Flex Space with Event
For Sale
$2,750,000
514 N L Street, Harlingen, TX 78550
Commercial Sale, Harlingen, TX
Property Size45,110 SF
Lot Size2.02 Acres
Price / SF$60.96
Days on Market95
Property Features for 514 N L Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
80
Parking features
Special Needs
Exterior features
Storage, Mature Trees, Motorized Gate
Fencing
Gate
Appliances
Electric Water Heater
Subdivision
Hasselmeier Addition 2
Directions
Heading east on US-83 exit 175 toward Tyler Ave/Dixieland Rd. Pass Wendy's onto Tyler Ave. Turn left onto US-77 frontage Rd. Slight roght onto N T St., turn right onto Fair Park Blvd. Then make a right on west Teege Ave. and drive down until you get to L St. The building will be directly in front of you. Make a right on L street and take a left on W Jefferson Ave. which will take you to the front of the building and the paved parking.
Standard status
Active
APN
1846200020001000
Size
45,110 SF
Lot size
2.02 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7581
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Electric, Wall Unit(s), Window Unit(s), Central Air
Amenities
event center with commercial kitchen
Building Details
Year built
1980
Floors in Building
2
Building materials
Block
Roof type
Metal, Flat
Additional Structures
Storage
Listing Agency:
Encore Fine Properties
(956) 821-6170
Listed By:
Breann Fay Nelson
(956) 800-0331
Added: Jul 1
Changed: Sep 14
Last Checked: Oct 3 at 12:06PM
MLS# 508132
Copyright © 2026 Greater McAllen Association of Realtors. 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.
This flex-space property includes a 45,110-square-foot warehouse on 2.0152 acres, with an event center and commercial kitchen/restaurant also included in the sale. The building was constructed in 1980, has block construction, a flat metal roof, and recently painted exterior surfaces. Electricity and lighting are installed in 7 units, while additional features include storage areas, a motorized gate, fencing, and mature trees.
The property is currently zoned light industrial and has received city approval for buildout subject to structural engineering approval. Existing on-site activity includes a vehicle storage facility, two car lots, and rented storage space. Heating and cooling systems include central electric equipment along with window and wall units.
The property is currently zoned light industrial and has received city approval for buildout subject to structural engineering approval. Existing on-site activity includes a vehicle storage facility, two car lots, and rented storage space. Heating and cooling systems include central electric equipment along with window and wall units.
Key Highlights
- 45,110‑square‑foot warehouse situated on 2.0152 acres
- Event center with commercial kitchen and restaurant included in the sale
- Electricity and lighting currently installed in 7 units
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
$211,046
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
7.67%
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%
$4,220,920
$4.2M
Cap Rate 7%
$3,014,943
$3.0M
Cap Rate 9%
$2,344,956
$2.3M
Market Conditions
NOI Build-Up for 45,110 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
$319.4K $7.08/SF
− Vacancy
−$17.9K −$0.40/SF
EGI
$301.5K $6.68/SF
− OpEx
−$90.4K −$2.01/SF
NOI
$211.0K $4.68/SF
Area
Cameron County, TX
Vacancy
5.60%
Lease Rate
$7.08 /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%
$4,220,920
Cap Rate 7%
$3,014,943
Cap Rate 9%
$2,344,956
Alternative Uses
Best Use
Specialty Retail
$6.57M
$5.75M – $7.67M
NOI $459,905 @ 7.0% cap · market cap 16.72%
Second Best
Flex RnD
$5.51M
$4.82M – $6.43M
NOI $385,876 @ 7.0% cap · market cap 14.03%
Theoretical Best
Healthcare Medical
$7.77M
$6.80M – $9.06M
NOI $543,702 @ 7.0% cap · market cap 19.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
836
Businesses Nearby
Under-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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - Light-industrial property includes a multi-unit warehouse, event center, and commercial kitchen with restaurant improvements.
Where is this flex space located?
The property is located at 514 N L Street Harlingen, TX.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 45,110‑square‑foot warehouse situated on 2.0152 acres; Event center with commercial kitchen and restaurant included in the sale; Electricity and lighting currently installed in 7 units
