Remodeled 8-Unit Apartment
For Sale
$700,000
712 Toronto Ave., McAllen, TX 85901
Residential Income, McAllen, TX
Property Size7,440 SF
Lot Size0.01 Acres
Price / SF$94.09
Days on Market101
Property Features for 712 Toronto Ave.
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
Garage
Patio and Porch features
Deck
Pets allowed
No
Interior features
Ceiling Fan(s), Washer/Dryer Hook-up
Exterior features
Balcony, Deck, Fence
Fencing
Fenced
Appliances
Oven-Single, Refrigerator, Stove
Elementary school district
McAllen ISD
Middle school district
McAllen ISD
High school district
McAllen ISD
Subdivision
McAllen
Standard status
Active
Size
7,440 SF
Lot size
0.01 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10032
Building Details
Year built
1985
Floors in Building
2
Number of units
8
Flooring type
Tile
Building materials
Brick
Roof type
Composition
Listing Agency:
Effective Real Estate
(956) 322-8522
Listed By:
Ryan McDaniel
(956) 299-2111
Added: Jun 19
Changed: Sep 15
Last Checked: Sep 27 at 5:06PM
MLS# 106431
Copyright © 2026 South Padre Island Board 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 apartment building contains 7,440 square feet, with every residence configured as a 2-bedroom, 2-bathroom unit. Interior updates include windows, door hardware, cabinets, countertops, recessed lighting, trim, ceiling fans, and tile flooring. Each unit also includes oven, refrigerator, and stove appliances, along with washer/dryer hookups.
Built in 1985, the brick property has balconies, decks, fencing, composition roofing, and garage parking. The property is zoned R and is situated near 10th St and La Plaza Mall in McAllen, providing a defined residential setting close to a major retail destination.
Built in 1985, the brick property has balconies, decks, fencing, composition roofing, and garage parking. The property is zoned R and is situated near 10th St and La Plaza Mall in McAllen, providing a defined residential setting close to a major retail destination.
Key Highlights
- 8‑unit apartment building with 7,440 square feet
- All 8 units feature 2‑bedroom, 2‑bathroom layouts
- Updated windows, cabinets, countertops, tile, lighting, trim, and ceiling fans
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
$61,783
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
8.83%
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%
$1,235,660
$1.2M
Cap Rate 7%
$882,614
$882.6K
Cap Rate 9%
$686,478
$686.5K
Market Conditions
NOI Build-Up for 7,440 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
$120.5K $16.20/SF
− Vacancy
−$8.2K −$1.10/SF
EGI
$112.3K $15.10/SF
− OpEx
−$50.5K −$6.79/SF
NOI
$61.8K $8.30/SF
Area
McAllen, TX
Vacancy
6.80%
Lease Rate
$16.20 /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%
$1,235,660
Cap Rate 7%
$882,614
Cap Rate 9%
$686,478
Alternative Uses
Best Use
Apartment 5plus
$882.6K
$772.3K – $1.03M
NOI $61,783 @ 7.0% cap · market cap 8.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,420 @ 7.0% cap · market cap 20.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
2,591
Businesses Nearby
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight two-bedroom residences offer updated interiors, tiled floors, and washer/dryer hookups.
Where is this apartment building located?
The property is located at 712 Toronto Ave. McAllen, TX.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 8‑unit apartment building with 7,440 square feet; All 8 units feature 2‑bedroom, 2‑bathroom layouts; Updated windows, cabinets, countertops, tile, lighting, trim, and ceiling fans
