Commercial Property in High-Traffic
For Sale
$3,000,000
2614 E Griffin Parkway, Mission, TX 78572
Commercial property featuring car wash, quick lube, and office building.
Property Size11,386 SF
Price / SF$263.48
Days on Market152
Property Features for 2614 E Griffin Parkway
General Information
Standard status
Active
Size
11,386 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$36,753
Building Details
Building Size
11,386 SF
Year Built
2004
Listing Agency:
Keller Williams Realty RGV
(956) 566-8377
Listed By:
Jaime Lee Gonzalez · License #713189
Source:
Primeluxuryrealestate
Added: Mar 26
Changed: Aug 23
Last Checked: Aug 24 at 1:27PM
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 Keller Williams Realty RGV
Investment Insights
Based on property information with market context.
This commercial property is located in Mission, Texas, situated off Interstate 495 between Shary Road and Taylor Road. The property features a car wash station and a quick lube station. Additionally, there is a large lobby area and a sizable office building at the rear, which includes its own lobby and multiple office spaces. The property has a size of 11,386 square feet.
Key Highlights
- High‑traffic location in the heart of Mission, right off 495 between Shary Rd & Taylor Rd.
- Includes a Car Wash station.
- Includes a Quick Lube station.
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
$190,454
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
6.35%
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%
$3,809,080
$3.8M
Cap Rate 7%
$2,720,771
$2.7M
Cap Rate 9%
$2,116,156
$2.1M
Market Conditions
NOI Build-Up for 11,386 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
$349.8K $30.72/SF
− Vacancy
−$95.8K −$8.42/SF
EGI
$253.9K $22.30/SF
− OpEx
−$63.5K −$5.58/SF
NOI
$190.5K $16.73/SF
Area
Hidalgo County, TX
Vacancy
27.40%
Lease Rate
$30.72 /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%
$3,809,080
Cap Rate 7%
$2,720,771
Cap Rate 9%
$2,116,156
Alternative Uses
Best Use
Office B
$2.72M
$2.38M – $3.17M
NOI $190,454 @ 7.0% cap · market cap 6.35%
Second Best
Specialty Retail
$2.36M
$2.07M – $2.75M
NOI $165,242 @ 7.0% cap · market cap 5.51%
Theoretical Best
Hotel Hospitality
$8.58M
$7.50M – $10.01M
NOI $600,327 @ 7.0% cap · market cap 20.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
783
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 Office 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?
Car wash - Commercial property featuring car wash, quick lube, and office building.
Where is this car wash located?
The property is located at 2614 E Griffin Parkway Mission, TX.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: High‑traffic location in the heart of Mission, right off 495 between Shary Rd & Taylor Rd.; Includes a Car Wash station.; Includes a Quick Lube station.
