Flex Garage Condo with
New
For Sale
$349,900
2137 Chelsea Boulevard, Allen, TX 75013
CommercialSale, Allen, TX
Property Size1,000 SF
Lot Size8.64 Acres
Price / SF$349.90
Days on Market4
Property Features for 2137 Chelsea Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Warehouse
Parking features
Covered
Subdivision
Garages Of Texas Starcreek
Directions
GPS or Exit onto Stacy Road (exit for Allen Premium Outlets). Head east on Stacy Road. Turn right onto Ridgeview Drive, then quickly left onto Watters Road. Turn left onto Chelsea Boulevard.
Standard status
Active
APN
R1147600E00E51
Lot size
8.64 Acres
Taxes and HOA fees
Tax Description
GARAGES OF TEXAS @ STARCREEK (CAL), BLDG E, U
Tax Annual Amount
5222
Legal Description
GARAGES OF TEXAS @ STARCREEK (CAL), BLDG E, U
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2018
Floors in Building
2
Number of units
1
Flooring type
Concrete
Building materials
Concrete, Stucco
Roof type
Metal
Listing Agency:
C21 Fine Homes Judge Fite · Century 21 Real Estate
(469) 621-0081
Listed By:
Rajshad Anderson · License #0595595
(214) 920-9611
Added: Sep 11
Last Checked: Sep 14 at 9:06AM
MLS# 21382556
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 1,000 SF garage condominium provides a flexible commercial ownership format with a custom loft and a full bathroom equipped with a shower. The unit was built in 2018 and includes concrete flooring, covered parking, central heating, and central air. Concrete and stucco construction, a metal roof, and public water and sewer service complete the property’s physical profile.
The condominium is located within the Garages of Texas community at the intersection of Highway 75 and Stacy Road. Allen Premium Outlet Mall is adjacent, and the property offers direct access to the highway corridor. The space can accommodate the needs described for vehicle storage, dedicated workspace, private retreat use, or storage, subject to applicable requirements.
The condominium is located within the Garages of Texas community at the intersection of Highway 75 and Stacy Road. Allen Premium Outlet Mall is adjacent, and the property offers direct access to the highway corridor. The space can accommodate the needs described for vehicle storage, dedicated workspace, private retreat use, or storage, subject to applicable requirements.
Key Highlights
- 1,000 SF garage condo with custom loft
- Full bathroom with shower
- Built in 2018
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
$15,280
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
4.37%
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%
$305,600
$305.6K
Cap Rate 7%
$218,286
$218.3K
Cap Rate 9%
$169,778
$169.8K
Market Conditions
NOI Build-Up for 1,000 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
$24.1K $24.12/SF
− Vacancy
−$2.3K −$2.29/SF
EGI
$21.8K $21.83/SF
− OpEx
−$6.5K −$6.55/SF
NOI
$15.3K $15.28/SF
Area
Allen, TX
Vacancy
9.50%
Lease Rate
$24.12 /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%
$305,600
Cap Rate 7%
$218,286
Cap Rate 9%
$169,778
Alternative Uses
Best Use
Industrial
$218.3K
$191.0K – $254.7K
NOI $15,280 @ 7.0% cap · market cap 4.37%
Second Best
Flex RnD
$202.7K
$177.4K – $236.5K
NOI $14,189 @ 7.0% cap · market cap 4.06%
Theoretical Best
Warehouse
$265.1K
$231.9K – $309.2K
NOI $18,554 @ 7.0% cap · market cap 5.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
755
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75013, TX
48,360
Population
18,341
Households
2.6
Avg Household Size
37
Median Age
65%
College-Educated
97%
High-School Grad
15.0 sq mi
ZIP Area
3,224
Density / Sq Mi
$151,618
Median Household Income
$77,367
Median Earnings
$1,810
Median Rent
$561,000
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
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Frequently Asked Questions
What type of property is this?
Flex space - Private flex space with a custom loft, full bathroom, and shower.
Where is this flex space located?
The property is located at 2137 Chelsea Boulevard Allen, TX.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 1,000 SF garage condo with custom loft; Full bathroom with shower; Built in 2018
