Medical Office Building with Exam
For Sale
$600,000
1022 E Griffin Parkway, Mission, TX 78572
Commercial Sale, Mission, TX
Property Size2,400 SF
Lot Size0.17 Acres
Price / SF$250
Days on Market54
Property Features for 1022 E Griffin Parkway
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
32
Security features
Security Lighting
Appliances
Electric Water Heater
Subdivision
Advanced Medical Arts Center Condos
Lot features
Medical Complex
Directions
FROM BUSINESS 83 , NORTH ON BRYAN , WEST ON GRIFFIN PARKWAY .
Standard status
Active
APN
A113000000104B00
Size
2,400 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
9036
HOA Fee
$4,000 Annually
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Amenities
lobby
reception area
gym area
laundry area
conference room
private office
lunch room
Building Details
Year built
2003
Floors in Building
1
Building materials
Block
Roof type
Flat
Listing Agency:
Keller Williams Realty RGV
(956) 928-1155
Listed By:
Ronaldo Lacayo
(956) 578-5733
Added: Jul 18
Changed: Sep 4
Last Checked: Sep 9 at 7:06PM
MLS# 506960
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 medical office property at 1022 E Griffin Parkway in Mission, Texas, provides 2,400 square feet of space on a 0.1719-acre parcel. The layout includes a reception area, four workstations or examination rooms, a gym area, laundry space, one full bathroom, one half bathroom, a conference room, private office, lunch room, and a large open area. Block construction, a flat roof, and central electric heating and cooling complete the building improvements.
Built in 2003, the property includes on-site parking and is positioned along Griffin Parkway. The configuration combines patient-facing areas, private workspaces, administrative rooms, and functional support areas within a single medical office setting.
Built in 2003, the property includes on-site parking and is positioned along Griffin Parkway. The configuration combines patient-facing areas, private workspaces, administrative rooms, and functional support areas within a single medical office setting.
Key Highlights
- 2,400‑square‑foot medical office building on a 0.1719‑acre parcel
- Four workstations or examination rooms
- Reception area, conference room, private office, and lunch room
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
$40,145
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
6.69%
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%
$802,900
$802.9K
Cap Rate 7%
$573,500
$573.5K
Cap Rate 9%
$446,056
$446.1K
Market Conditions
NOI Build-Up for 2,400 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
$73.7K $30.72/SF
− Vacancy
−$20.2K −$8.42/SF
EGI
$53.5K $22.30/SF
− OpEx
−$13.4K −$5.58/SF
NOI
$40.1K $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%
$802,900
Cap Rate 7%
$573,500
Cap Rate 9%
$446,056
Alternative Uses
Best Use
Office B
$573.5K
$501.8K – $669.1K
NOI $40,145 @ 7.0% cap · market cap 6.69%
Second Best
Healthcare Medical
$507.3K
$443.9K – $591.9K
NOI $35,511 @ 7.0% cap · market cap 5.92%
Theoretical Best
Hotel Hospitality
$1.81M
$1.58M – $2.11M
NOI $126,540 @ 7.0% cap · market cap 21.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
301
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78572, TX
78,280
Population
32,696
Households
2.4
Avg Household Size
36
Median Age
25%
College-Educated
75%
High-School Grad
53.7 sq mi
ZIP Area
1,458
Density / Sq Mi
$54,029
Median Household Income
$30,004
Median Earnings
$900
Median Rent
$121,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured with reception, private offices, support areas, and an open-plan workspace for healthcare-related use.
Where is this medical office space located?
The property is located at 1022 E Griffin Parkway Mission, TX.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 2,400‑square‑foot medical office building on a 0.1719‑acre parcel; Four workstations or examination rooms; Reception area, conference room, private office, and lunch room
