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32448624
32448620

3777 North Expressway 83, Brownsville, TX 78526

PL
TX TX 522087
Marcus & Millichap - Dallas
Listed by Marcus & Millichap - Dallas
$3,800,000
28 days on market
Updated 25 days ago

Las Palmas Plaza

Details
APN 1404180000006004
Property Type Retail
Sub Type Shopping Center
Square Footage 10,563
Units 4
Cap Rate 7.23%
NOI $274,913
Occupancy 100%
Tenancy Multi
Lease Type NNN
Price per SqFt $360
Year Built 1992
Acreage 1.080
Investment Type Stabilized
Ground Lease No

10,563-Square-Foot, Multi-Tenant Retail Center | 100% Occupied | Newer (2017) Construction

Marketing description

Las Palmas Plaza is a 100 percent occupied, multi-tenant retail center strategically positioned along North Expressway 83—one of Brownsville’s primary retail corridors. The property is anchored by a high-quality, healthcare-oriented tenant mix, with approximately 71 percent of the GLA leased to medical users, creating a durable, service-driven income stream that is largely insulated from e-commerce disruption. The tenant roster includes Northland Hearing Centers, Airrosti Rehab Center, Baaxten Imaging Center, and Raymond James, representing a complementary mix of medical, financial services, and necessity-based uses that generate consistent daily traffic and long-term tenancy stability. The center benefits from triple-net (NNN) lease structures across all tenants, providing investors with passive, expense-reimbursed cash flow and limited landlord responsibilities. The building is newer (2017) construction with attractive architecture and is situated on a 1.075-acre parcel with concrete parking.

Las Palmas Plaza is located along North Expressway 83 (±115,000 VPD), the primary retail and commuter corridor serving Brownsville and the broader Rio Grande Valley. Adjacent pad sites include Olive Garden, Verizon, Black Bear Diner, LongHorn Steakhouse, and Homewood Suites by Hilton. The Property sits within the city’s premier retail trade area, directly across from Sunrise Mall and surrounded by a dense concentration of national retailers including Target, TJ Maxx, Burlington, Best Buy, and numerous restaurant concepts.

Investment highlights

  • 10,563-Square-Foot, Multi-Tenant Retail Center | Newer (2017) Construction
  • Fully Stabilized Asset | 100% Occupied | All Leases are Triple-Net
  • Durable, Medical-Weighted Tenant Mix | 71% Medical Tenancy
  • Airrosti Rehab Center Recently Executed a Five-Year Renewal, Exhibiting Continued Commitment to the Location
  • Strong Rent Growth Profile with Contractual Rent Increases and Renewal Options Across Tenancy
  • Adjacent Pad Sites Include a Two-Tenant Retail Strip, Olive Garden, Black Bear Diner, Longhorn Steakhouse, and Homewood Suites by Hilton
  • Prime Location in a Major Retail Trade Area Along North Expressway 83 | Extremely High Traffic Counts Exceeding 115,000 Vehicles Per Day
  • Catty Corner from Sunrise Mall | Anchored by Dillard's, JCPenney, Dick's Sporting Goods, Main Event, and Cinemark Theater and Featuring 100+ Stores
  • Major Retail Trade Area Location Including Numerous National and Regional Retailers
  • Densely Populated Area with a Five-Mile Population Exceeding 160,900 Residents | Additional Day Time Workforce of Approximately 50,000 Employees
  • Home to SpaceX, Brownsville's Largest Private Employer with More Than 1,600 Employees | Estimated Gross Output of $885 Million for the County
  • The Brownsville-Matamoros Region is a Hub for International Trade | Services a Population of Approximately 1,137,000 People

Listing Contacts

PL
TX TX 522087
Marcus & Millichap - Dallas
Listed by Marcus & Millichap - Dallas

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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$274,913.00
$22,909.42/mo

Valuation Metrics

0
DSCR
7.23%
Cap Rate
7.23%
ROI

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Additional Information

Name
Philip Levy
License
TX 522087
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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