Medical Office Building with Multiple
For Sale
$1,607,900
702 S Ed Carey, Harlingen, TX 78550
Multi-suite medical office property with separate foyer entrances and flexible open areas.
Property Size16,079 SF
Lot Size1.21 Acres
Price / SF$100
Days on Market194
Property Features for 702 S Ed Carey
General Information
Standard status
Active
Size
16,079 SF
Lot size
1.21 Acres
Property subtype
Free Standing Building
Building Details
Building Size
16,079 SF
Buildings
1
Properties For Sale
at 702 S Ed Carey Contact us- Size
- 16,079 SF
- Lease Type
- NNN
702 S Ed Carey
Listing Agency:
CHRE
(956) 325-3255
Listed By:
CYNTHIA HOPKINS · License #0508052
(956) 325-3255
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 5:21PM
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 CHRE
Investment Insights
Based on property information with market context.
This medical office property offers approximately 16,079 square feet on approximately 1.21 acres. The second-generation layout includes 24 offices, 8 restrooms, and 6 open areas that can accommodate conference rooms or cubicle layouts. Three separate entrances serve the foyer, supporting functional circulation within the building. The property was previously used for children's rehabilitation and home health care, and the seller or landlord is a general contractor able to provide negotiated improvements for a tenant's business use.
Located at 702 S Ed Carey Drive in Harlingen's Medical District, the property has 100 feet of frontage and a 160-foot depth along Ed Carey Drive. The site is available for sale or lease, with a home health care lease identified as expiring in 7/2023.
Located at 702 S Ed Carey Drive in Harlingen's Medical District, the property has 100 feet of frontage and a 160-foot depth along Ed Carey Drive. The site is available for sale or lease, with a home health care lease identified as expiring in 7/2023.
Key Highlights
- Approximately +/-16,079 SF medical office building on +/-1.21 Acres
- 24 offices and 8 restrooms within a second‑generation medical office layout
- 6 open areas available for conference rooms or cubicle placement
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
$147,605
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
9.18%
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%
$2,952,100
$3.0M
Cap Rate 7%
$2,108,643
$2.1M
Cap Rate 9%
$1,640,056
$1.6M
Market Conditions
NOI Build-Up for 16,079 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
$289.4K $18.00/SF
− Vacancy
−$92.6K −$5.76/SF
EGI
$196.8K $12.24/SF
− OpEx
−$49.2K −$3.06/SF
NOI
$147.6K $9.18/SF
Area
Cameron County, TX
Vacancy
32.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,952,100
Cap Rate 7%
$2,108,643
Cap Rate 9%
$1,640,056
Alternative Uses
Best Use
Healthcare Medical
$2.77M
$2.42M – $3.23M
NOI $193,797 @ 7.0% cap · market cap 12.05%
Second Best
Office B
$2.11M
$1.85M – $2.46M
NOI $147,605 @ 7.0% cap · market cap 9.18%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
916
Businesses Nearby
Balanced
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Pet Care Veterinary Clinic — 416 N Ed Carey Dr, Harlingen, TX 78550
- Pet Care Veterinary Clinic: Dr. Dean Joines, DVM — 416 N Ed Carey Dr, Harlingen, TX 78550
- Paws & Claws Veterinary Clinic — 1624 S Carolina St, Harlingen, TX 78550
Frequently Asked Questions
What type of property is this?
Medical Office Space - Multi-suite medical office property with separate foyer entrances and flexible open areas.
Where is this medical office space located?
The property is located at 702 S Ed Carey Harlingen, TX.
What is the asking price?
The asking price for this property is $1,607,900.
What are key features of this property?
This property features: Approximately +/-16,079 SF medical office building on +/-1.21 Acres; 24 offices and 8 restrooms within a second‑generation medical office layout; 6 open areas available for conference rooms or cubicle placement
