New Flex Space with
For Sale
$185,000
823 Perkins Avenue, Mission, TX 78572
Warehouse and office improvements occupy a downtown commercial property with paved access and on-site parking.
Property Size1,200 SF
Price / SF$154.17
Days on Market378
Property Features for 823 Perkins Avenue
General Information
Standard status
Active
Size
1,200 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$440
Amenities
12 Parking Spaces. Paved Driveway.
Downtown, City Road.
Building Details
Year Built
2025
Listing Agency:
Imperio Real Estate Llc
(956) 225-7062
Listed By:
Sameer Suresh · License #762976
(956) 225-7062
Source:
Xome
Added: Aug 18, 2025
Changed: Aug 29
Last Checked: Aug 29 at 1:15PM
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 Imperio Real Estate Llc
Investment Insights
Based on property information with market context.
Built in 2025, this flex space combines warehouse and office improvements within a downtown commercial setting. The property includes a paved driveway and 12 parking spaces, supporting practical access for occupants, customers, and visitors.
Located at 823 Perkins Avenue in Mission, the site is positioned along a city road and near retail shops, banks, services, restaurants, and convenience stores. A park is within walking distance, while the downtown core is only blocks away, placing the property amid established commercial and civic activity.
Located at 823 Perkins Avenue in Mission, the site is positioned along a city road and near retail shops, banks, services, restaurants, and convenience stores. A park is within walking distance, while the downtown core is only blocks away, placing the property amid established commercial and civic activity.
Key Highlights
- 2025 construction with warehouse and office improvements
- 12 parking spaces with paved driveway
- Located on a city road in downtown Mission
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
$7,668
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
4.14%
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%
$153,360
$153.4K
Cap Rate 7%
$109,543
$109.5K
Cap Rate 9%
$85,200
$85.2K
Market Conditions
NOI Build-Up for 1,200 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
$9.6K $8.04/SF
− Vacancy
−$627 −$0.52/SF
EGI
$9.0K $7.52/SF
− OpEx
−$1.4K −$1.13/SF
NOI
$7.7K $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%
$153,360
Cap Rate 7%
$109,543
Cap Rate 9%
$85,200
Alternative Uses
Best Use
Warehouse
$109.5K
$95.9K – $127.8K
NOI $7,668 @ 7.0% cap · market cap 4.14%
Second Best
Industrial
$90.2K
$78.9K – $105.3K
NOI $6,315 @ 7.0% cap · market cap 3.41%
Theoretical Best
Hotel Hospitality
$903.9K
$790.9K – $1.05M
NOI $63,270 @ 7.0% cap · market cap 34.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
814
Businesses Nearby
Under-served
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse and office improvements occupy a downtown commercial property with paved access and on-site parking.
Where is this flex space located?
The property is located at 823 Perkins Avenue Mission, TX.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: 2025 construction with warehouse and office improvements; 12 parking spaces with paved driveway; Located on a city road in downtown Mission
