We present near-infrared spectrometer (NIS) observations (0.8 to 2.4 μm) of the S-type asteroid 433 Eros obtained by the NEAR Shoemaker spacecraft and report results of our Hapke photometric model analysis of data obtained at phase angles ranging from 1.2° to 111.0° and at spatial resolutions of 1.25×2.5 to 2.75×5.5 km/spectrum. Our Hapke model fits successfully to the NEAR spectroscopic data for systematic color variations that accompany changing viewing and illumination geometry. Model parameters imply a geometric albedo at 0.946 μm of 0.27±0.04, which corresponds to a geometric albedo at 0.550 μm of 0.25±0.05. We find that Eros exhibits phase reddening of up to 10% across the phase angle range of 0–100°. We observe a 10% increase in the 1-μm band depth at high phase angles. In contrast, we observe only a 5% increase in continuum slope from 1.486 to 2.363 μm and essentially no difference in the 2-μm band depth at higher phase angles. These contrasting phase effects imply that there are phase-dependent differences in the parametric measurements of 1- and 2-μm band areas, and in their ratio. The Hapke model fits suggest that Eros exhibits a weaker opposition surge than either 951 Gaspra or 243 Ida (the only other S-type asteroids for which we possess disk-resolved photometric observations). On average, we find that Eros at 0.946 μm has a higher geometric albedo and a higher single-scatter albedo than Gaspra or Ida at 0.56 μm; however, Eros's single-particle phase function asymmetry and average surface macroscopic roughness parameters are intermediate between Gaspra and Ida. Only two of the five Hapke model parameters exhibit a notable wavelength dependence: (1) The single-scatter albedo mimics the spectrum of Eros, and (2) there is a decrease in angular width of the opposition surge with increasing wavelength from 0.8 to 1.7 μm. Such opposition surge behavior is not adequately modeled with our shadow-hiding Hapke model, consistent with coherent backscattering phenomena near zero phase.