5605 Mile 3 RdMission, TX 78574

Property Details for 5605 Mile 3 Rd

Year built

1987

Lot size

1.02 AC

Property size (Sq ft)

8,040 SF

Zone code

RS

Property type

Strip malls

Property subtype

Neighborhood centers

APN

M7060-00-000-0008-00

APU

M706000000000800

Description

This 8,100-square-foot retail property in Mission, Texas, presents a compelling investment opportunity. Located on W Mile 3 Rd, this single-story building boasts a prime location with over 12,000 cars passing daily, according to TXDOT traffic counts. Currently operating as a convenience store and grocery store with 100% occupancy, the property offers significant upside potential. The existing business includes a deli kitchen, readily available for reopening, and a tenant currently paying $2,750 monthly rent. An additional income stream comes from a leased trailer home on the 0.96-acre lot, generating $350 monthly rent. The property features a septic tank and propane gas tank, as municipal sewer and gas lines are not yet available. The asking price is $2,000,000 ($246.91/sq ft). The seller is open to financing with a 10% down payment on the building plus inventory

• CAP approach

  CAP return

  Valuation

  6%

  $1,609,024

  6.5%

  $1,485,253

  7%

  $1,379,164

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,766,698

  Geo Method

  $4,604,672

• Alternative Use

  Use

  Valuation

  Residential

  $1,252,867

  Hospitality

  $1,147,619

  Educational

  $954,806

  Medical

  $987,643

  Retail

  $1,485,253

Location Insight

City

Mission

County

Hidalgo

State

Texas

Latitude

26.2669

Longitude

-98.3815

CBSA code

32580

CBSA name

MCALLEN-EDINBURG-MISSION, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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