121 Military Hwy Progreso, TX 78579
- Retail properties
- 2,536 SF
- 2.48 lot acres
Current Use by Public Records
- Retail properties
Property Details for 121 Military Hwy
- Year built
- 1990
- Lot size
- 2.48 lot acres
- Property size
- 2,536 SF
- Property type
- Retail properties
Description
This exceptional investment opportunity presents a 2,536 square foot retail property situated on a 2.48-acre lot in Progreso, Texas. The property, located at 121 Military Hwy, features a single-story, 1990-built building with a 2005 renovation, currently housing a Subway franchise and an additional vacant retail space. The property is zoned CO and offers a unique redevelopment potential due to the inclusion of an adjacent 1.73-acre vacant parcel. The existing building boasts 50% occupancy with a gross lease in place for the Subway tenant, a franchisee. The asking price is $600,000, translating to $236.59 per square foot. The property consists of two units, totaling 2,536 net rentable square feet. Seller financing is available. This prime location on Military Hwy and mile 3 Rd offers significant upside for investors seeking a redevelopment project in a growing Texas market. The property includes one gas pump. The sale is a fee simple ownership with a month-to-month lease option. The property's two parcels are identified by APNs 252480 and 252482. This is a multi-tenant property with no rent bumps.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Progreso
- County
- Hidalgo
- State
- Texas
- Longitude
- -97.958
- Latitude
- 26.087
