Flex Space with Electric
For Sale
$390,000
3202 E GRIMES RD, Harlingen, TX 78550
COMMERCIAL - HARLINGEN, TX
Property Size2,368 SF
Lot Size0.80 Acres
Price / SF$164.70
Days on Market124
Property Features for 3202 E GRIMES RD
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
BRYAN AND CARIE SUBDIVISION
Standard status
Active
Size
2,368 SF
Lot size
0.80 Acres
Building Details
Year built
2024
Floors in Building
1
Listing Agency:
KELLER WILLIAMS LRGV · Keller Williams Realty
(956) 423-8877
Listed By:
ZINTIHA LOYA
(956) 536-9270
Added: Apr 10
Changed: Aug 4
Last Checked: Aug 11 at 7:06PM
MLS# 29775558
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.
Flex space at 3202 E Grimes Rd, built in 2024 and fully renovated for move-in readiness. The property provides 2,368 square feet of interior space currently configured as an office with additional storage units, supporting a range of business uses that need both work space and storage.
The site sits on 0.8 acres and includes a secure electric gate, adding privacy and controlled access for day-to-day operations.
With its current office-and-storage layout, this property is well suited for businesses looking to establish a new location or expand operations while keeping administrative space and storage in the same footprint.
The site sits on 0.8 acres and includes a secure electric gate, adding privacy and controlled access for day-to-day operations.
With its current office-and-storage layout, this property is well suited for businesses looking to establish a new location or expand operations while keeping administrative space and storage in the same footprint.
Key Highlights
- 2,368 SF fully renovated flex space currently configured as an office plus additional storage units
- Built in 2024
- Secure electric gate for added privacy and controlled access
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
$21,738
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
5.57%
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%
$434,760
$434.8K
Cap Rate 7%
$310,543
$310.5K
Cap Rate 9%
$241,533
$241.5K
Market Conditions
NOI Build-Up for 2,368 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
$42.6K $18.00/SF
− Vacancy
−$13.6K −$5.76/SF
EGI
$29.0K $12.24/SF
− OpEx
−$7.2K −$3.06/SF
NOI
$21.7K $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%
$434,760
Cap Rate 7%
$310,543
Cap Rate 9%
$241,533
Alternative Uses
Best Use
Office B
$310.5K
$271.7K – $362.3K
NOI $21,738 @ 7.0% cap · market cap 5.57%
Second Best
Flex RnD
$289.4K
$253.2K – $337.6K
NOI $20,256 @ 7.0% cap · market cap 5.19%
Theoretical Best
Healthcare Medical
$407.7K
$356.8K – $475.7K
NOI $28,541 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
29
Businesses Nearby
Well-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 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?
Flex space - Fully renovated flex space built in 2024 with secure electric gate and setup for office use plus storage units.
Where is this flex space located?
The property is located at 3202 E GRIMES RD Harlingen, TX.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: 2,368 SF fully renovated flex space currently configured as an office plus additional storage units; Built in 2024; Secure electric gate for added privacy and controlled access
