Multi-Building Flex
For Sale
Contact for pricing
Pending
575 Proffitt Street, Midlothian, TX 76065
Three structures combine office, warehouse, workshop, storage, and restroom areas for varied commercial operations.
Property Size17,451 SF
Days on Market641
Property Features for 575 Proffitt Street
General Information
Standard status
Pending
Size
17,451 SF
Property subtype
Industrial
Additional Details
Road Access
Yes
Building Details
Buildings
3
Listing Agency:
Century 21 Judge Fite Company Midlothian
(817) 960-9611
Listed By:
Jamie Wickliffe · License #TX
Source:
Crexi
Added: Nov 28, 2024
Changed: Aug 30
Last Checked: Aug 30 at 10:35PM
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 Century 21 Judge Fite Company Midlothian
Investment Insights
Based on property information with market context.
This flex property includes three separate structures totaling 17,451 square feet. Building A contains 13,130 square feet with an updated office area featuring LED lighting and new flooring, plus warehouse space served by three bay doors with drive-through capability. A separate storage or office area includes a restroom.
Building B adds 3,721 square feet with a reception area, two substantial workshop areas, four bay doors, and a sliding door connecting to the rear shop. Building C contributes 576 square feet and includes a 24-by-24 shop with a 10-by-12 bay door. The combined configuration accommodates office, workshop, storage, and operational uses within one property.
Building B adds 3,721 square feet with a reception area, two substantial workshop areas, four bay doors, and a sliding door connecting to the rear shop. Building C contributes 576 square feet and includes a 24-by-24 shop with a 10-by-12 bay door. The combined configuration accommodates office, workshop, storage, and operational uses within one property.
Key Highlights
- 17,451 square feet across three buildings
- Building A: 13,130 square feet with office and warehouse areas
- Building A warehouse has three bay doors and drive‑through access
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
$121,352
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
5.52%
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%
$2,427,040
$2.4M
Cap Rate 7%
$1,733,600
$1.7M
Cap Rate 9%
$1,348,356
$1.3M
Market Conditions
NOI Build-Up for 17,451 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
$157.1K $9.00/SF
− Vacancy
−$14.3K −$0.82/SF
EGI
$142.8K $8.18/SF
− OpEx
−$21.4K −$1.23/SF
NOI
$121.4K $6.95/SF
Area
Ellis County, TX
Vacancy
9.10%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$2,427,040
Cap Rate 7%
$1,733,600
Cap Rate 9%
$1,348,356
Alternative Uses
Best Use
Office B
$4.17M
$3.65M – $4.87M
NOI $291,904 @ 7.0% cap · market cap 13.27%
Second Best
Warehouse
$1.73M
$1.52M – $2.02M
NOI $121,352 @ 7.0% cap · market cap 5.52%
Theoretical Best
Multifamily LT 5
$190.42M
$166.62M – $222.16M
NOI $13,329,342 @ 7.0% cap · market cap 605.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
447
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 76065, TX
42,827
Population
15,081
Households
2.8
Avg Household Size
37
Median Age
36%
College-Educated
92%
High-School Grad
100.9 sq mi
ZIP Area
424
Density / Sq Mi
$123,664
Median Household Income
$61,420
Median Earnings
$1,873
Median Rent
$378,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Three structures combine office, warehouse, workshop, storage, and restroom areas for varied commercial operations.
Where is this flex space located?
The property is located at 575 Proffitt Street Midlothian, TX.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 17,451 square feet across three buildings; Building A: 13,130 square feet with office and warehouse areas; Building A warehouse has three bay doors and drive‑through access
