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    109 Chicago Ave McAllen, TX 78501
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    Property profile & analytics

    109 Chicago Ave McAllen, TX 78501

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    • Small apartment buildings
    • 1,762 SF
    Off-Market
    Property ID
    US82-3550420
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Small apartment buildings

    Property Details for 109 Chicago Ave

    Year built
    1968
    Property size
    1,762 SF
    Property type
    Small apartment buildings

    Description

    This exceptional investment opportunity presents a renovated four-unit apartment building situated on a private street in McAllen, Texas. The property boasts a charming 3-bedroom, 2-bathroom home at the front and a rear building featuring one studio apartment and two one-bedroom units, each with a full bath and kitchenette, and independent entrances. Recent upgrades include a new roof, updated lighting, new water heaters, flooring, toilets, select plumbing lines, and modern window AC units and mini-splits. New cabinetry and fixtures enhance the property's appeal. The 1,762 square foot property sits on a 6,520.93 square foot lot and includes two buildings constructed in 1968. The property features a nice green common area patio with citrus trees and a private fence, along with two carports and additional parking for a third vehicle. Conveniently located off 2nd Street, it offers easy access to jogging trails, public transportation (Bus 83), and nearby amenities such as a Dollar Store and HEB. The property has one water meter and one electric meter. The zoning is RS. The seller possesses current and updated city permits for the remodeling work. Currently vacant for easy showing. This property offers multiple uses, from leasing as efficiencies to utilizing the front house as a primary residence and the rear building as a guest house, game room, or storage.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    McAllen
    County
    Hidalgo
    State
    Texas
    Longitude
    -98.2205434
    Latitude
    26.198701

    Comparable in this City

    • $389,000
      3,343 SF

      McAllen Multifamily Investment Opportunity

      Fully occupied 6-unit property in Downtown McAllen with strong income.
      613 S 12Th St, McAllen, TX 78501
      View Details
    • $675,000
      4,008 SF

      McAllen Multifamily Investment Opportunity

      Renovated 5-unit apartment complex in McAllen's Historic Palm District.
      502 N 15Th St, McAllen, TX 78501
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      7,216 SF

      Willow Ridge Multifamily Investment Opportunity

      Income-producing multifamily property in McAllen, near hike and bike trails.
      812 E Daffodil Ave, McAllen, TX 78501
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    • $645,000
      4,216 SF

      McAllen Fourplex Investment Opportunity

      Four modern units in a gated community with income potential.
      1304 E Hibiscus Ave, McAllen, TX 78501
      View Details

    Similar Nearby for Sale

    • $389,000
      3,343 SF

      McAllen Multifamily Investment Opportunity

      Fully occupied 6-unit property in Downtown McAllen with strong income.
      613 S 12Th St, McAllen, TX 78501
      View Details
    • $675,000
      4,008 SF

      McAllen Multifamily Investment Opportunity

      Renovated 5-unit apartment complex in McAllen's Historic Palm District.
      502 N 15Th St, McAllen, TX 78501
      View Details
    • Contact for pricing
      7,216 SF

      Willow Ridge Multifamily Investment Opportunity

      Income-producing multifamily property in McAllen, near hike and bike trails.
      812 E Daffodil Ave, McAllen, TX 78501
      View Details
    • $645,000
      4,216 SF

      McAllen Fourplex Investment Opportunity

      Four modern units in a gated community with income potential.
      1304 E Hibiscus Ave, McAllen, TX 78501
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      McAllen Retail/Office Space Available

      Versatile space in prime location near Expressway, ideal for various uses.
      906 E Us Highway 83, McAllen, TX 78501
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    • Contact for pricing

      Premier Rio Grande Valley Destination

      Shopping, dining, and entertainment hub in McAllen, Texas.
      3300 Expressway 83 W, McAllen, TX 78501
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    • Contact for pricing

      Versatile Commercial Space Available

      Premier commercial space suitable for retail or office ventures.
      1001 N Jackson Rd, McAllen, TX 78501
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    • $1.80 SF/Yr
      2,070 SF

      Retail Space For Lease

      Retail space available for lease with street visibility.
      705 E Fir Ave, McAllen, TX 78501
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      18,054 SF

      Prime Office Space, McAllen

      Exceptional office space for lease in a vibrant McAllen location.
      1524 North Mccoll Rd, McAllen, TX 78501
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      1,534 SF

      Retail Space on Expressway 83

      Retail space in McAllen, high-traffic location near major retailers.
      810-816 Expressway 83 E, McAllen, TX 78501
      View Details
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    McAllen, TX 78501
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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