Architectural Estate with Office-Zoned
For Sale
Under Contract
$13,000,000
3502 Gillespie Street, Dallas, TX 75219
SINGLE_FAMILY - Dallas, TX
Property Size16,000 SF
Lot Size0.90 Acres
Price / SF$812.50
Days on Market15
Property Features for 3502 Gillespie Street
General Information
Property type
Residential
Property subtype
Office
Zoning description
MFR duplex, residential, and commercial office
Parking features
Parking Lot, Driveway
Fireplace
1
Subdivision
Websters
Lot features
Corner Lot, Landscaped
Directions
Corner of Sale Street and Gillespie Street
Standard status
Active Under Contract
APN
00000138844000000
Lot size
0.90 Acres
Taxes and HOA fees
Tax Description
J H WEBSTER BLK 1030 PT LTS 10 & 11 ACS 0.166
Tax Annual Amount
32073
Legal Description
J H WEBSTER BLK 1030 PT LTS 10 & 11 ACS 0.166
Utilities
Sewer type
Public Sewer
Heating system
Central, Fireplace(s)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1919
Floors in Building
2
Number of units
1
Flooring type
Tile, Wood
Building materials
Brick
Roof type
Composition
Listing Agency:
United Real Estate
(972) 372-0590
Listed By:
Julie Smith · License #0697281
(972) 372-0590
Added: Jul 19
Changed: Aug 1
Last Checked: Aug 2 at 12:06PM
MLS# 21025672
Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
3502 Gillespie Street in Dallas, Texas 75219 presents a one-acre urban compound with two residences and park-like grounds. The portfolio includes a 12,000 sq ft contemporary home designed by Bernbaum Magadini Architects, along with a 4,000 sq ft historic home that is zoned for commercial office use.
The contemporary residence spans three levels and is served by a full-sized elevator connecting all floors. A ground-floor mother-in-law suite includes a private kitchen and laundry, and the subterranean level features a 5-car underground garage. Additional dedicated amenities include a gym with an endless pool and water treadmill, a wet sauna, private spa, movie theater, and a golf simulator.
Design details include custom glass mosaics handcrafted by an Italian artisan, along with a connected smart-home setup featuring Lutron lighting and a Crestron AV system. The home also includes multiple outdoor and entertaining areas, including an outdoor lounge with grill and full kitchen on the top floor.
The contemporary residence spans three levels and is served by a full-sized elevator connecting all floors. A ground-floor mother-in-law suite includes a private kitchen and laundry, and the subterranean level features a 5-car underground garage. Additional dedicated amenities include a gym with an endless pool and water treadmill, a wet sauna, private spa, movie theater, and a golf simulator.
Design details include custom glass mosaics handcrafted by an Italian artisan, along with a connected smart-home setup featuring Lutron lighting and a Crestron AV system. The home also includes multiple outdoor and entertaining areas, including an outdoor lounge with grill and full kitchen on the top floor.
Key Highlights
- One‑acre urban compound with a 12,000 SF contemporary residence, a 4,000 SF historic home, and nearly half an acre of park‑like grounds
- Historic home is zoned for commercial office use and totals 4,000 SF
- Full‑sized elevator connects all three levels, including a ground‑floor mother‑in‑law suite with private kitchen and laundry
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.64M | $102.48 |
| − Vacancy | −$413.2k | −$25.82 |
| EGI | $1.23M | $76.66 |
| − OpEx | −$306.6k | −$19.16 |
| NOI | $919.9k | $57.49 |
16,000 SF · lease $102.48/SF/yr · vacancy 25.20% · expense 25.00%
Alternative Uses
Best Use
Office B
$13.14M
$11.50M – $15.33M
NOI $919,860 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$3.48M
$3.04M – $4.05M
NOI $243,296 @ 7.0% cap · market cap 1.87%
Theoretical Best
Office A
$19.20M
$16.80M – $22.40M
NOI $1,343,908 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,668
Businesses Nearby
Explore this area
Business Placement
Demographics for 75219, TX
27,885
Population
19,190
Households
1.5
Avg Household Size
36
Median Age
71%
College-Educated
94%
High-School Grad
2.3 sq mi
ZIP Area
12,124
Density / Sq Mi
$92,541
Median Household Income
$70,549
Median Earnings
$1,751
Median Rent
$377,900
Median Home Value
Market
Vacancy Rate% for Office in Dallas, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Urban one-acre compound featuring a contemporary 12,000-sq-ft residence and an office-zoned historic 4,000-sq-ft home.
Where is this single family property located?
The property is located at 3502 Gillespie Street Dallas, TX.
What is the asking price?
The asking price for this property is $13,000,000.
What are key features of this property?
This property features: One‑acre urban compound with a 12,000 SF contemporary residence, a 4,000 SF historic home, and nearly half an acre of park‑like grounds; Historic home is zoned for commercial office use and totals 4,000 SF; Full‑sized elevator connects all three levels, including a ground‑floor mother‑in‑law suite with private kitchen and laundry
