Multi-Tenant Retail Center with
For Sale
$7,880,000
9701 Harmon Rd, Fort Worth, TX 76177
Fully occupied multi-tenant retail center anchored by WellMed, constructed in 2018 with triple-net leases and renewal options.
Property Size17,708 SF
Lot Size3.42 Acres
Price / SF$444
Days on Market142
Property Features for 9701 Harmon Rd
General Information
Standard status
Active
Size
17,708 SF
Lot size
3.42 Acres
Property subtype
Shopping Strip
Occupancy
100%
Additional Details
Cap Rate
6.25%
Highway Access
Yes
Amenities
FULLY STABILIZED, THREE-TENANT RETAIL CENTER
MEDICAL-ORIENTED TENANT BASE (93% OF GLA), ANCHORED BY WELLMED CLINIC
BELOW-MARKET RENTS
STRATEGIC LOCATION NEAR ALLIANCETEXAS, A PREMIER ECONOMIC ENGINE
Building Details
Building Size
17,708 SF
Year Built
2018
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Dallas
(972) 755-5225
Listed By:
Philip Levy · License #License(s): TX: 0522087-SA
(972) 755-5225
Source:
Marcusmillichap
Added: Apr 4
Changed: Aug 8
Last Checked: Aug 23 at 2:30AM
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 Marcus & Millichap - Dallas
Investment Insights
Based on property information with market context.
Harmon Village is a fully occupied, 17,708-square-foot multi-tenant retail center with a tenant mix that includes WellMed, Bella Smiles Dental, and Donut King. The center was constructed in 2018 and is leased on a triple-net basis; all leases include options for renewal. The property sits on approximately 3.42 acres with a concrete parking lot.
The center is located on Harmon Road near the roundabout intersection with Heritage Trace Parkway, with close proximity to Interstate 35 West. The data provided indicates that Interstate 35 West carries more than 104,141 vehicles per day. Harmon Village is also less than a mile from The Citadel, a master planned development currently under construction, and near AllianceTexas, a 27,000-acre master-planned development described as a major regional employment hub.
This offering presents a stabilized retail investment with existing tenancy in place under NNN lease structures featuring renewal options.
The center is located on Harmon Road near the roundabout intersection with Heritage Trace Parkway, with close proximity to Interstate 35 West. The data provided indicates that Interstate 35 West carries more than 104,141 vehicles per day. Harmon Village is also less than a mile from The Citadel, a master planned development currently under construction, and near AllianceTexas, a 27,000-acre master-planned development described as a major regional employment hub.
This offering presents a stabilized retail investment with existing tenancy in place under NNN lease structures featuring renewal options.
Key Highlights
- 2018‑built, 17,708 SF fully occupied multi‑tenant retail center anchored by WellMed
- Triple‑net leases with renewal options for all tenants
- Approximately 3.42 acres with a concrete parking lot
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
$284,631
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
3.61%
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%
$5,692,620
$5.7M
Cap Rate 7%
$4,066,157
$4.1M
Cap Rate 9%
$3,162,567
$3.2M
Market Conditions
NOI Build-Up for 17,708 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
$427.1K $24.12/SF
− Vacancy
−$20.5K −$1.16/SF
EGI
$406.6K $22.96/SF
− OpEx
−$122.0K −$6.89/SF
NOI
$284.6K $16.07/SF
Area
Fort Worth, TX
Vacancy
4.80%
Lease Rate
$24.12 /SF/Yr
Expense Ratio
30.00%
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%
$5,692,620
Cap Rate 7%
$4,066,157
Cap Rate 9%
$3,162,567
Alternative Uses
Best Use
Retail
$4.07M
$3.56M – $4.74M
NOI $284,631 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.43M
$5.63M – $7.50M
NOI $450,279 @ 7.0% cap · market cap 5.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
7k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Popeyes Louisiana Kitchen
Dining
7,237 visits/mo
0.4 miles
Demographics for 76177, TX
23,001
Population
10,140
Households
2.3
Avg Household Size
32
Median Age
48%
College-Educated
98%
High-School Grad
20.6 sq mi
ZIP Area
1,117
Density / Sq Mi
$103,990
Median Household Income
$55,635
Median Earnings
$1,726
Median Rent
$349,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Fully occupied multi-tenant retail center anchored by WellMed, constructed in 2018 with triple-net leases and renewal options.
Where is this shopping center located?
The property is located at 9701 Harmon Rd Fort Worth, TX.
What is the asking price?
The asking price for this property is $7,880,000.
What are key features of this property?
This property features: 2018‑built, 17,708 SF fully occupied multi‑tenant retail center anchored by WellMed; Triple‑net leases with renewal options for all tenants; Approximately 3.42 acres with a concrete parking lot
