Flex Space Office/Warehouse
For Sale
$3,100,000
4905-4933 E Grimes St, Harlingen, TX 78550
Single-story concrete building offers leased offices, vacant office space, warehouse area, and recently updated HVAC systems.
Property Size30,162 SF
Lot Size20.00 Acres
Price / SF$102.78
Days on Market28
Property Features for 4905-4933 E Grimes St
General Information
Standard status
Active
Size
30,162 SF
Total Parking Spaces
100
Lot size
20.00 Acres
Additional Details
Warehouse Space
15,750 SF
Building Details
Year Built
2002
Buildings
1
Stories
1
Construction
tilt-up concrete
Tenancy
Multi
Owner Occupied
Yes
Listing Agency:
BAHNMAN REALTY
(956) 873-7554
Listed By:
LISA DE LA GARZA, JUAN DE LA GARZA
Source:
Accessrealtyrgv
Added: Aug 4
Changed: Aug 29
Last Checked: Aug 31 at 7:44PM
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 BAHNMAN REALTY
Investment Insights
Based on property information with market context.
This single-story flex property combines office and warehouse improvements on a concrete foundation, with paved parking for 100 vehicles. The building includes approximately 14,412 sq. ft. of office space leased on an NNN basis to long-term government tenants, along with a vacant 2250 sq. ft. office. An additional +/- 15,750 sq. ft. of contiguous warehouse area is currently used for owner storage and could be converted to office space. Zoned central HVAC serves the offices, and the systems were replaced or updated within the last 4 years.
The property encompasses +/- 20 Acres at 4905-4933 E Grimes St in Harlingen, near Valley International Airport and the Harlingen Industrial Park area. A master plan provides for as many as nine additional office/warehouse buildings of varying sizes. The property also did not flood during the historic March 2025 flood in Harlingen.
The property encompasses +/- 20 Acres at 4905-4933 E Grimes St in Harlingen, near Valley International Airport and the Harlingen Industrial Park area. A master plan provides for as many as nine additional office/warehouse buildings of varying sizes. The property also did not flood during the historic March 2025 flood in Harlingen.
Key Highlights
- Approximately 14,412 sq. ft. leased office space on NNN terms to long‑term government tenants
- 2250 sq. ft. vacant office suite
- +/- 15,750 sq. ft. contiguous warehouse area used for owner storage
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
$276,887
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
8.93%
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%
$5,537,740
$5.5M
Cap Rate 7%
$3,955,529
$4.0M
Cap Rate 9%
$3,076,522
$3.1M
Market Conditions
NOI Build-Up for 30,162 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
$542.9K $18.00/SF
− Vacancy
−$173.7K −$5.76/SF
EGI
$369.2K $12.24/SF
− OpEx
−$92.3K −$3.06/SF
NOI
$276.9K $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%
$5,537,740
Cap Rate 7%
$3,955,529
Cap Rate 9%
$3,076,522
Alternative Uses
Best Use
Office B
$3.96M
$3.46M – $4.61M
NOI $276,887 @ 7.0% cap · market cap 8.93%
Second Best
Flex RnD
$3.69M
$3.23M – $4.30M
NOI $258,009 @ 7.0% cap · market cap 8.32%
Theoretical Best
Healthcare Medical
$5.19M
$4.54M – $6.06M
NOI $363,537 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
24
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
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Frequently Asked Questions
What type of property is this?
Flex space - Single-story concrete building offers leased offices, vacant office space, warehouse area, and recently updated HVAC systems.
Where is this flex space located?
The property is located at 4905-4933 E Grimes St Harlingen, TX.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Approximately 14,412 sq. ft. leased office space on NNN terms to long‑term government tenants; 2250 sq. ft. vacant office suite; +/- 15,750 sq. ft. contiguous warehouse area used for owner storage
