Flex Space with Detached
For Sale
$1,290,000
507 E Interstate 2, Pharr, TX 78577
Gutted main building with former office buildout plus a detached warehouse and 20+ parking spaces on a 1-acre site.
Property Size5,766 SF
Lot Size1.00 Acre
Price / SF$286.67
Days on Market93
Property Features for 507 E Interstate 2
General Information
Standard status
Active
Size
5,766 SF
Total Parking Spaces
20
Lot size
1.00 Acre
Property subtype
Commercial
Additional Details
Highway Access
Yes
Office Units
15
Taxes and HOA fees
Annual Taxes
$15,975
Building Details
Building Size
5,766 SF
Year Built
1985
Listing Agency:
RE/MAX Platinum
Listed By:
Jonathan Lindley · License #542810
(956) 668-8555
Source:
Primeluxuryrealestate
Added: Jul 20
Changed: Oct 11
Last Checked: Oct 19 at 1:14PM
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 RE/MAX Platinum
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This for-sale flex property includes a main building of approximately 4,500+ square feet that has been fully gutted to the studs for a custom buildout. The property previously operated as an insurance office and was laid out with approximately 15 offices, a conference/boardroom, and restrooms, providing a starting point for office-focused or suite-style reconfiguration. A detached 1,200 square foot warehouse is also on site for storage or operations, along with 20+ existing parking spaces and additional land that may support future expansion.
The site is located along the frontage road of Interstate 2 and is described as just minutes from the I-2 & I-69C interchange, supporting convenient access for business traffic.
With a blank-slate interior and both office and warehouse improvements, the property can be adapted for professional office use, medical, or multi-tenant suite configurations based on the buyer’s plans.
The site is located along the frontage road of Interstate 2 and is described as just minutes from the I-2 & I-69C interchange, supporting convenient access for business traffic.
With a blank-slate interior and both office and warehouse improvements, the property can be adapted for professional office use, medical, or multi-tenant suite configurations based on the buyer’s plans.
Key Highlights
- 1‑acre commercial property in Pharr with 4,500+ SF main building and a detached 1,200 SF warehouse
- Main building is fully gutted to the studs and ready for a custom buildout
- Former office setup included approx. 15 offices, conference/boardroom, and restrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$75,272
Cap Rate
5.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,505,440
$1.5M
Cap Rate 7%
$1,075,314
$1.1M
Cap Rate 9%
$836,356
$836.4K
Market Conditions
NOI Build-Up for 4,500 SF
Gross rent
$138.2K $30.72/SF
− Vacancy
−$37.9K −$8.42/SF
EGI
$100.4K $22.30/SF
− OpEx
−$25.1K −$5.58/SF
NOI
$75.3K $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 Rate 5%
$1,505,440
Cap Rate 7%
$1,075,314
Cap Rate 9%
$836,356
Alternative Uses
Best Use
Office B
$1.08M
$940.9K – $1.25M
NOI $75,272 @ 7.0% cap · market cap 5.84%
Second Best
Warehouse
$410.8K
$359.4K – $479.2K
NOI $28,754 @ 7.0% cap · market cap 2.23%
Theoretical Best
Hotel Hospitality
$3.39M
$2.97M – $3.95M
NOI $237,263 @ 7.0% cap · market cap 18.39%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
15
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
820
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78577, TX
79,937
Population
26,568
Households
3
Avg Household Size
30
Median Age
18%
College-Educated
70%
High-School Grad
26.0 sq mi
ZIP Area
3,075
Density / Sq Mi
$49,768
Median Household Income
$28,186
Median Earnings
$988
Median Rent
$111,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Similar Off Market Nearby
- Sispresso — 107 E Ferguson Ave Suite B, Pharr, TX 78577
Frequently Asked Questions
What type of property is this?
Flex space - Gutted main building with former office buildout plus a detached warehouse and 20+ parking spaces on a 1-acre site.
Where is this flex space located?
The property is located at 507 E Interstate 2 Pharr, TX.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: 1‑acre commercial property in Pharr with 4,500+ SF main building and a detached 1,200 SF warehouse; Main building is fully gutted to the studs and ready for a custom buildout; Former office setup included approx. 15 offices, conference/boardroom, and restrooms
