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    Property profile & analytics

    2028 Chicago Ave Mcallen, TX 78501

    • Auto shops
    • 2,700 SF
    • 0.32 lot acres
    OFF-MARKET
    Last Sale
    Sep 17, 2024
    Value Estimations
    $310,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-1917725
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Auto shops

    Property Details for 2028 Chicago Ave

    Year built
    1950
    Lot size
    0.32 lot acres
    Property size
    2,700 SF
    Property type
    Auto shops
    APN
    H0900-00-038-0009-01
    APU
    H090000038000901

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $231,000
      Market price range: $196k - $613k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Mcallen
    County
    Hidalgo
    State
    Texas
    Longitude
    -98.242
    Latitude
    26.2027
    CBSA code
    32580
    CBSA name
    MCALLEN-EDINBURG-MISSION, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $3,819
    $99,400
    $91,567
    $190,967
    -
    $99,400
    $91,567
    $190,967

    Comparable in this City

    • Value Estimation
      $305,000
      4,700 SF

      901 Austin Ave

      AUTO REPAIR, GARAGE • 4,700 SF
      901 Austin Ave, Mcallen, TX 78501
      View Details
    • Value Estimation
      $270,000
      432 SF

      2549 Us Hwy 83

      AUTO REPAIR, GARAGE • 432 SF
      2549 Us Hwy 83, Mcallen, TX 78501-7615
      View Details
    • Value Estimation
      $320,000
      1,040 SF

      3103 Us Hwy 83

      AUTO REPAIR, GARAGE • 1,040 SF
      3103 Us Hwy 83, Mcallen, TX 78501-8265
      View Details
    • Value Estimation
      $470,000
      7,428 SF

      1600 Expy 83

      AUTO REPAIR, GARAGE • 7,428 SF
      1600 Expy 83, Mcallen, TX 78501
      View Details
    • Value Estimation
      $295,000
      1,240 SF

      2006 Beech Ave

      AUTO REPAIR, GARAGE • 1,240 SF
      2006 Beech Ave, Mcallen, TX 78501
      View Details
    • Value Estimation
      $340,000
      1,800 SF

      2029 23rd St

      AUTO REPAIR, GARAGE • 1,800 SF
      2029 23rd St, Mcallen, TX 78501-6125
      View Details

    Similar Nearby for Sale

    • $485,000
      2,000 SF

      McAllen Auto Shop - $485K

      Prime McAllen location, 2,000 sq ft auto shop.
      411 Business 83, McAllen, TX 78501
      View Details
    • $225,000
      4,700 SF

      Established Auto Service Business

      Turnkey auto service business for sale in McAllen, Texas.
      310 E Pecan Blvd, McAllen, TX 78501
      View Details
    • $2,500,000
      14,975 SF

      Prime Corner Property in McAllen, TX

      Two buildings and a parking lot in downtown McAllen, TX.
      120 S Broadway St, McAllen, TX 78501
      View Details
    • $950,000
      950 SF

      Established Car Wash in McAllen

      Income-producing car wash in prime McAllen location near Nolana Ave.
      3620 N 23Rd Ln, McAllen, TX 78501
      View Details
    • $860,000
      0.44 Acres

      McAllen Restaurant Net Lease

      High-yield Korean BBQ, strong lease.
      1501 23Rd St, McAllen, TX 78501
      View Details
    • Contact for pricing
      7,000 SF

      Freestanding Retail Property For Sale

      Retail property in a high-visibility location with ease of access.
      1010 N 10Th St, McAllen, TX 78501
      View Details

    Similar Nearby for Lease

    • $65 SF/Yr
      400 SF

      Fenced Storage Yard For Lease

      One-acre fenced storage yard suitable for vehicle or equipment storage.
      304-310 E Pecan Blvd, McAllen, TX 78501
      View Details
    • Contact for pricing
      103,781 SF

      McAllen Retail Center Investment Opportunity

      High-traffic retail space, flexible sizes available.
      10th St. & Jackson Ave, McAllen, TX 78501
      View Details
    • $3 SF/Yr
      9,460 SF

      McAllen Commercial Land Opportunity

      Prime Retail Land, High Traffic Area
      2301 23Rd St, McAllen, TX 78501
      View Details
    • Contact for pricing
      291,500 SF

      Shops at 29: McAllen Retail Space

      Prime McAllen retail center; multiple suites available.
      2800 Expressway 83, McAllen, TX 78501
      View Details
    • $26 SF/Yr
      1,200 SF

      Retail Space on Main Street

      Retail space available for rent on Main Street.
      124 S Main St, McAllen, TX 78501
      View Details
    • $36 SF/Yr
      3,800 SF

      Former Upscale Restaurant for Lease

      Commercial property, formerly a high-end restaurant, available for lease.
      1217 S 10Th St, McAllen, TX 78501
      View Details
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    2028 Chicago Ave
    Mcallen, TX 78501
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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