Retail Shopping Center
For Sale
$2,653,627
2500 N Conway Ave, Mission, TX 78574
Located on North Conway Avenue, with in-place rents below market and an HEB anchor nearby supporting steady demand.
Property Size12,120 SF
Price / SF$218.95
Days on Market84
Property Features for 2500 N Conway Ave
General Information
Standard status
Active
Size
12,120 SF
Property subtype
Shopping Strip
Amenities
Significant Upside Through Below-Market Rents
Premium Location on a High-Traffic Corridor
Strong National Tenant Presence and New Development
Dense Population and Sustained Growth
Major Economic & Industrial Expansion in Rio Grande Valley
Building Details
Building Size
12,120 SF
Year Built
1998
Listing Agency:
Marcus & Millichap - Houston
(713) 452-4352
Listed By:
Cole Voyles · License #License(s): TX: 787419
(713) 452-4352
Source:
Marcusmillichap
Added: Jun 1
Changed: Aug 23
Last Checked: Aug 14 at 7:54AM
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 Marcus & Millichap - Houston
Investment Insights
Based on property information with market context.
This retail shopping center offers a mix of retail and office-oriented space, with the investment case centered on below-market in-place rents. As leases roll, the property presents an opportunity to adjust rents and drive income growth.
The asset is positioned on North Conway Avenue, identified as one of Mission’s most heavily trafficked thoroughfares, providing visibility and access. An HEB anchor is located approximately half a mile away, and the corridor is described as home to a dense cluster of national tenants.
Within a 5-mile radius, the area is reported to have more than 195,000 residents, with an average annual population growth rate of about 4.4% over the next five years. Local momentum cited includes major economic development and retail redevelopment activity in the Mission and Rio Grande Valley area.
The asset is positioned on North Conway Avenue, identified as one of Mission’s most heavily trafficked thoroughfares, providing visibility and access. An HEB anchor is located approximately half a mile away, and the corridor is described as home to a dense cluster of national tenants.
Within a 5-mile radius, the area is reported to have more than 195,000 residents, with an average annual population growth rate of about 4.4% over the next five years. Local momentum cited includes major economic development and retail redevelopment activity in the Mission and Rio Grande Valley area.
Key Highlights
- Built in 1998
- Located on North Conway Avenue, a high‑traffic corridor in Mission
- In‑place rents are below market, offering a value‑add path as leases roll
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
$163,646
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
6.17%
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%
$3,272,920
$3.3M
Cap Rate 7%
$2,337,800
$2.3M
Cap Rate 9%
$1,818,289
$1.8M
Market Conditions
NOI Build-Up for 12,120 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
$248.7K $20.52/SF
− Vacancy
−$14.9K −$1.23/SF
EGI
$233.8K $19.29/SF
− OpEx
−$70.1K −$5.79/SF
NOI
$163.6K $13.50/SF
Area
Hidalgo County, TX
Vacancy
6.00%
Lease Rate
$20.52 /SF/Yr
Expense Ratio
30.00%
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%
$3,272,920
Cap Rate 7%
$2,337,800
Cap Rate 9%
$1,818,289
Alternative Uses
Best Use
Retail
$2.34M
$2.05M – $2.73M
NOI $163,646 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$9.13M
$7.99M – $10.65M
NOI $639,027 @ 7.0% cap · market cap 24.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
148k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 40%
Shops & Services 37%
Dining 24%
H-E-B
Groceries
58,432 visits/mo
0.3 miles
Whataburger
Dining
26,859 visits/mo
0.2 miles
H-E-B Fuel
Shops & Services
26,658 visits/mo
0.3 miles
Dollar Tree
Shops & Services
24,329 visits/mo
0.1 miles
Stars Drive-In
Dining
8,190 visits/mo
0.1 miles
Demographics for 78574, TX
63,627
Population
18,309
Households
3.5
Avg Household Size
28
Median Age
16%
College-Educated
58%
High-School Grad
51.9 sq mi
ZIP Area
1,226
Density / Sq Mi
$52,536
Median Household Income
$28,029
Median Earnings
$807
Median Rent
$119,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Located on North Conway Avenue, with in-place rents below market and an HEB anchor nearby supporting steady demand.
Where is this shopping center located?
The property is located at 2500 N Conway Ave Mission, TX.
What is the asking price?
The asking price for this property is $2,653,627.
What are key features of this property?
This property features: Built in 1998; Located on North Conway Avenue, a high‑traffic corridor in Mission; In‑place rents are below market, offering a value‑add path as leases roll
