1501 23Rd St McAllen, TX 78501
- Drive through restaurants
- 2,880 SF
- 0.40 lot acres
Current Use by Public Records
- Mariscos El Jarocho / Mexican Restaurant
Property Details for 1501 23Rd St
- Year built
- 1984
- Lot size
- 0.40 lot acres
- Property size
- 2,880 SF
- Zone code
- C
- Property type
- Drive through restaurants
- APN
- L3650-00-000-0015-02
- APU
- L365000000001502
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Mcallen
- County
- Hidalgo
- State
- Texas
- Longitude
- -98.2436
- Latitude
- 26.2186
- CBSA code
- 32580
- CBSA name
- MCALLEN-EDINBURG-MISSION, TX METROPOLITAN STATISTICAL AREA
