1600 Kelly AvePharr, TX 78577

Property Details for 1600 Kelly Ave

Year built

2014

Lot size

8.61 AC

Property size (Sq ft)

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.

• CAP approach

  CAP return

  Valuation

  6%

  $22,006,750

  6.5%

  $20,313,924

  7%

  $18,862,928

• Comparable approach

  Method

  Valuation

  Relative Method

  $23,672,974

  Geo Method

  $62,392,160

• Alternative Use

  Use

  Valuation

  Residential

  $17,135,554

  Hospitality

  $15,696,076

  Educational

  $13,058,951

  Medical

  $13,508,068

  Retail

  $20,313,924

Location Insight

City

Pharr

County

Hidalgo

State

Texas

Latitude

26.1947

Longitude

-98.2015

CBSA code

32580

CBSA name

MCALLEN-EDINBURG-MISSION, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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