6-Unit Townhome Apartment
For Sale
$6,600,000
3202 Wexford Drive, Garland, TX 75043
ResidentialIncome, Garland, TX
Property Size24,258 SF
Lot Size5.04 Acres
Price / SF$272.08
Days on Market81
Property Features for 3202 Wexford Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
42
Bathrooms
54
Full bathrooms
36
Half bathrooms
18
Rooms
Bedroom 6, Bedroom 39, Bathroom 1, Bathroom 21, Bathroom 35, Bedroom 31, Bathroom 3, Bathroom 17, Bathroom 44, Bedroom 2, Bedroom 13, Bathroom 27, Bathroom 30, Bedroom 1, Bathroom 25, Bathroom 43, Bathroom 6, Bedroom 16, Bathroom 7, Bathroom 53, Bedroom 33, Bathroom 18, Bedroom 35, Bedroom 17, Bathroom 5, Bedroom 4, Bedroom 23, Bedroom 41, Bathroom 23, Bathroom 16, Bathroom 52, Bathroom 48, Bathroom 34, Bathroom 45, Bathroom 50, Bathroom 46, Bedroom 29, Bathroom 4, Bathroom 32, Bedroom 36, Bedroom 32, Bedroom 25, Bathroom 22, Bathroom 33, Bedroom 14, Bathroom 29, Bedroom 11, Bathroom 51, Bathroom 9, Bathroom 39, Bedroom 40, Bedroom 7, Bathroom 36, Bedroom 28, Bedroom 10, Bathroom 20, Bathroom 24, Bedroom 27, Bedroom 37, Bedroom 34, Bedroom 3, Bathroom 41, Bathroom 12, Bedroom 18, Bathroom 8, Bathroom 54, Bedroom 19, Bathroom 49, Bathroom 40, Bedroom 42, Bathroom 2, Bathroom 31, Bathroom 28, Bathroom 10, Bathroom 11, Bathroom 15, Bathroom 14, Bedroom 26, Bedroom 8, Bedroom 38, Bathroom 47, Bedroom 21, Bathroom 19, Bedroom 30, Bedroom 5, Bathroom 13, Bedroom 9, Bathroom 26, Bathroom 42, Bedroom 22, Bedroom 20, Bedroom 24, Bedroom 12, Bathroom 37, Bathroom 38, Bedroom 15
Parking
36
Appliances
Dishwasher, Microwave
Subdivision
John Little
Elementary school
Choice Of School
Middle school
Choice Of School
High school
Choice Of School
Elementary school district
Garland ISD
Middle school district
Garland ISD
High school district
Garland ISD
Directions
GPS
Standard status
Active
APN
26C68000000003202
Size
24,258 SF
Lot size
5.04 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Building Details
Year built
2022
Floors in Building
2
Number of units
18
Building materials
Brick
Roof type
Shingle
Listing Agency:
Equitify Realty
(972) 345-2062
Listed By:
Huma Azim · License #0575698
(214) 763-0411
Added: Jul 10
Changed: Sep 24
Last Checked: Sep 28 at 10:06AM
MLS# 21264928
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 townhome apartment property is planned in six-unit buildings, with up to three buildings and 18 residences available. Each building includes two homes in each of three layouts: Unit A at 1,743 square feet, Unit B at 1,600 square feet, and Unit C at 1,594 square feet. Construction is underway, and the buildings are brick with central heating and central air. Dishwashers and microwaves are included; public water and sewer serve the property.
The 5.04-acre property is in Garland, 1.5 miles from Lake Ray Hubbard and 7 miles from the Dallas Arboretum. It is located within a QCT.
The 5.04-acre property is in Garland, 1.5 miles from Lake Ray Hubbard and 7 miles from the Dallas Arboretum. It is located within a QCT.
Key Highlights
- Up to 18 townhome residences across three six‑unit buildings
- Each building has two Unit A homes at 1,743 square feet, two Unit B homes at 1,600 square feet, and two Unit C homes at 1,594 square feet
- 5.04‑acre property in Garland
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
$368,867
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
5.59%
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%
$7,377,340
$7.4M
Cap Rate 7%
$5,269,529
$5.3M
Cap Rate 9%
$4,098,522
$4.1M
Market Conditions
NOI Build-Up for 24,258 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
$751.0K $30.96/SF
− Vacancy
−$80.4K −$3.31/SF
EGI
$670.7K $27.65/SF
− OpEx
−$301.8K −$12.44/SF
NOI
$368.9K $15.21/SF
Area
Garland, TX
Vacancy
10.70%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
45.00%
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%
$7,377,340
Cap Rate 7%
$5,269,529
Cap Rate 9%
$4,098,522
Alternative Uses
Best Use
Apartment 5plus
$5.27M
$4.61M – $6.15M
NOI $368,867 @ 7.0% cap · market cap 5.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$29.11M
$25.47M – $33.96M
NOI $2,037,532 @ 7.0% cap · market cap 30.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
734
Businesses Nearby
Explore this area
Business Placement
Demographics for 75043, TX
63,973
Population
23,439
Households
2.7
Avg Household Size
36
Median Age
25%
College-Educated
84%
High-School Grad
14.7 sq mi
ZIP Area
4,352
Density / Sq Mi
$75,454
Median Household Income
$39,062
Median Earnings
$1,467
Median Rent
$253,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Each building combines three townhome layouts, with two residences of each type.
Where is this apartment building located?
The property is located at 3202 Wexford Drive Garland, TX.
What is the asking price?
The asking price for this property is $6,600,000.
What are key features of this property?
This property features: Up to 18 townhome residences across three six‑unit buildings; Each building has two Unit A homes at 1,743 square feet, two Unit B homes at 1,600 square feet, and two Unit C homes at 1,594 square feet; 5.04‑acre property in Garland
