Freestanding Office
For Sale
$599,000
2814 Terrell Road, Greenville, TX 75402
CommercialSale, Greenville, TX
Property Size2,737 SF
Lot Size0.44 Acres
Price / SF$218.85
Days on Market52
Property Features for 2814 Terrell Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial
Subdivision
Greenville
Directions
Please use GPS
Standard status
Active
APN
45031
Lot size
0.44 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1985
Floors in Building
1
Number of units
1
Flooring type
Tile, Concrete, Vinyl
Building materials
Brick
Roof type
Metal
Listing Agency:
KARE Investment Sales & Leasing
Listed By:
Karan Aulakh , CCIM
(469) 471-6413
Added: Jul 29
Changed: Sep 17
Last Checked: Sep 18 at 10:06AM
MLS# 21343766
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 freestanding office building occupies approximately 0.437 acres at 2814 Terrell Road in Greenville. Built in 1985, the property features brick construction, a metal roof, vinyl, tile, and concrete flooring, along with central electric heating and cooling. Public water and sewer serve the site, which also includes on-site parking.
The property is positioned along a commercial corridor and is offered with a proposed sale-leaseback structure. The seller will enter into a five-year NN lease at closing, with 2% annual rent escalations and two additional five-year renewal options. The stated going-in cap rate is 6.85%.
The property is positioned along a commercial corridor and is offered with a proposed sale-leaseback structure. The seller will enter into a five-year NN lease at closing, with 2% annual rent escalations and two additional five-year renewal options. The stated going-in cap rate is 6.85%.
Key Highlights
- Approximately 0.437 acres at 2814 Terrell Road, Greenville, TX 75402
- Proposed five‑year NN lease at closing with 2% annual rent escalations
- Two additional five‑year renewal options
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
$34,710
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
5.79%
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%
$694,200
$694.2K
Cap Rate 7%
$495,857
$495.9K
Cap Rate 9%
$385,667
$385.7K
Market Conditions
NOI Build-Up for 2,737 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
$60.1K $21.96/SF
− Vacancy
−$13.8K −$5.05/SF
EGI
$46.3K $16.91/SF
− OpEx
−$11.6K −$4.23/SF
NOI
$34.7K $12.68/SF
Area
Hunt County, TX
Vacancy
23.00%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
25.00%
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%
$694,200
Cap Rate 7%
$495,857
Cap Rate 9%
$385,667
Alternative Uses
Best Use
Office B
$495.9K
$433.9K – $578.5K
NOI $34,710 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Industrial
$2.72M
$2.38M – $3.17M
NOI $190,376 @ 7.0% cap · market cap 31.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
555
Businesses Nearby
Explore this area
Business Placement
Demographics for 75402, TX
18,983
Population
8,024
Households
2.4
Avg Household Size
41
Median Age
32%
College-Educated
93%
High-School Grad
90.8 sq mi
ZIP Area
209
Density / Sq Mi
$77,602
Median Household Income
$46,076
Median Earnings
$1,414
Median Rent
$252,500
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Commercially zoned office property with on-site parking and a proposed five-year NN lease.
Where is this office building located?
The property is located at 2814 Terrell Road Greenville, TX.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Approximately 0.437 acres at 2814 Terrell Road, Greenville, TX 75402; Proposed five‑year NN lease at closing with 2% annual rent escalations; Two additional five‑year renewal options
