in McAllen. Existing rents are in place.
The property is within an HOA-maintained gated community at 7006 56th Street in McAllen. Existing rents are in place.
Key Highlights
- Four units: two with 3 bedrooms and two with 2 bedrooms
- 4,306 square feet
- Private backyard and covered parking for each residence
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,909
Cap Rate
7.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$778,180
$778.2K
Cap Rate 7%
$555,843
$555.8K
Cap Rate 9%
$432,322
$432.3K
Market Conditions
NOI Build-Up for 4,306 SF
Gross rent
$59.4K $13.80/SF
− Vacancy
−$3.8K −$0.89/SF
EGI
$55.6K $12.91/SF
− OpEx
−$16.7K −$3.87/SF
NOI
$38.9K $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%
$778,180
Cap Rate 7%
$555,843
Cap Rate 9%
$432,322
Alternative Uses
Best Use
Multifamily LT 5
$555.8K
$486.4K – $648.5K
NOI $38,909 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$510.8K
$447.0K – $596.0K
NOI $35,758 @ 7.0% cap · market cap 6.79%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,848 @ 7.0% cap · market cap 15.53%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
822
Businesses Nearby
Explore this area
Business Placement
Demographics for 78573, TX
42,229
Population
13,339
Households
3.2
Avg Household Size
29
Median Age
15%
College-Educated
63%
High-School Grad
36.7 sq mi
ZIP Area
1,151
Density / Sq Mi
$51,185
Median Household Income
$27,730
Median Earnings
$909
Median Rent
$154,800
Median Home Value
Market
Average Price Trend$/SF for Multifamily properties in McAllen, TX
Properties on Market for Multifamily properties in McAllen
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - A gated-community rental property combines two-bedroom and three-bedroom homes with covered parking and kitchen appliances.
Where is this multifamily property located?
The property is located at 7006 56th Street McAllen, TX.
What is the asking price?
The asking price for this property is $527,000.
What are key features of this property?
This property features: Four units: two with 3 bedrooms and two with 2 bedrooms; 4,306 square feet; Private backyard and covered parking for each residence
