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    Office/Medical Space in Pharr, TX Title is generated by Realmo AI

    1503 W Polk Ave., Pharr, TX 78577

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    Picture of Medical Office Space at 1503 W Polk Ave., Pharr, TX
    For Sale
    $3,800,000

    36,186 SF Office / Medical | Pharr TX 78577

    Property size:
    36,186 SF
    Lot size:
    3.50 Acres
    Price / SF:
    $105/SF
    Added:
    May 16, 2025
    Days on Market:
    380
    Last Refresh:
    Mar 16 at 9:06 am

    Property Features for 1503 W Polk Ave.

    General Information

    Standard status
    Active
    Property type
    Medical Office Space, Medical centers, Medical space, Office Spaces, Healthcare properties
    Size
    36,186 SF
    Class
    B
    Elevators
    N/A
    Lot size
    3.50 Acres

    Building Details

    Year Built
    1984
    Buildings
    1
    Stories
    1

    We can help!

    Listing Contact
    Eric Carrizales, Ccim, Cpm

    Listing agent Eric

    Listing office

    Listing date May 16, 2025

    HighLights

    • Investment Highlights:
    • Sale Price: $3,800,000
    • Building Size: 36,186 SF (Can be subdivided)
    • Lot Size: ±3.5 Acres (Estimated)
    • Parking: Ample private parking
    • Location: Polk Ave, just east of Jackson Rd, minutes from Interstate 2 (Expressway 83) & Interstate 69C (US‑281)
    • Surrounded by National Retailers: Shadow‑anchored by Pharr Town Center, a high‑traffic retail destination
    • Versatile Office Space: Large waiting areas, intake spaces, executive offices, conference/training rooms
    • Strong Regional Growth: Pharr is a key business hub in the Rio Grande Valley, with strong demand for professional and government office space
    • Owner‑User or Investment Potential: Opportunity to occupy or lease out portions of the building for income generation
    • Ideal For:
    • Corporate headquarters
    • Government agencies
    • Medical and healthcare providers
    • Educational and training institutions
    • Call centers and back‑office operations

    Overview

    Located in Pharr, Texas, this 36,186-square-foot office and medical building is situated in a prime area near Pharr Town Center. The property, with an estimated lot size of 3.5 acres, offers ample private parking. Its location on Polk Avenue, just east of Jackson Road, provides convenient access to Interstate 2 (Expressway 83) and Interstate 69C (US-281). The property is shadow-anchored by Pharr Town Center, a retail destination with establishments such as Cinemark, Main Event, Parrys Pizzeria, Papadeaux, and Academy. The building features large waiting areas, intake spaces, executive offices, and conference/training rooms. The property is suitable for a corporate headquarters, government agencies, medical and healthcare providers, educational and training institutions, and call centers. The building can be subdivided, offering flexibility for owner-users or investors looking to lease out portions for income generation. Pharr is a key business hub in the Rio Grande Valley, with strong demand for professional and government office space.
    Property Profile Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Valley Animal Hospital — 902 W State Ave, Pharr, TX 78577
    • Macmanus Kelly DVM — 902 W State Ave, Pharr, TX 78577

    Location Insight

    • Map
    • Local Demand
    City
    Pharr
    County
    Hidalgo
    State
    Texas
    Longitude
    -98.1914
    Latitude
    26.1569

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    FAQs

    What type of property is this?
    Medical Office Space - 36,186 SF Office / Medical | Pharr TX 78577
    Where is this medical office space located?
    The property is located at 1503 W Polk Ave. Pharr, TX.
    What is the asking price?
    The asking price for this property is $3,800,000.
    What are key features of this property?
    This property features: Investment Highlights:; Sale Price: $3,800,000; Building Size: 36,186 SF (Can be subdivided)
    (956) 778-3449
    We can help!
    Listing Contact
    Eric Carrizales, Ccim, Cpm
    Request Owner's contact information
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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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