Freestanding Office
For Sale
$399,000
308 E HARRISON AVE., Harlingen, TX 78550
Remodeled office property with private workrooms, a reception area, conference space, and multiple restrooms.
Property Size3,925 SF
Price / SF$101.66
Days on Market804
Property Features for 308 E HARRISON AVE.
General Information
Standard status
Active
Size
3,925 SF
Property subtype
General Commercial
Amenities
private offices
reception area
break room
conference/training room
20 Parking Spaces. Paved Driveway.
Sidewalks. Downtown.
Building Details
Year Built
1974
Buildings
1
Stories
1
Building Size
3,925 SF
Listing Agency:
CHRE Cindy Hopkins Real Estate
(956) 778-3255
Listed By:
Cynthia Hopkins · License #0508052
(956) 778-3255
Source:
Xome
Added: Jun 18, 2024
Changed: Aug 30
Last Checked: Aug 30 at 12:18AM
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 CHRE Cindy Hopkins Real Estate
Investment Insights
Based on property information with market context.
Built in 1974, this freestanding office building contains 3,925 SF of workspace arranged around more than 10 private offices. The interior includes carpeted floors, a windowed reception area, a break room, and a large conference or training room. Four restrooms and a separate rear staff entrance support daily office operations, while the property’s prior use for State Offices for TRLA provides additional context for its layout.
The property is located at 308 E Harrison Ave. in Harlingen, Texas, within a downtown setting. Site improvements include a paved driveway, sidewalks, and a rear parking lot with 20 parking spaces. The rear lot is planned for repaving and restriping for a new tenancy.
The property is located at 308 E Harrison Ave. in Harlingen, Texas, within a downtown setting. Site improvements include a paved driveway, sidewalks, and a rear parking lot with 20 parking spaces. The rear lot is planned for repaving and restriping for a new tenancy.
Key Highlights
- 3,925 SF freestanding office building built in 1974
- More than 10 private offices with carpeted floors
- Large conference/training room, break room, and windowed reception area
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
$36,032
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
9.03%
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%
$720,640
$720.6K
Cap Rate 7%
$514,743
$514.7K
Cap Rate 9%
$400,356
$400.4K
Market Conditions
NOI Build-Up for 3,925 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
$70.7K $18.00/SF
− Vacancy
−$22.6K −$5.76/SF
EGI
$48.0K $12.24/SF
− OpEx
−$12.0K −$3.06/SF
NOI
$36.0K $9.18/SF
Area
Cameron County, TX
Vacancy
32.00%
Lease Rate
$18.00 /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%
$720,640
Cap Rate 7%
$514,743
Cap Rate 9%
$400,356
Alternative Uses
Best Use
Office B
$514.7K
$450.4K – $600.5K
NOI $36,032 @ 7.0% cap · market cap 9.03%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$675.8K
$591.3K – $788.5K
NOI $47,307 @ 7.0% cap · market cap 11.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,648
Businesses Nearby
Explore this area
Business Placement
Demographics for 78550, TX
56,038
Population
22,347
Households
2.5
Avg Household Size
35
Median Age
22%
College-Educated
77%
High-School Grad
94.2 sq mi
ZIP Area
595
Density / Sq Mi
$51,524
Median Household Income
$32,065
Median Earnings
$863
Median Rent
$120,500
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?
Office building - Remodeled office property with private workrooms, a reception area, conference space, and multiple restrooms.
Where is this office building located?
The property is located at 308 E HARRISON AVE. Harlingen, TX.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 3,925 SF freestanding office building built in 1974; More than 10 private offices with carpeted floors; Large conference/training room, break room, and windowed reception area
