Drive-Through Restaurant
For Sale
$330,000
1602 W Griffin Parkway, Mission, TX 78572
Existing improvements include a paved driveway and handicap parking.
Property Size1,100 SF
Price / SF$300
Days on Market224
Property Features for 1602 W Griffin Parkway
General Information
Standard status
Active
Size
1,100 SF
Property subtype
General Commercial
Additional Details
Drive-Thru
Yes
Taxes and HOA fees
Annual Taxes
$2,500
Amenities
3
2 Parking Spaces. Paved Driveway, Handicap Parking.
City Road.
Building Details
Year Built
2005
Listing Agency:
(956) 432-7682
Listed By:
Cordel Real Estate
(956) 432-7682
Source:
Xome
Added: Jan 18
Changed: Aug 29
Last Checked: Aug 29 at 7:10PM
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 Cordel Real Estate
Investment Insights
Based on property information with market context.
This 2005 commercial building in Mission is currently configured for drive-through restaurant use. The property information identifies conversion potential for office space, a mechanic’s shop, or warehouse use, providing several stated reuse options for the existing structure.
The property is located at 1602 W Griffin Parkway and fronts a city road. Site features include a paved driveway, handicap parking, and 2 parking spaces. The building’s existing drive-through configuration and documented conversion possibilities provide the basis for evaluating continued restaurant use or an alternative commercial layout.
The property is located at 1602 W Griffin Parkway and fronts a city road. Site features include a paved driveway, handicap parking, and 2 parking spaces. The building’s existing drive-through configuration and documented conversion possibilities provide the basis for evaluating continued restaurant use or an alternative commercial layout.
Key Highlights
- Current drive‑through restaurant configuration
- Built in 2005
- 2 parking spaces with handicap parking
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
$15,964
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
4.84%
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%
$319,280
$319.3K
Cap Rate 7%
$228,057
$228.1K
Cap Rate 9%
$177,378
$177.4K
Market Conditions
NOI Build-Up for 1,100 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
$22.6K $20.52/SF
− Vacancy
−$1.3K −$1.17/SF
EGI
$21.3K $19.35/SF
− OpEx
−$5.3K −$4.84/SF
NOI
$16.0K $14.51/SF
Area
Hidalgo County, TX
Vacancy
5.70%
Lease Rate
$20.52 /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%
$319,280
Cap Rate 7%
$228,057
Cap Rate 9%
$177,378
Alternative Uses
Best Use
Specialty Retail
$228.1K
$199.6K – $266.1K
NOI $15,964 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$828.5K
$725.0K – $966.6K
NOI $57,998 @ 7.0% cap · market cap 17.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
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 Retail 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?
Drive through restaurant - Existing improvements include a paved driveway and handicap parking.
Where is this drive through restaurant located?
The property is located at 1602 W Griffin Parkway Mission, TX.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Current drive‑through restaurant configuration; Built in 2005; 2 parking spaces with handicap parking
