Building Details

Year built 2009

Floors in Building 2

Building materials Wood Siding

Roof type Metal, Flat

Listing Agency: Encore Fine Properties E***@gmail.com Show Phone

Listed By: Nelda Diaz Show Phone

Added: Apr 19 Changed: Sep 12 Last Checked: Sep 17 at 2:06PM

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MLS# 502200

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 freestanding flex space contains 5,012 square feet in a one-story configuration. The building previously supported restaurant and retail operations, providing an existing commercial framework for continued retail use, office functions, restaurant occupancy, showroom presentation, or warehouse and storage applications. Construction includes wood siding, a flat metal roof, electric heating, and electric cooling. The property was built in 2009.

The 0.2846-acre site is positioned on the frontage road beside I-2 / Expressway 83 in Mission, Texas. On-site parking includes 18 spaces, supporting customer, employee, or operational needs. Its highway-adjacent setting and freestanding layout provide a practical basis for an owner-user, tenant, or investor evaluating a flexible commercial property.

Key Highlights

• 5,012‑square‑foot freestanding flex space
• 0.2846‑acre site in Mission, TX
• Located on the frontage road beside I‑2 / Expressway 83

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

$32,026

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

8.23%

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%

$640,520 $640.5K

Cap Rate 7%

$457,514 $457.5K

Cap Rate 9%

$355,844 $355.8K

Market Conditions

NOI Build-Up for 5,012 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

$40.3K $8.04/SF

− Vacancy

−$2.6K −$0.52/SF

EGI

$37.7K $7.52/SF

− OpEx

−$5.7K −$1.13/SF

NOI

$32.0K $6.39/SF

Area

Hidalgo County, TX

Vacancy

6.50%

Lease Rate

$8.04 /SF/Yr

Expense Ratio

15.00%

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%

$640,520

Cap Rate 7%

$457,514

Cap Rate 9%

$355,844

Alternative Uses

Best Use

Retail

$966.8K

$845.9K – $1.13M (±1% cap)

NOI $67,673 @ 7.0% cap · market cap 17.40%

Second Best

Warehouse

$457.5K

$400.3K – $533.8K (±1% cap)

NOI $32,026 @ 7.0% cap · market cap 8.23%

Theoretical Best

Hotel Hospitality

$3.78M

$3.30M – $4.40M (±1% cap)

NOI $264,258 @ 7.0% cap · market cap 67.93%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Dental Office HVAC Service Law Firm Skin Care Clinic Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

412

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 78572, TX

78,280

Population

32,696

Households

2.4

Avg Household Size

36

Median Age

25%

College-Educated

75%

High-School Grad

53.7 sq mi

ZIP Area

1,458

Density / Sq Mi

$54,029

Median Household Income

$30,004

Median Earnings

$900

Median Rent

$121,900

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - One-story freestanding building with prior restaurant and retail use along the I-2 frontage road.

Where is this flex space located?

The property is located at 807 W Palma Vista Drive Mission, TX.

What is the asking price?

The asking price for this property is $389,000.

What are key features of this property?

This property features: 5,012‑square‑foot freestanding flex space; 0.2846‑acre site in Mission, TX; Located on the frontage road beside I‑2 / Expressway 83