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    1501 23Rd St McAllen, TX 78501

    For Sale
    $860,000

    High-yield Korean BBQ, strong lease.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    363
    This exceptional investment opportunity presents a 2,880-square-foot, single-tenant net-leased restaurant property located at 1501 N 23rd St, McAllen, TX 78501, in Hidalgo County. Currently occupied by Bon Galbi Korean BBQ under a credit-rated lease commencing October 1, 2024, and expiring January 31, 2030, this property boasts a strong 8.47% cap rate and a substantial net operating income (NOI) of $72,878. The lease includes favorable 3% annual rent escalations, ensuring consistent income growth. Situated on a 0.44-acre lot at one of McAllen's busiest intersections, the property benefits from excellent visibility and superb access, including a drive-thru. The building, previously a quick-service restaurant (QSR), is highly versatile and well-suited for continued success in this thriving market. McAllen's robust economy and increasing commercial and residential demand make this a compelling investment with excellent long-term potential. The property is 100% occupied as of December 1, 2024. This is a single-building, single-unit property offering a secure and profitable investment opportunity in a rapidly growing Texas city.

    Property Features for 1501 23Rd St

    General Information

    Property type
    Restaurants
    Lot Size
    19,166 SF

    Building Details

    Buildings
    1
    Units
    1

    HighLights

    • $860,000 asking price for a net‑leased retail property.
    • 8.47% cap rate with a $72,878 annual NOI.
    • 2,880 square foot restaurant building on a 0.44‑acre lot in McAllen, Texas.
    • NN lease with a credit‑rated tenant, Bon Galbi Korean BBQ, commencing October 1, 2024, and expiring January 31, 2030.
    • 100% occupancy with 3% annual rent bumps.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mariscos El Jarocho Mexican Restaurant

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    McAllen
    County
    Hidalgo
    State
    Texas
    Longitude
    -98.243231750066
    Latitude
    26.218695401913

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    FAQs

    What type of property is this?
    Restaurant - High-yield Korean BBQ, strong lease.
    Where is this restaurant located?
    The property is located at 1501 23Rd St McAllen, TX.
    What is the asking price?
    The asking price for this property is $860,000.
    What are key features of this property?
    This property features: $860,000 asking price for a net-leased retail property.; 8.47% cap rate with a $72,878 annual NOI.; 2,880 square foot restaurant building on a 0.44-acre lot in McAllen, Texas.
    Request Owner's contact information
    1501 23Rd St McAllen, TX 78501
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    McAllen, TX 78501
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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
    1501 23Rd St McAllen, TX 78501
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