New Build-to-Suit Retail
For Sale
Contact for pricing
6823 S Cage Blvd., Pharr, TX 85234
Recently built to suit retail space, with the added consideration of an income tax free state context.
Property Size21,451 SF
Price / SF$306.51
Days on Market108
Property Features for 6823 S Cage Blvd.
General Information
Standard status
Active
Size
21,451 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Building Details
Year Built
2022
Tenancy
Single
Listing Agency:
Colliers - Tulsa, Oklahoma
Listed By:
Andrew Ragsdale · License #OK 072000
(918) 856-5545
Source:
Crexi
Added: Jun 4
Changed: Sep 18
Last Checked: Sep 19 at 6:07AM
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 Colliers - Tulsa, Oklahoma
Investment Insights
Based on property information with market context.
This offering is a retail property described as a build-to-suit completed in 2022, designed for a tenant-specific program rather than a generic template. The improvements and configuration are intended to support retail operations as laid out for the original build-to-suit scope.
The seller’s remarks note the property is located in an income tax free state, which may be a factor for certain operators evaluating site selection and overall cost profile. Beyond that, no additional site or neighborhood details were provided.
For tenants, buyers, or investors seeking a relatively recent retail build-to-suit asset, the 2022 completion date is a practical differentiator. Prospective users should review the specific build-to-suit design and any documentation tied to the original scope during due diligence to confirm it aligns with their intended retail use.
The seller’s remarks note the property is located in an income tax free state, which may be a factor for certain operators evaluating site selection and overall cost profile. Beyond that, no additional site or neighborhood details were provided.
For tenants, buyers, or investors seeking a relatively recent retail build-to-suit asset, the 2022 completion date is a practical differentiator. Prospective users should review the specific build-to-suit design and any documentation tied to the original scope during due diligence to confirm it aligns with their intended retail use.
Key Highlights
- 2022 build‑to‑suit retail space
- Newer construction with Year Built: 2022
- Public remarks note the property is in an income tax‑free state context
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
$289,635
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
4.41%
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%
$5,792,700
$5.8M
Cap Rate 7%
$4,137,643
$4.1M
Cap Rate 9%
$3,218,167
$3.2M
Market Conditions
NOI Build-Up for 21,451 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
$440.2K $20.52/SF
− Vacancy
−$26.4K −$1.23/SF
EGI
$413.8K $19.29/SF
− OpEx
−$124.1K −$5.79/SF
NOI
$289.6K $13.50/SF
Area
Hidalgo County, TX
Vacancy
6.00%
Lease Rate
$20.52 /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%
$5,792,700
Cap Rate 7%
$4,137,643
Cap Rate 9%
$3,218,167
Alternative Uses
Best Use
Retail
$4.14M
$3.62M – $4.83M
NOI $289,635 @ 7.0% cap · market cap 4.41%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$16.16M
$14.14M – $18.85M
NOI $1,131,004 @ 7.0% cap · market cap 17.20%
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
363
Businesses Nearby
88k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Dining 36%
Home Improvements & Furnishings 9%
Electronics 3%
Jack in the Box
Dining
14,181 visits/mo
0.2 miles
Sunoco
Shops & Services
13,568 visits/mo
0.2 miles
Family Dollar
Shops & Services
9,984 visits/mo
0.3 miles
Tractor Supply Co.
Home Improvements & Furnishings
8,014 visits/mo
0.1 miles
Valero Energy
Shops & Services
7,839 visits/mo
0.5 miles
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Recently built to suit retail space, with the added consideration of an income tax free state context.
Where is this retail space located?
The property is located at 6823 S Cage Blvd. Pharr, TX.
What is the asking price?
The asking price for this property is $6,575,000.
What are key features of this property?
This property features: 2022 build‑to‑suit retail space; Newer construction with Year Built: 2022; Public remarks note the property is in an income tax‑free state context
