Two-Story Restaurant and Retail
For Sale
$2,583,000
902 S Cage Boulevard, Pharr, TX 78577
COMMERCIAL - Pharr, TX
Property Size9,575 SF
Lot Size1.12 Acres
Price / SF$269.77
Days on Market327
Property Features for 902 S Cage Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
40
Parking features
Special Needs
Security features
Security Lighting
Accessibility
Accessible Approach with Ramp
Appliances
Electric Water Heater
Subdivision
De Alba
Directions
Take I-69C S to W Expy 83/W Frontage Rd, Follow W Expy 83/W Frontage Rd, N Sugar Rd and W Center Ave/E U.S. Business 83 to S Cage Blvd.Turn right after Church's Chicken (on the right) Destination will be on the right
Standard status
Active
APN
D175300000000100
Size
9,575 SF
Lot size
1.12 Acres
Taxes and HOA fees
Tax Year
2022
Tax Annual Amount
28700
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2006
Floors in Building
1
Building materials
Block, Stucco
Roof type
Slate
Listing Agency:
Keller Williams Realty RGV
(956) 928-1155
Listed By:
Jaime Lee Gonzalez · License #713189
(956) 599-8400
Added: Oct 7, 2025
Changed: Aug 4
Last Checked: Aug 29 at 4:06PM
MLS# 478549
Copyright © 2026 Greater McAllen Association 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 9,575-square-foot two-story commercial property was built in 2006 and is currently operating as a meat market and restaurant. The first floor provides retail-oriented space for customer-facing operations, while the second floor is configured for office use. Block and stucco construction, a slate roof, central heating, and central air conditioning are included. An electric water heater serves the property, and the approach includes an accessibility ramp.
The property occupies 1.1185 acres at 902 S Cage Boulevard in Pharr, Texas 78577. Its configuration places retail and office functions within the same building, supporting a range of commercial operating formats without separating the public-facing and administrative areas.
The property occupies 1.1185 acres at 902 S Cage Boulevard in Pharr, Texas 78577. Its configuration places retail and office functions within the same building, supporting a range of commercial operating formats without separating the public-facing and administrative areas.
Key Highlights
- 9,575‑square‑foot two‑story commercial property
- Currently operating as a meat market and restaurant
- First floor configured for retail space; second floor provides offices
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
$160,161
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
6.20%
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%
$3,203,220
$3.2M
Cap Rate 7%
$2,288,014
$2.3M
Cap Rate 9%
$1,779,567
$1.8M
Market Conditions
NOI Build-Up for 9,575 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
$294.1K $30.72/SF
− Vacancy
−$80.6K −$8.42/SF
EGI
$213.5K $22.30/SF
− OpEx
−$53.4K −$5.58/SF
NOI
$160.2K $16.73/SF
Area
Hidalgo County, TX
Vacancy
27.40%
Lease Rate
$30.72 /SF/Yr
Expense Ratio
25.00%
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%
$3,203,220
Cap Rate 7%
$2,288,014
Cap Rate 9%
$1,779,567
Alternative Uses
Best Use
Office B
$2.29M
$2.00M – $2.67M
NOI $160,161 @ 7.0% cap · market cap 6.20%
Second Best
Specialty Retail
$1.99M
$1.74M – $2.32M
NOI $138,960 @ 7.0% cap · market cap 5.38%
Theoretical Best
Hotel Hospitality
$7.21M
$6.31M – $8.41M
NOI $504,842 @ 7.0% cap · market cap 19.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
681
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78577, TX
79,937
Population
26,568
Households
3
Avg Household Size
30
Median Age
18%
College-Educated
70%
High-School Grad
26.0 sq mi
ZIP Area
3,075
Density / Sq Mi
$49,768
Median Household Income
$28,186
Median Earnings
$988
Median Rent
$111,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - The building combines customer-facing commercial space with upper-level offices and an accessible ramp approach.
Where is this conventional restaurant located?
The property is located at 902 S Cage Boulevard Pharr, TX.
What is the asking price?
The asking price for this property is $2,583,000.
What are key features of this property?
This property features: 9,575‑square‑foot two‑story commercial property; Currently operating as a meat market and restaurant; First floor configured for retail space; second floor provides offices
