Specialty-Use Church
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1224 N Josey Ln, Carrollton, TX 75006
Former specialty-use space along an established commercial corridor with access to retail, office, and service businesses.
Property Size4,275 SF
Price / SF$233.92
Days on Market7
Property Features for 1224 N Josey Ln
General Information
Standard status
Active
Size
4,275 SF
Property subtype
Office, Special Purpose
Additional Details
Highway Access
Yes
Listing Agency:
Texas Legacy Realty
Listed By:
Jake Jeong · License #820122
(214) 680-8422
Source:
Crexi
Added: Sep 4
Changed: Sep 9
Last Checked: Sep 9 at 4:06PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Texas Legacy Realty
Investment Insights
Based on property information with market context.
This 4,275 SF property is classified as a church and religious facility and was formerly used for a specialty purpose. The space may suit office users, small- to mid-sized businesses, or other specialty commercial applications, subject to applicable zoning and approvals.
Located near Josey Lane and Belt Line Road in Carrollton, the property sits within an established commercial corridor that includes retail, office, and service-oriented businesses. Access extends to the broader Carrollton trade area through nearby President George Bush Turnpike and I-35E. The location provides exposure to surrounding commercial activity and a range of neighboring business uses.
Located near Josey Lane and Belt Line Road in Carrollton, the property sits within an established commercial corridor that includes retail, office, and service-oriented businesses. Access extends to the broader Carrollton trade area through nearby President George Bush Turnpike and I-35E. The location provides exposure to surrounding commercial activity and a range of neighboring business uses.
Key Highlights
- 4,275 SF gross leasable area
- Classified as a church and religious facility
- Former specialty‑use property
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$52,954
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.30%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,059,080
$1.1M
Cap Rate 7%
$756,486
$756.5K
Cap Rate 9%
$588,378
$588.4K
Market Conditions
NOI Build-Up for 4,275 SF
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.
Gross rent
$94.4K $22.08/SF
− Vacancy
−$23.8K −$5.56/SF
EGI
$70.6K $16.52/SF
− OpEx
−$17.7K −$4.13/SF
NOI
$53.0K $12.39/SF
Area
Carrollton, TX
Vacancy
25.20%
Lease Rate
$22.08 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,059,080
Cap Rate 7%
$756,486
Cap Rate 9%
$588,378
Alternative Uses
Best Use
Office B
$756.5K
$661.9K – $882.6K
NOI $52,954 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.05M
$920.3K – $1.23M
NOI $73,623 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
897
Businesses Nearby
Explore this area
Business Placement
Demographics for 75006, TX
47,811
Population
19,549
Households
2.4
Avg Household Size
37
Median Age
33%
College-Educated
83%
High-School Grad
17.1 sq mi
ZIP Area
2,796
Density / Sq Mi
$79,466
Median Household Income
$43,403
Median Earnings
$1,528
Median Rent
$296,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Former specialty-use space along an established commercial corridor with access to retail, office, and service businesses.
Where is this church & religious facility located?
The property is located at 1224 N Josey Ln Carrollton, TX.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 4,275 SF gross leasable area; Classified as a church and religious facility; Former specialty‑use property
