5-Unit Apartment
For Sale
$399,999
A-e-511 E Nevada Ave, El Paso, TX 79902
Three residences have recent interior and exterior updates, while supplemental storage space supports tenant and owner use.
Property Size2,048 SF
Price / SF$195.31
Days on Market96
Property Features for A-e-511 E Nevada Ave
General Information
Standard status
Active
Size
2,048 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$5,677
Listing Agency:
The Real Estate Agency
(915) 317-0881
Listed By:
Marco Panduro · License #0796838
(915) 317-0881
Source:
Exprealty
Added: May 29
Changed: Aug 31
Last Checked: Aug 31 at 12:09AM
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
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.
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 = 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
$17,078
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
4.27%
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%
$341,560
$341.6K
Cap Rate 7%
$243,971
$244.0K
Cap Rate 9%
$189,756
$189.8K
Market Conditions
NOI Build-Up for 2,048 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
$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 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%
$341,560
Cap Rate 7%
$243,971
Cap Rate 9%
$189,756
Alternative Uses
Best Use
Apartment 5plus
$244.0K
$213.5K – $284.6K
NOI $17,078 @ 7.0% cap · market cap 4.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$513.8K
$449.6K – $599.4K
NOI $35,966 @ 7.0% cap · market cap 8.99%
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
3,082
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
Questions? Ask Rey
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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 $399,999.
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
