Flex Space with Motorized
For Sale
$2,750,000
514 N L Street, Harlingen, TX 78550
COMMERCIAL - Harlingen, TX
Property Size45,110 SF
Lot Size2.02 Acres
Price / SF$60.96
Days on Market50
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
Wall Unit(s), Electric, Window Unit(s), Central Air
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: Jun 30
Changed: Aug 13
Last Checked: Aug 18 at 9:06PM
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.
Flex space housed in a block building with a metal and flat roof, built in 1980. The exterior includes storage and a motorized gate, with fencing on the property. The property is served by electricity and has an electric water heater, with heating options including electric (heating) and central, plus multiple cooling systems including wall units, electric, central air, and window units. Parking is noted for special needs.
The warehouse is currently zoned as light industrial and has approval for buildout through structural engineering approval. Electricity and lighting are currently in 7 of the units, and the property includes a VSF renting space, two car lots, and rented storage space. An event center with a commercial kitchen/restaurant is included in the sale and located on the property.
The light industrial zoning allows multiple business operations, with the option to rezone to commercial if desired.
The warehouse is currently zoned as light industrial and has approval for buildout through structural engineering approval. Electricity and lighting are currently in 7 of the units, and the property includes a VSF renting space, two car lots, and rented storage space. An event center with a commercial kitchen/restaurant is included in the sale and located on the property.
The light industrial zoning allows multiple business operations, with the option to rezone to commercial if desired.
Key Highlights
- Block flex space building built in 1980 with metal and flat roof
- Electricity and lighting in 7 units
- Light industrial zoning; option to rezone to commercial
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
Self Storage
$5.98M
$5.23M – $6.97M
NOI $418,332 @ 7.0% cap · market cap 15.21%
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
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
559
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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- SmokinBucks — Harlingen, TX 78550
Frequently Asked Questions
What type of property is this?
Flex space - Flex space on a fenced site with electricity and lighting in 7 units, zoned light industrial with approval for buildout.
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: Block flex space building built in 1980 with metal and flat roof; Electricity and lighting in 7 units; Light industrial zoning; option to rezone to commercial
