Flex Space with 3 Warehouse
New
For Sale
$1,250,000
610 N EXPRESSWAY 77, Harlingen, TX 78550
Commercial Sale, HARLINGEN, TX
Property Size8,400 SF
Lot Size1.02 Acres
Price / SF$148.81
Days on Market3
Property Features for 610 N EXPRESSWAY 77
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
PETERSBURG
Standard status
Active
Size
8,400 SF
Lot size
1.02 Acres
Building Details
Year built
1999
Floors in Building
1
Listing Agency:
MARCUS PHIPPS REAL ESTATE, LLC
(956) 423-5300
Listed By:
MARCUS PHIPPS · License #450735
(956) 793-2355
Added: Oct 1
Last Checked: Oct 3 at 11:06AM
MLS# 29779931
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.
Built in 1999, this flex property contains 8,400 square feet, including approximately 2,680 square feet of office space and 5,720 square feet of warehouse area. The office layout provides five private offices, a reception area, a training room, a break room and two bathrooms. Three warehouse bays each have a 14 x 14 overhead door, with 16 feet of ceiling height at the center. A second level above the offices offers additional storage or potential office area.
The 1.02-acre property fronts Expressway 77 and has access from two streets. Its fenced site accommodates parking, storage and truck movement, with expressway access in three directions.
The 1.02-acre property fronts Expressway 77 and has access from two streets. Its fenced site accommodates parking, storage and truck movement, with expressway access in three directions.
Key Highlights
- 8,400 square feet total: approximately 2,680 square feet of office and 5,720 square feet of warehouse
- Three warehouse bays, each with a 14 x 14 overhead door
- 16‑foot center ceiling height in the warehouse
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
$71,854
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
5.75%
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%
$1,437,080
$1.4M
Cap Rate 7%
$1,026,486
$1.0M
Cap Rate 9%
$798,378
$798.4K
Market Conditions
NOI Build-Up for 8,400 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
$111.9K $13.32/SF
− Vacancy
−$1.3K −$0.16/SF
EGI
$110.5K $13.16/SF
− OpEx
−$38.7K −$4.61/SF
NOI
$71.9K $8.55/SF
Area
Cameron County, TX
Vacancy
1.20%
Lease Rate
$13.32 /SF/Yr
Expense Ratio
35.00%
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%
$1,437,080
Cap Rate 7%
$1,026,486
Cap Rate 9%
$798,378
Alternative Uses
Best Use
Flex RnD
$1.03M
$898.2K – $1.20M
NOI $71,854 @ 7.0% cap · market cap 5.75%
Second Best
Warehouse
$681.7K
$596.5K – $795.3K
NOI $47,720 @ 7.0% cap · market cap 3.82%
Theoretical Best
Healthcare Medical
$1.45M
$1.27M – $1.69M
NOI $101,244 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
16 ft
Clear height
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
238
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
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - A fenced, dual-street site combines substantial office accommodation with warehouse space and truck access.
Where is this flex space located?
The property is located at 610 N EXPRESSWAY 77 Harlingen, TX.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 8,400 square feet total: approximately 2,680 square feet of office and 5,720 square feet of warehouse; Three warehouse bays, each with a 14 x 14 overhead door; 16‑foot center ceiling height in the warehouse
