Luxury Garage Condo with
For Sale
$549,999
2137 Chelsea Rd A13, Allen, TX 75013
Upgraded 1,000 SF garage condo with loft, gym, and sauna.
Property Size1,000 SF
Lot Size8.64 Acres
Days on Market270
Property Features for 2137 Chelsea Rd A13
General Information
Standard status
Active
Size
1,000 SF
Lot size
8.64 Acres
Property subtype
Industrial
Building Details
Building Size
1,000 SF
Year Built
2018
Stories
2
Units
1
Listing Agency:
Signature Real Estate Group
(682) 551-8954
Listed By:
Nav Singh · License #0677564
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 21
Last Checked: Aug 24 at 6:31AM
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 Signature Real Estate Group
Investment Insights
Based on property information with market context.
This is a rare opportunity to own a fully upgraded 1,000 SF garage condo in the Garages of Texas community. The unit features a custom loft, private gym, sauna, and full bathroom, with over $120,000 in premium finish-out already completed. It is suitable for collectors, builders, or those seeking a high-end personal workspace or storage solution. The unit is painted, floored, and turnkey ready.
Key Highlights
- Fully Upgraded 1,000 SF Garage Condo
- Features a Custom Loft, Private Gym, Sauna, and Full Bathroom
- Over $120,000 in Premium Finish‑Out
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
$18,554
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
3.37%
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%
$371,080
$371.1K
Cap Rate 7%
$265,057
$265.1K
Cap Rate 9%
$206,156
$206.2K
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
−$3.3K −$3.27/SF
NOI
$18.6K $18.55/SF
Area
Allen, TX
Vacancy
9.50%
Lease Rate
$24.12 /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%
$371,080
Cap Rate 7%
$265,057
Cap Rate 9%
$206,156
Alternative Uses
Best Use
Warehouse
$265.1K
$231.9K – $309.2K
NOI $18,554 @ 7.0% cap · market cap 3.37%
Second Best
Industrial
$218.3K
$191.0K – $254.7K
NOI $15,280 @ 7.0% cap · market cap 2.78%
Theoretical Best
—
—
same as Best Use
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
Balanced
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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Upgraded 1,000 SF garage condo with loft, gym, and sauna.
Where is this flex space located?
The property is located at 2137 Chelsea Rd A13 Allen, TX.
What is the asking price?
The asking price for this property is $549,999.
What are key features of this property?
This property features: Fully Upgraded 1,000 SF Garage Condo; Features a Custom Loft, Private Gym, Sauna, and Full Bathroom; Over $120,000 in Premium Finish‑Out
