Medical Office
For Sale
$600,000
104-b-1022 E Griffin Pkwy, Mission, TX 78572
Medical office building with a reception lobby, exam/work stations, and both full and half bathrooms.
Property Size2,400 SF
Price / SF$250
Days on Market88
Property Features for 104-b-1022 E Griffin Pkwy
General Information
Standard status
Active
Size
2,400 SF
Taxes and HOA fees
Annual Taxes
$9,036
Amenities
gym area
laundry area
conference room
private office
lunch room
Listing Agency:
Keller Williams Realty RGV
(956) 928-1155
Listed By:
Ronaldo Lacayo
(956) 578-5733
Source:
Exprealty
Added: Jun 11
Changed: Aug 20
Last Checked: Sep 6 at 12:57PM
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 Keller Williams Realty RGV
Investment Insights
Based on property information with market context.
This medical office building is presented in clean, move-in condition and includes a reception area within a sizable lobby. The interior layout features multiple work stations or examination rooms, a large open floor plan area, and a dedicated conference room, private office, and lunch room.
The property is located on busy Griffin Parkway in Mission, TX, with enough parking space for patients and staff.
Additional functional amenities include a gym area, a laundry area, and both a full bathroom and a half bathroom.
The property is located on busy Griffin Parkway in Mission, TX, with enough parking space for patients and staff.
Additional functional amenities include a gym area, a laundry area, and both a full bathroom and a half bathroom.
Key Highlights
- Medical building located on busy Griffin Parkway in the heart of Mission
- Reception lobby plus large open floor plan area
- 4 work stations or examination rooms
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
Current Use
Location Intelligence
Trade Area within ½ mile
506
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
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 - Medical office building with a reception lobby, exam/work stations, and both full and half bathrooms.
Where is this medical office space located?
The property is located at 104-b-1022 E Griffin Pkwy 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: Medical building located on busy Griffin Parkway in the heart of Mission; Reception lobby plus large open floor plan area; 4 work stations or examination rooms
