6706 Expressway 83 Harlingen, TX 78552

Property Details for 6706 Expressway 83

Year built

2024

Lot size

1.27 lot acres

Property size

5,000 SF

Property type

Retail properties

Property subtype

Restaurants

Description

This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 5,000 square-foot Black Bear Diner in Harlingen, Texas. Built in 2024, the property boasts a 15-year net lease (NNN) with four to five-year renewal options, ensuring long-term stability. The lease includes a favorable 10% rent increase every five years, protecting against inflation. With a current NOI of $242,000 and an asking price of $4,137,000, this property offers a compelling 5.85% cap rate. Located on 1.27 acres at 6706 W Expy 83, the restaurant benefits from high visibility on a major thoroughfare with combined daily traffic counts of 86,480 vehicles from W Expy 83 and I-2 Freeway. The property is situated in a thriving retail corridor anchored by several popular national and regional brands, including Texas Regional Bank, Cheddar's, Tropical Smoothie Café, Wings and Rings, and Orangetheory Fitness. The strong demographics of the area, including an average household income of $104,165 within a one-mile radius and 80,482 residents within a five-mile radius, further enhance the investment potential. Harlingen's location in the Rio Grande Valley, known for its golf and proximity to South Padre Island, adds to the area's appeal and tourism-driven economic activity. This is a rare opportunity to acquire a high-performing, well-located restaurant in a tax-free state with significant long-term growth potential. The property is offered as a fee-simple ownership with no ground lease.