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    Luxury Flex Garage Condo with Loft Title is generated by Realmo AI

    2137 Chelsea Road, Allen, TX 75013

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    Claim this Listing
    For Sale
    $549,999

    COMMERCIAL - Allen, TX

    Lot size:
    8.64 Acres
    Added:
    Apr 23, 2026
    Days on Market:
    41
    Last Refresh:
    Jun 2 at 11:06 pm

    Property Features for 2137 Chelsea Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Covered
    Standard status
    Active
    APN
    R1147600A0A131
    Lot size
    8.64 Acres

    Taxes and HOA fees

    Tax Description
    GARAGES OF TEXAS @ STARCREEK (CAL), BLDG A, U
    Tax Annual Amount
    6501

    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

    We can help!

    Listing Contact
    Nav Singh

    Listing agent Nav Singh License #0677564

    Listing office Signature Real Estate Group Arlington, TX

    Listing date Apr 23, 2026

    MLS# 21017986

    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.

    HighLights

    • Fully upgraded 1,000 SF garage condo in the Garages of Texas community
    • Includes a custom loft plus a private gym and sauna
    • Garage condo features a full bathroom
    • Central heating and central air
    • Metal roof; concrete flooring; concrete and stucco construction
    • Covered parking; public water and public sewer

    Overview

    This luxury flex garage condo offers a fully upgraded, turnkey interior with a custom loft and a dedicated, private setup designed for everyday use. The unit includes a private gym, sauna, and full bathroom, with premium finish-out already completed, totaling more than $120,000. The space has been painted and floored, creating a ready-to-use environment for storage, projects, or a high-end personal workspace. The offering is positioned as a 1,000 SF garage condo within the Garages of Texas community.

    Located at 2137 Chelsea Road in Allen, Texas 75013, this opportunity is part of the exclusive Garages of Texas community. The community setting is a key part of the value proposition for buyers looking for a distinctive, well-finished garage-oriented product rather than a traditional commercial unit.

    This property is well suited for collectors and builders who want controlled, garage-based utility with interior comforts and upgrades already in place. It also fits buyers seeking a refined, personal workspace or a premium storage solution, with the flexibility of a flex-style garage condo format and the convenience of being fully finished and ready for use upon purchase.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Similar Places Nearby

    • Anum's Kitchen — 270 S Watters Rd, Allen, TX 75013
    • Firehouse Subs W Mcdermott Dr — 503 W McDermott Dr #150, Allen, TX 75013

    Map

    City
    Allen
    County
    Collin
    State
    Texas
    Longitude
    -96.663519
    Latitude
    33.135928

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    FAQs

    What type of property is this?
    Flex space - Turnkey garage condo featuring a custom loft, private gym, sauna, and full bath—ideal for collectors or personal workspace needs.
    Where is this flex space located?
    The property is located at 2137 Chelsea Road 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 in the Garages of Texas community; Includes a custom loft plus a private gym and sauna; Garage condo features a full bathroom
    (682) 551-8954
    We can help!
    Listing Contact
    Nav Singh
    Real Estate License ID: 0677564
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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