Listed by Marcus & Millichap - Houston
$2,488,000
North Conway Professional Plaza
Details
APN B2638-00-000-0003-00
Property Type Retail, Office
Sub Type Storefront, Medical Office
Square Footage 12,120
Net Rentable (SqFt) 12,120
Units 6
Cap Rate 7%
NOI $174,164
Occupancy 100%
Tenancy Multi
Lease Type NNN
Price per SqFt $205
Class C
Year Built 1998
Buildings 1
Stories 1
Acreage 0.840
Zoning C-3
Parking Spaces 40 spaces
Parking per 1,000 SqFt 3.30
Investment Type Value Add
Ground Lease No
Sale Condition For sale by owner
100% Occupied Center with Significant Upside in South Texas
Marketing description
- Significant Upside Through Below-Market Rents: Current in-place rents are significantly below market, presenting an investor with immediate value-add potential. As leases roll, there is a clear path to mark rents to market and meaningfully grow NOI — a compelling opportunity given the surrounding demand drivers and the strength of the North Conway corridor.
- Premium Location on a High-Traffic Corridor: The property is situated on North Conway Avenue, one of Mission’s most heavily trafficked thoroughfares, offering exceptional visibility and access. An HEB anchor is located just half a mile away, driving consistent consumer traffic past the site.
- Strong National Tenant Presence and New Development: The corridor is home to a dense cluster of national credit tenants, validating strong consumer demand and trade area performance.
- Dense Population and Sustained Growth: Over 195,000 residents live within a 5-mile radius, with the market posting an average annual population growth rate of approximately 4.4 percent over the next five years — well above national averages — reflecting the Rio Grande Valley’s continued expansion.
- Major Economic and Industrial Expansion: The Rio Grande Valley is experiencing a wave of economic investment on multiple fronts. The SpaceX Starbase expansion is bringing high-paying manufacturing and engineering jobs to the region, while a 100,000+ SF retail redevelopment in Mission is currently underway. On the industrial side, a planned 6.3 million SF, 145-acre industrial park near the Anzalduas International Bridge has already attracted over $50 million in committed investment. The adjacent Sharyland Business Park further reinforces long-term job creation and sustained retail demand across the trade area.
Investment highlights
Marcus & Millichap is pleased to exclusively offer for sale the North Conway Professional Plaza, a medical retail center strategically located on North Conway Avenue, one of the most heavily trafficked thoroughfares in Mission, Texas.
The property sits within a high-growth corridor surrounded by national retailers and significant new development activity, making it a compelling opportunity in the rapidly expanding Rio Grande Valley market. The property offers investors the ability to generate stable cash flow from day one, while simultaneously capturing meaningful upside through increasing below-market rents to current market rates, a rare combination of stable income and value-add potential in one of South Texas’ fastest-growing markets.
Listing Contacts
Listed by Marcus & Millichap - Houston
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$174,164.00
$14,513.67/mo
Valuation Metrics
0
DSCR
7%
Cap Rate
7%
ROI
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