Car Condo Near Allen
For Sale
$499,000
2137 Chelsea Rd E3, Allen, TX 75013
Car condo with upgrades and potential passive income.
Property Size2,080 SF
Lot Size8.64 Acres
Days on Market257
Property Features for 2137 Chelsea Rd E3
General Information
Standard status
Active
Size
2,080 SF
Lot size
8.64 Acres
Property subtype
Industrial
Building Details
Building Size
2,080 SF
Year Built
2018
Stories
1
Units
1
Listing Agency:
Texas Ally Real Estate Group
(512) 763-2559
Listed By:
Ingo Hagemann · License #0700787
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 10
Last Checked: Aug 11 at 9:17AM
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 Texas Ally Real Estate Group
Investment Insights
Based on property information with market context.
This car condo is located near Highway 75 and Stacy Road, adjacent to the Allen Premium Outlet Mall. The unit has been upgraded with a bathroom and an elevated living or loft office area. The future buyer will also receive two AutoStacker 6000lbs scissor lifts. The unit offers the opportunity to produce passive income by leasing. It is air conditioned and heated, protecting cars from the weather. The property is securely fenced and features cameras.
Key Highlights
- Upgraded with bathroom and elevated living/loft/office area.
- Includes 2 AutoStacker 6000lbs scissor lifts.
- Prime location near Highway 75 and Allen Premium Outlet Mall.
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
$33,468
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
6.71%
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%
$669,360
$669.4K
Cap Rate 7%
$478,114
$478.1K
Cap Rate 9%
$371,867
$371.9K
Market Conditions
NOI Build-Up for 2,080 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
$50.2K $24.12/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$47.8K $22.99/SF
− OpEx
−$14.3K −$6.90/SF
NOI
$33.5K $16.09/SF
Area
Allen, TX
Vacancy
4.70%
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%
$669,360
Cap Rate 7%
$478,114
Cap Rate 9%
$371,867
Alternative Uses
Best Use
Retail
$478.1K
$418.4K – $557.8K
NOI $33,468 @ 7.0% cap · market cap 6.71%
Second Best
Industrial
$454.0K
$397.3K – $529.7K
NOI $31,782 @ 7.0% cap · market cap 6.37%
Theoretical Best
Warehouse
$551.3K
$482.4K – $643.2K
NOI $38,593 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,797
Businesses Nearby
141k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 87%
Shops & Services 6%
Hotels & Casinos 6%
Beauty & Spa 1%
McDonald's
Dining
34,774 visits/mo
0.5 miles
Layne's Chicken Fingers
Dining
12,473 visits/mo
0.5 miles
Panda Express
Dining
11,609 visits/mo
0.3 miles
Wendy's
Dining
11,492 visits/mo
0.3 miles
Taco Bell
Dining
10,416 visits/mo
0.3 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Truck Rental Center at The Home Depot — 909 W McDermott Dr, Allen, TX 75013
- Intellegated Enterprises — 700 Central Expy S #400, Allen, TX 75013
- U-Haul Neighborhood Dealer — 101 N Greenville Ave C, Allen, TX 75002
Frequently Asked Questions
What type of property is this?
Parking lot & garage - Car condo with upgrades and potential passive income.
Where is this parking lot & garage located?
The property is located at 2137 Chelsea Rd E3 Allen, TX.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Upgraded with bathroom and elevated living/loft/office area.; Includes **2 AutoStacker 6000lbs scissor lifts.**; Prime location near Highway 75 and Allen Premium Outlet Mall.
