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    202 1St St Harlingen, TX 78550

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    For Sale
    Contact for pricing

    Downtown Harlingen, TX: Class A, 100% Occupied

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional five-story, 67,049 square-foot mixed-use building, known as "The Reese," is located at 202 S 1st St, Harlingen, TX 78550, in Cameron County. Built in 1927 and extensively renovated in 2021, this Class A property boasts 240 parking spaces on a 0.8-acre lot. The building is currently 100% occupied by a diverse tenant mix including a fine-dining restaurant, a dental office, and a well-established non-profit. Tenants are credit-rated, operating under a modified lease with annual fixed rent increases. The property features Class A finishes throughout, resulting from significant tenant and owner improvements exceeding seven million dollars. This investment presents a mitigated risk opportunity with stable cash flow and significant upside potential through annual rent bumps and asset appreciation. The GR zoning allows for a variety of uses. The fee-simple ownership offers a compelling value-add investment opportunity. Seller financing is available. This property offers a projected unlevered yield of 9% in year one, increasing to double digits by year five. With seller financing, projected returns include an IRR exceeding 21% over a 10-year hold, an average cash-on-cash return over 18%, and a 4x return on equity.

    Property Features for 202 1St St

    General Information

    Property type
    Restaurants
    Class
    A
    Lot Size
    34,848 SF

    Building Details

    Year Built/Renovated
    1927/2021
    Stories
    5

    HighLights

    • Seller financing available: 6% interest‑only note, 5‑year term.
    • 100% leased, Class A mixed‑use office building with amenities.
    • Major tenant invested over $7 million in improvements, finishes, and security.
    • Restaurant and dental office enhance tenant and customer experience.
    • Major tenant established in Harlingen for over 20 years, unlikely to relocate due to significant investment and ideal location.
    Property Profile Location Intelligence

    Current Use by Public Records

    Reese Plaza Development ... General Contractor Valley Family Dentistry Dentist Dr. Brenda E. ... Dentist Kathy Johnson- Aflac ... Insurance Agency American Bar Associates Association / Organization

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Harlingen
    County
    Cameron
    State
    Texas
    Longitude
    -97.695944
    Latitude
    26.191373

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    FAQs

    What type of property is this?
    Restaurant - Downtown Harlingen, TX: Class A, 100% Occupied
    Where is this restaurant located?
    The property is located at 202 1St St Harlingen, TX.
    What are key features of this property?
    This property features: Seller financing available: 6% interest-only note, 5-year term.; 100% leased, Class A mixed-use office building with amenities.; Major tenant invested over $7 million in improvements, finishes, and security.
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    202 1St St Harlingen, TX 78550
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    202 1St St Harlingen, TX 78550
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