1501 23Rd StMcAllen, TX 78501

For Sale
$860,000
Property records and analytics
High-yield Korean BBQ, strong lease.

Overview

Added:
Dec 11, 2024
Days on market:
126
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.

Highlights

  • $860,000 asking price for a net-leased retail property.
  • 8.47% cap rate with a $72,878 annual NOI.
  • 2,880 square foot restaurant building on a 0.44-acre lot in McAllen, Texas.
  • NN lease with a credit-rated tenant, Bon Galbi Korean BBQ, commencing October 1, 2024, and expiring January 31, 2030.
  • 100% occupancy with 3% annual rent bumps.

Property Details for 1501 23Rd St

Property type
Retail properties, Restaurants
Buildings
1
Lot Size (sq. ft)
19,166 SF
Units
1

Location Insight

City
McAllen
County
Hidalgo
State
Texas
Latitude
26.218695401913
Longitude
-98.243231750066
1501 23Rd St, McAllen, Texas

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FAQs

What type of property is this?
Retail property - High-yield Korean BBQ, strong lease.
Where is the retail property located?
The property is located at 1501 23Rd St McAllen, TX.
What is the asking price?
The asking price for this property is $860,000.
What are key features of this property?
This property features: $860,000 asking price for a net-leased retail property.; 8.47% cap rate with a $72,878 annual NOI.; 2,880 square foot restaurant building on a 0.44-acre lot in McAllen, Texas.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I access a private listing?
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Contacts

Benny Dominguez
Benny Dominguez
Visit Broker Website

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23Rd St
McAllen, TX 78501

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McAllen, TX 78501

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We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.

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1501 23Rd St
  • Benny Dominguez
    Benny Dominguez
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