Under-Construction 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 Market118
Property Features for 3202 Wexford Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1
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
Central Air, Ceiling Fan(s)
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: May 12
Changed: Sep 4
Last Checked: Sep 6 at 3:06AM
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 under-construction apartment property comprises up to 18 townhome-style units across as many as three six-plex buildings at 3202 Wexford Drive. Each building is planned with two units 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. Brick construction, shingle roofs, central heating, central air, ceiling fans, dishwashers, and microwaves are specified. The buildings were constructed in 2022 and are situated on a 5.04-acre site with 24,258 square feet of property area.
The property is in Garland, Texas, 1.5 miles from Lake Ray Hubbard and 7 miles from the Dallas Arboretum. Public water and public sewer serve the site, and the property is located within a QCT.
The property is in Garland, Texas, 1.5 miles from Lake Ray Hubbard and 7 miles from the Dallas Arboretum. Public water and public sewer serve the site, and the property is located within a QCT.
Key Highlights
- Up to 18 townhome‑style apartment units across as many as three six‑plex buildings
- Three unit layouts per building: Unit A 1,743 SF, Unit B 1,600 SF, and Unit C 1,594 SF
- 5.04‑acre site with 24,258 square feet of property area
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
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Three brick six-plex buildings offer townhome-style layouts with public utilities and central heating and cooling.
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‑style apartment units across as many as three six‑plex buildings; Three unit layouts per building: Unit A 1,743 SF, Unit B 1,600 SF, and Unit C 1,594 SF; 5.04‑acre site with 24,258 square feet of property area
