Listing Agency: The Real Estate Agency j***@reagencygroup.com

Listed By: Marco Panduro · License #0796838 Show Phone

Source: Exprealty

Added: May 29 Changed: Oct 7 Last Checked: Oct 16 at 10:08AM

Report an Issue

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 The Real Estate Agency

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This 5-unit apartment building includes a mix of recently improved and existing residential units. Three units have undergone remodeling that includes new mini-split systems, refreshed flooring, and new interior and exterior paint. Additional storage space is also part of the property, providing functional support beyond the residential units.

The property is located on E Nevada Ave in El Paso, near downtown and UTEP. Its five-unit configuration and completed improvements provide a clearly defined multifamily asset with several upgraded residences already in place. The 2,048 property size, three remodeled units, mechanical updates, flooring work, paint improvements, and storage area are the principal physical features identified for the offering.

Key Highlights

• 5‑unit apartment building near downtown El Paso and UTEP
• Three units recently remodeled
• New mini‑split systems in the remodeled units

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$17,078

Cap Rate

4.35%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$341,560 $341.6K

Cap Rate 7%

$243,971 $244.0K

Cap Rate 9%

$189,756 $189.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,048 SF

Gross rent

$32.7K $15.96/SF

− Vacancy

−$1.6K −$0.80/SF

EGI

$31.1K $15.16/SF

− OpEx

−$14.0K −$6.82/SF

NOI

$17.1K $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 Rate 5%

$341,560

Cap Rate 7%

$243,971

Cap Rate 9%

$189,756

Alternative Uses

Best Use

Apartment 5plus

$244.0K

$213.5K – $284.6K (±1% cap)

NOI $17,078 @ 7.0% cap · market cap 4.35%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$513.8K

$449.6K – $599.4K (±1% cap)

NOI $35,966 @ 7.0% cap · market cap 9.16%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Locksmith Butcher Pet Store Catering Service Buffet

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5

Residential units

Location Intelligence

Trade Area within ½ mile

3,082

Businesses Nearby

Explore this area Business Placement

Demographics for 79902, TX

20,071

Population

9,752

Households

2.1

Avg Household Size

38

Median Age

39%

College-Educated

81%

High-School Grad

6.5 sq mi

ZIP Area

3,088

Density / Sq Mi

$45,333

Median Household Income

$33,495

Median Earnings

$777

Median Rent

$223,300

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Similar For Sale Nearby

See more

5-Unit Apartment Building

511 E Nevada Avenue, El Paso, TX 79902

$392,500

2,048 SF

View details

8-Unit Occupied Apartment Building

404 & 406 FRENCH Place, El Paso, TX 79905

$389,000

2,193 SF

View details

8-Unit Apartment Building

1-8-404 & 406 French Pl, El Paso, TX 79905

$389,000

2,193 SF

View details

Six-Unit Apartment Building

344 BUENA VISTA Street, El Paso, TX 79905

$330,000

2,135 SF

View details

Five-Unit Apartment Buildings

615, 617 S VIRGINIA Street, El Paso, TX 79901

$330,000

2,138 SF

View details

5-Unit Apartment Property

4424 Hueco Avenue, El Paso, TX 79930

$439,950

2,795 SF

View details

Five-Unit Apartment Building

709 S Virginia Street, El Paso, TX 79901

$294,000

2,543 SF

View details

5-Unit Brick Apartment Building

412 S FLORENCE Street, El Paso, TX 79901

$198,900

0.07 Acres

View details

6-Unit Apartment Building

2219 MAGOFFIN Avenue, El Paso, TX 79901

$399,500

3,197 SF

View details

Seven-Unit Apartment Building

2314 WYOMING Avenue, El Paso, TX 79903

$450,000

3,400 SF

View details

Brick Apartment Building With Storage

1207 E RIO GRANDE Avenue, El Paso, TX 79902

$305,000

3,186 SF

View details

5-Unit Apartment Building with Parking

3212 ROSA Avenue, El Paso, TX 79905

$469,500

3,570 SF

View details

Frequently Asked Questions

What type of property is this?

Apartment building - Three residences have recent interior and exterior updates, while supplemental storage space supports tenant and owner use.

Where is this apartment building located?

The property is located at A-e-511 E Nevada Ave El Paso, TX.

What is the asking price?

The asking price for this property is $392,500.

What are key features of this property?

This property features: 5‑unit apartment building near downtown El Paso and UTEP; Three units recently remodeled; New mini‑split systems in the remodeled units