Flex Space with Living
For Sale
$175,000
18121 Brookfield Drive, Justin, TX 76247
Concrete-floored shop with air-conditioned living quarters, kitchen, full bath, water, and electricity already in place.
Property Size1,500 SF
Lot Size1.00 Acre
Price / SF$116.67
Days on Market42
Property Features for 18121 Brookfield Drive
General Information
Standard status
Active
Size
1,500 SF
Lot size
1.00 Acre
Property subtype
Land
Additional Details
Utilities to Site
Yes
Building Details
Buildings
1
Building Size
1,500 SF
Listing Agency:
Ebby Halliday, REALTORS
(972) 539-3000
Listed By:
Debra Rosser
Source:
Dallashighrisecondo
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 9:45AM
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 Ebby Halliday, REALTORS
Investment Insights
Based on property information with market context.
This flex-space property combines a 1-acre site with a 30x50 shop featuring concrete flooring and a tall garage door. A converted area within the building provides air-conditioned living space, a kitchen, and a full bath, creating a practical improvement package for work and occasional occupancy.
Water and electricity are already connected, and the property has no HOA. Located at 18121 Brookfield Drive in Justin, TX 76247, the site offers a shop-and-living configuration on acreage within the North Texas community.
Water and electricity are already connected, and the property has no HOA. Located at 18121 Brookfield Drive in Justin, TX 76247, the site offers a shop-and-living configuration on acreage within the North Texas community.
Key Highlights
- 1 Acre property at 18121 Brookfield Drive, Justin, TX 76247
- 30x50 shop with concrete flooring and a tall garage door
- Converted living area includes air conditioning, kitchen, and full bath
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
$7,699
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
4.40%
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%
$153,980
$154.0K
Cap Rate 7%
$109,986
$110.0K
Cap Rate 9%
$85,544
$85.5K
Market Conditions
NOI Build-Up for 1,500 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
$12.1K $8.04/SF
− Vacancy
−$1.1K −$0.71/SF
EGI
$11.0K $7.33/SF
− OpEx
−$3.3K −$2.20/SF
NOI
$7.7K $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%
$153,980
Cap Rate 7%
$109,986
Cap Rate 9%
$85,544
Alternative Uses
Best Use
Industrial
$110.0K
$96.2K – $128.3K
NOI $7,699 @ 7.0% cap · market cap 4.40%
Second Best
Flex RnD
$107.1K
$93.7K – $124.9K
NOI $7,494 @ 7.0% cap · market cap 4.28%
Theoretical Best
Multifamily LT 5
$20.98M
$18.35M – $24.47M
NOI $1,468,365 @ 7.0% cap · market cap 839.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Well-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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Concrete-floored shop with air-conditioned living quarters, kitchen, full bath, water, and electricity already in place.
Where is this flex space located?
The property is located at 18121 Brookfield Drive Justin, TX.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 1 Acre property at 18121 Brookfield Drive, Justin, TX 76247; 30x50 shop with concrete flooring and a tall garage door; Converted living area includes air conditioning, kitchen, and full bath
