00 Old Arroyo Cir 10.52 Acres of Commercial Land Offered at $1,750,000 in Rio Hondo, TX 78583

Rare NNN ground lease investment opportunity. This 10.52 acre tract consists of 17 waterfront lots and 8 non waterfront lots on the Arroyo Colorado at Circle X. The Arroyo Colorado is a 89 mile long river that runs from Lake Llano Grande into the Lower Laguna Madre. The Arroyo serves as the access to the Port of Harlingen and it provides excellent access to fishing, water sports and wildlife and birdwatching. Each of the 17 waterfront lots are currently leased on long term ground leases, which produce $125,182.69 in annual income. At the current list price this would produce a Capitalization Rate of over 7%, which is well above normal rates for a long term ground lease properties. The lease agreements provide for the properties to be appraised every five years and the rents to be adjusted according to the new appraisal, based on the Arroyo Colorado frontage for each lot. The 8 non waterfront lots, totaling 4.423 acres, are not currently leased. All of the lots have frontage on Old Arroyo Circle. The non waterfront lots could be leased to provide additional income. All of the waterfront lots have leasehold improvements. The property is a non recorded subdivision located in an unincorporated area of Cameron county and is not currently zoned. FEMA Flood Zone is A for the entire property. The property was appraised in 2023 for $2,500,000.00