Industrial Flex Property with
For Sale
Contact for pricing
133 FM 2738, Alvarado, TX 76009
A separate office building and stabilized outdoor area complement the warehouse for logistics, fabrication, and service operations.
Property Size12,240 SF
Lot Size5.00 Acres
Price / SF$191.99
Days on Market126
Property Features for 133 FM 2738
General Information
Standard status
Active
Size
12,240 SF
Lot size
5.00 Acres
Property subtype
Office, Industrial, Land
Zoning
Outside City Limits, No Zoning
Site & Location
Highway Access
Yes
Road Access
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Warehouse Space
9,000 SF
Office Build-Out
3,240 SF
Building Details
Buildings
2
Listing Agency:
Tero
(972) 777-4141
Listed By:
Dustin Jordan · License #0661824
Source:
Crexi
Added: Apr 28
Changed: Aug 30
Last Checked: Aug 30 at 3:31PM
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 Tero
Investment Insights
Based on property information with market context.
The property combines a ±9,000 SF warehouse, a separate ±3,240 SF office building, and approximately ±5 acres of improved, stabilized yard. The warehouse includes five roll-up doors measuring 14'-16' high, providing loading and truck-access functionality. Office improvements offer professional workspace with abundant natural light. The yard accommodates outdoor storage, parking, or expansion.
Located along FM 2738 at 133 FM 2738, the property is outside Alvarado city limits in unincorporated Johnson County and is listed as Outside City Limits, No Zoning. Access to the area includes a 30-35-minute drive south from downtown Fort Worth via I-35W, a 10-minute drive south of HWY 287 in Midlothian, and proximity to HWY 67. A new 7-Eleven Fleet location is developing on the corner.
Located along FM 2738 at 133 FM 2738, the property is outside Alvarado city limits in unincorporated Johnson County and is listed as Outside City Limits, No Zoning. Access to the area includes a 30-35-minute drive south from downtown Fort Worth via I-35W, a 10-minute drive south of HWY 287 in Midlothian, and proximity to HWY 67. A new 7-Eleven Fleet location is developing on the corner.
Key Highlights
- ±9,000 SF warehouse with five roll‑up doors
- Separate ±3,240 SF office building with natural light
- ±5 acres of improved, stabilized yard
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
$204,739
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
8.71%
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%
$4,094,780
$4.1M
Cap Rate 7%
$2,924,843
$2.9M
Cap Rate 9%
$2,274,878
$2.3M
Market Conditions
NOI Build-Up for 12,240 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
$376.0K $30.72/SF
− Vacancy
−$103.0K −$8.42/SF
EGI
$273.0K $22.30/SF
− OpEx
−$68.2K −$5.58/SF
NOI
$204.7K $16.73/SF
Area
Johnson County, TX
Vacancy
27.40%
Lease Rate
$30.72 /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%
$4,094,780
Cap Rate 7%
$2,924,843
Cap Rate 9%
$2,274,878
Alternative Uses
Best Use
Office B
$2.92M
$2.56M – $3.41M
NOI $204,739 @ 7.0% cap · market cap 8.71%
Second Best
Warehouse
$1.22M
$1.06M – $1.42M
NOI $85,115 @ 7.0% cap · market cap 3.62%
Theoretical Best
Multifamily LT 5
$146.72M
$128.38M – $171.17M
NOI $10,270,162 @ 7.0% cap · market cap 437.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 76009, TX
23,376
Population
7,648
Households
3.1
Avg Household Size
37
Median Age
14%
College-Educated
75%
High-School Grad
98.0 sq mi
ZIP Area
239
Density / Sq Mi
$73,696
Median Household Income
$38,841
Median Earnings
$1,202
Median Rent
$211,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - A separate office building and stabilized outdoor area complement the warehouse for logistics, fabrication, and service operations.
Where is this flex space located?
The property is located at 133 FM 2738 Alvarado, TX.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: ±9,000 SF warehouse with five roll‑up doors; Separate ±3,240 SF office building with natural light; ±5 acres of improved, stabilized yard
