1600 Kelly Ave Pharr, TX 78577
- Showrooms
- 108,940 SF
- 8.61 lot acres
Current Use by Public Records
- Showrooms
Property Details for 1600 Kelly Ave
- Year built
- 2014
- Lot size
- 8.61 lot acres
- Property size
- 108,940 SF
- Property type
- Showrooms
- APN
- P6321-01-000-001A-00
- APU
- P632101000001A00
Description
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.
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
- Pharr
- County
- Hidalgo
- State
- Texas
- Longitude
- -98.2015
- Latitude
- 26.1947
- CBSA code
- 32580
- CBSA name
- MCALLEN-EDINBURG-MISSION, TX METROPOLITAN STATISTICAL AREA
