Mile 3 Rd Mission, TX 78573

Property Details for 0 Mile 3 Rd

Year built

2015

Lot size

13.22 lot acres

Property size

89,316 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional 89,316 square foot shopping center in Palmhurst, Texas, presents a compelling investment opportunity. The property boasts three single-story buildings constructed in 2015, situated on a substantial 13.22-acre lot. Currently 84% occupied, the center features a diverse mix of 13 tenants, including national brands like AT&T, Ross Dress for Less, Goodwill, Wingstop, and more. The strong tenant lineup, coupled with a 7.37% cap rate and a net operating income (NOI) of $1,138,417, demonstrates significant potential for return. The property benefits from a prime location at a signalized intersection with high traffic counts (+50,800 combined), excellent visibility, and frontage. Its strategic placement near a major H-E-B grocery store and fuel station (over 2.5 million annual visits), a Walmart-anchored shopping center, and a regional medical center further enhances its appeal. The property also enjoys proximity to numerous multi-family developments, totaling over 630 units within a 4-mile radius. With 17 units and ample parking, this shopping center offers a robust investment opportunity with upside potential in leasing the remaining 12,072 square feet of vacant space. The land value is $26.78 per square foot. An assumable loan is available at below-market interest rates (5.59%) with a 60% loan-to-value ratio. The asking price is $15,451,755 ($173 per square foot).

Location Insight

City

Mission

County

Hidalgo

State

Texas

Longitude

-98.3166

Latitude

26.2562