Flex Space With
For Sale
$375,000
1501 N 77 SUNSHINE STRIP, Harlingen, TX 78550
Commercial Sale, HARLINGEN, TX
Property Size4,000 SF
Lot Size0.67 Acres
Price / SF$93.75
Days on Market53
Property Features for 1501 N 77 SUNSHINE STRIP
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
RUSSELL
Standard status
Active
Lot size
0.67 Acres
Amenities
drive-thru capability
air-conditioned office
Building Details
Year built
1999
Floors in Building
1
Listing Agency:
MARCUS PHIPPS REAL ESTATE, LLC
(956) 423-5300
Listed By:
MARCUS PHIPPS · License #450735
(956) 793-2355
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 23 at 4:06AM
MLS# 29777661
Copyright © 2026 Rio Grande Valley Multiple Listing Service Inc. 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 4,000-square-foot flex property combines a 50' x 80' warehouse shell with a small front office measuring 100+/- square feet. The office is air-conditioned, while the main building provides drive-through functionality through three large overhead doors: two measuring 14' X 14' and one measuring 12' X 12'. The property was built in 1999 and includes parking for 20+ vehicles within a fenced site.
The building was last used as an automotive repair shop and contains three vehicle lifts, including two 9,000 lb lifts and one large full auto lift. Additional items include office furnishings, wall benches, a parts washer, brake grinder, oil tank, and racks. These automotive items can remain or be removed depending on the buyer's intended use.
The building was last used as an automotive repair shop and contains three vehicle lifts, including two 9,000 lb lifts and one large full auto lift. Additional items include office furnishings, wall benches, a parts washer, brake grinder, oil tank, and racks. These automotive items can remain or be removed depending on the buyer's intended use.
Key Highlights
- 4,000 square feet with a 50' x 80' warehouse shell
- 100+/- SF air‑conditioned front office
- Three overhead doors: 2‑14' X 14' and 1‑12' X 12'
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
$34,216
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
9.12%
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%
$684,320
$684.3K
Cap Rate 7%
$488,800
$488.8K
Cap Rate 9%
$380,178
$380.2K
Market Conditions
NOI Build-Up for 4,000 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
$53.3K $13.32/SF
− Vacancy
−$639 −$0.16/SF
EGI
$52.6K $13.16/SF
− OpEx
−$18.4K −$4.61/SF
NOI
$34.2K $8.55/SF
Area
Cameron County, TX
Vacancy
1.20%
Lease Rate
$13.32 /SF/Yr
Expense Ratio
35.00%
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%
$684,320
Cap Rate 7%
$488,800
Cap Rate 9%
$380,178
Alternative Uses
Best Use
Retail
$543.7K
$475.8K – $634.4K
NOI $38,062 @ 7.0% cap · market cap 10.15%
Second Best
Flex RnD
$488.8K
$427.7K – $570.3K
NOI $34,216 @ 7.0% cap · market cap 9.12%
Theoretical Best
Healthcare Medical
$688.7K
$602.6K – $803.5K
NOI $48,211 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
460
Businesses Nearby
Under-served
Demand for This Use
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 Industrial 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?
Flex space - Fenced commercial facility with overhead doors, vehicle parking, and an air-conditioned front office.
Where is this flex space located?
The property is located at 1501 N 77 SUNSHINE STRIP Harlingen, TX.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 4,000 square feet with a 50' x 80' warehouse shell; 100+/- SF air‑conditioned front office; Three overhead doors: 2‑14' X 14' and 1‑12' X 12'
