Industrial Warehouse with Expansion
New
For Sale
$3,400,000
9660 Green Rd, Converse, TX 78109
2015-built industrial facility with grade-level loading, substantial power, and additional land for future development.
Property Size19,404 SF
Lot Size2.50 Acres
Price / SF$175.22
Days on Market2
Property Features for 9660 Green Rd
General Information
Standard status
Active
Size
19,404 SF
Lot size
2.50 Acres
Property subtype
Warehouse
Zoning
I-1
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
20 ft
Drive-In Doors
12
Three-Phase Power
Yes
Additional Details
Cap Rate
7.13%
Amenities
Two-Building 19,404-Square-Foot Industrial Asset Situated on 2.50 Acres
2015 Metal Construction Featuring 20' Clear Height, 12 Grade-Level Doors, 3-Phase Power, LED Lighting, I-1 Zoning, and Excess Land for Future Development
Five-Year NNN Sale-Leaseback Opportunity at $12.50/SF with 3.0% Escalations and One Option to Extend, Generating 7.13% Cap Rate
Occupied by Alpha Millworks Inc., Custom Millwork Fabricator for Office, Residential, and Hospitality
Well-Positioned in High-Growth Northeast Submarket with Large 52.7 Million SF Inventory, Up 24% Since 2016
Located 14 Miles East of Downtown San Antonio with Direct Access to I-10 and Loop 1604, and Proximity to Major Distribution Nodes
Building Details
Building Size
19,404 SF
Year Built
2015
Construction
metal
Listing Agency:
San Antonio Office
Listed By:
Eugenio Valladares · License #License(s): TX: 830404
(210) 343-7814
Source:
Marcusmillichap
Added: Sep 6
Last Checked: Sep 7 at 4:34AM
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 San Antonio Office
Investment Insights
Based on property information with market context.
This 19,404-square-foot industrial warehouse occupies 2.50 acres and was built in 2015 with metal construction. The facility offers 20' clear height, 12 grade-level doors, 3-phase power, LED lighting, and I-1 zoning. Excess land supports the potential for an additional 10,000-square-foot development, subject to applicable approvals.
The property is 14 miles east of downtown San Antonio with direct access to Interstate 10 and Texas State Highway Loop 1604. It is occupied by Alpha Millworks Inc., a custom millwork fabricator serving office, residential, and hospitality projects.
The offering includes a five-year triple-net sale-leaseback with 3.0 percent rent escalations and one option to extend for 2 more years. The stated cap rate is 7.13 percent.
The property is 14 miles east of downtown San Antonio with direct access to Interstate 10 and Texas State Highway Loop 1604. It is occupied by Alpha Millworks Inc., a custom millwork fabricator serving office, residential, and hospitality projects.
The offering includes a five-year triple-net sale-leaseback with 3.0 percent rent escalations and one option to extend for 2 more years. The stated cap rate is 7.13 percent.
Key Highlights
- 19,404 square feet of industrial space on 2.50 acres
- 20' clear height with 12 grade‑level doors
- 3‑phase power and LED lighting
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
$134,710
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
3.96%
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%
$2,694,200
$2.7M
Cap Rate 7%
$1,924,429
$1.9M
Cap Rate 9%
$1,496,778
$1.5M
Market Conditions
NOI Build-Up for 19,404 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
$174.6K $9.00/SF
− Vacancy
−$16.2K −$0.83/SF
EGI
$158.5K $8.17/SF
− OpEx
−$23.8K −$1.23/SF
NOI
$134.7K $6.94/SF
Area
Bexar County, TX
Vacancy
9.25%
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%
$2,694,200
Cap Rate 7%
$1,924,429
Cap Rate 9%
$1,496,778
Alternative Uses
Best Use
Warehouse
$1.92M
$1.68M – $2.25M
NOI $134,710 @ 7.0% cap · market cap 3.96%
Second Best
Industrial
$1.58M
$1.39M – $1.85M
NOI $110,938 @ 7.0% cap · market cap 3.26%
Theoretical Best
Office A
$5.25M
$4.60M – $6.13M
NOI $367,626 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
12
Drive-in doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
34
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78109, TX
52,093
Population
19,279
Households
2.7
Avg Household Size
33
Median Age
31%
College-Educated
92%
High-School Grad
27.8 sq mi
ZIP Area
1,874
Density / Sq Mi
$87,635
Median Household Income
$44,182
Median Earnings
$1,645
Median Rent
$241,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - 2015-built industrial facility with grade-level loading, substantial power, and additional land for future development.
Where is this warehouse located?
The property is located at 9660 Green Rd Converse, TX.
What is the asking price?
The asking price for this property is $3,400,000.
What are key features of this property?
This property features: 19,404 square feet of industrial space on 2.50 acres; 20' clear height with 12 grade‑level doors; 3‑phase power and LED lighting
