New Flex Industrial
For Sale
$4,850,000
17332 Gaffield Road, Justin, TX 76247
CommercialSale, Justin, TX
Property Size36,000 SF
Lot Size2.34 Acres
Price / SF$134.72
Days on Market104
Property Features for 17332 Gaffield Road
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
Mini Industrial Park
Parking features
Secured
Security features
Security
Subdivision
Hanby View Estates
Lot features
Level
Directions
FM 156 aka Blue Mound Rd to Gaffield Rd to property on the left
Standard status
Active
APN
R87619
Size
36,000 SF
Lot size
2.34 Acres
Taxes and HOA fees
Tax Description
HANBY VIEW ESTATES LOT 22 SN#1 EMCOKS28641046
Tax Annual Amount
2860
Legal Description
HANBY VIEW ESTATES LOT 22 SN#1 EMCOKS28641046
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Amenities
gated security
Building Details
Year built
2026
Floors in Building
1
Number of units
24
Flooring type
Concrete
Building materials
MetalSiding
Roof type
Metal
Listing Agency:
eXp Realty, LLC
(888) 519-7431
Listed By:
Mark Anderson · License #0669551
(817) 706-5468
Added: Jun 5
Changed: Sep 14
Last Checked: Sep 16 at 7:06AM
MLS# 21227912
Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This under-construction flex space project will deliver a six-building mini industrial park totaling 36,000 square feet. Each building is planned at 6,000 square feet and can be divided into as many as four 1,500-square-foot units, creating up to 24 flexible industrial bays. Developer build-to-suit capability allows customized layouts. The improvements are designed with metal siding, metal roofing, concrete flooring, central electric heating, and central electric air conditioning.
The 2.342-acre property is located at 17332 Gaffield Road in Justin, Texas, within Denton County. Secured parking features and a gated setting are planned for the project. Construction is ongoing, with completion identified for 2026.
The 2.342-acre property is located at 17332 Gaffield Road in Justin, Texas, within Denton County. Secured parking features and a gated setting are planned for the project. Construction is ongoing, with completion identified for 2026.
Key Highlights
- Six buildings totaling 36,000 sq ft
- Each building measures 6,000 sq ft and can be divided into four 1,500 sq ft units
- Up to 24 flexible industrial bays across the project
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
$184,778
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
3.81%
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%
$3,695,560
$3.7M
Cap Rate 7%
$2,639,686
$2.6M
Cap Rate 9%
$2,053,089
$2.1M
Market Conditions
NOI Build-Up for 36,000 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
$289.4K $8.04/SF
− Vacancy
−$25.5K −$0.71/SF
EGI
$264.0K $7.33/SF
− OpEx
−$79.2K −$2.20/SF
NOI
$184.8K $5.13/SF
Area
Denton County, TX
Vacancy
8.80%
Lease Rate
$8.04 /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%
$3,695,560
Cap Rate 7%
$2,639,686
Cap Rate 9%
$2,053,089
Alternative Uses
Best Use
Industrial
$2.64M
$2.31M – $3.08M
NOI $184,778 @ 7.0% cap · market cap 3.81%
Second Best
Flex RnD
$2.57M
$2.25M – $3.00M
NOI $179,852 @ 7.0% cap · market cap 3.71%
Theoretical Best
Multifamily LT 5
$503.44M
$440.51M – $587.35M
NOI $35,240,751 @ 7.0% cap · market cap 726.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
126
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 76247, TX
17,178
Population
6,610
Households
2.6
Avg Household Size
36
Median Age
34%
College-Educated
97%
High-School Grad
74.4 sq mi
ZIP Area
231
Density / Sq Mi
$123,173
Median Household Income
$61,878
Median Earnings
$2,070
Median Rent
$372,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial 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 - Under-construction project offers gated security and divisible industrial bays.
Where is this flex space located?
The property is located at 17332 Gaffield Road Justin, TX.
What is the asking price?
The asking price for this property is $4,850,000.
What are key features of this property?
This property features: Six buildings totaling 36,000 sq ft; Each building measures 6,000 sq ft and can be divided into four 1,500 sq ft units; Up to 24 flexible industrial bays across the project
