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    1600 Kelly Ave Pharr, TX 78577

    Sponsored
    For Sale
    $41,779,893

    Texas Retail Portfolio: NNN Lease, High NOI

    Property size:
    534,881 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents a fee-simple interest in a portfolio of five At Home stores, totaling 534,881 square feet across 46.3 acres. Located in Texas, Mississippi, and Ohio, this portfolio is currently 100% occupied under a single master lease agreement with a remaining term of 6.5 years. The absolute NNN lease commenced September 30, 2015, and features a 15-year initial term with four 5-year renewal options. Annual rent escalations of 2.00% provide consistent growth in cash flow. The current Net Operating Income (NOI) is $3,133,492, yielding an attractive 7.50% cap rate on an asking price of $41,779,893. Each store is a single-story building. This portfolio offers significant long-term value with minimal landlord responsibilities, attractive lease terms, and potential for future outparcel development. The low basis of $78 per square foot presents a compelling investment opportunity for discerning buyers. The strong sales performance of the stores further enhances the investment's appeal. This is a rare opportunity to acquire a well-performing, diversified retail portfolio with a substantial remaining lease term and built-in rent growth. The portfolio's location in strong demographic areas adds to its overall attractiveness.

    Property Features for 1600 Kelly Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    534,881 SF
    Lot Size
    2,016,828 SF

    Building Details

    Buildings
    5
    Stories
    1
    Units
    5

    HighLights

    • Exceptional Value‑Add Opportunity with High Residual Potential
    • Proven Performance with Strong Sales History and Transparent Lease Terms
    • Long‑Term, Net Lease; Minimal Landlord Responsibilities
    • Significant Outparcel Development Potential
    • Favorable Rental Escalations Built In
    • Excellent Demographics
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Pharr
    County
    Hidalgo
    State
    Texas
    Longitude
    -98.20162301
    Latitude
    26.19454852

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    FAQs

    What type of property is this?
    Individual retail property - Texas Retail Portfolio: NNN Lease, High NOI
    Where is this individual retail property located?
    The property is located at 1600 Kelly Ave Pharr, TX.
    What is the asking price?
    The asking price for this property is $41,779,893.
    What are key features of this property?
    This property features: Exceptional Value-Add Opportunity with High Residual Potential; Proven Performance with Strong Sales History and Transparent Lease Terms; Long-Term, Net Lease; Minimal Landlord Responsibilities
    Request Owner's contact information
    1600 Kelly Ave Pharr, TX 78577
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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
    1600 Kelly Ave Pharr, TX 78577
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