Former Assisted Living
For Sale
Contact for pricing
3450 Wagon Wheel Rd, Garland, TX 75044
Large capacity assisted living facility on 7.14 acres.
Property Size74,562 SF
Lot Size7.14 Acres
Price / SF$295.06
Days on Market737
Property Features for 3450 Wagon Wheel Rd
General Information
Standard status
Active
Size
74,562 SF
Lot size
7.14 Acres
Property subtype
Multifamily, Senior Living
Zoning
Z239
Building Details
Year Built
2008
Listing Agency:
Brisky Net Lease
(612) 413-4200
Listed By:
Brian Brisky · License #MN 40546562
Source:
Crexi
Added: Aug 5, 2024
Changed: Aug 8
Last Checked: May 12 at 9:15PM
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 Brisky Net Lease
Investment Insights
Based on property information with market context.
The property is a former assisted living center situated on 7.14 acres. The facility features 108 rooms, accommodating up to 166 beds. It is located in a high-traffic area with over 20,000 vehicles per day, surrounded by numerous national retailers. The property includes 100 parking spaces, with handicap parking available. Additional features include a full kitchen and a fitness center. The surrounding area has a high population count, with 124,347 residents within a 3-mile radius and 324,123 residents within a 5-mile radius. The population has grown 1.1% over the last 5 years and is expected to continue to grow. The average household income within a 5-mile radius is $95,564. Seniors 65 and older represent 13.9% of Texas' population, or 4.1 million residents. The population is forecasted to increase 6.6% between 2021 and 2026, adding 2 million residents.
Key Highlights
- Large Capacity: 108 rooms accommodating up to 166 beds.
- High Population Density: 124,347 residents within 3 miles, 324,123 within 5 miles.
- Growing Senior Population: Significant growth expected in the senior and elderly care market in Dallas.
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
$1,133,790
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
5.15%
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%
$22,675,800
$22.7M
Cap Rate 7%
$16,197,000
$16.2M
Cap Rate 9%
$12,597,667
$12.6M
Market Conditions
NOI Build-Up for 74,562 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
$2.31M $30.96/SF
− Vacancy
−$247.0K −$3.31/SF
EGI
$2.06M $27.65/SF
− OpEx
−$927.6K −$12.44/SF
NOI
$1.13M $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%
$22,675,800
Cap Rate 7%
$16,197,000
Cap Rate 9%
$12,597,667
Alternative Uses
Best Use
Apartment 5plus
$16.20M
$14.17M – $18.90M
NOI $1,133,790 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$89.47M
$78.28M – $104.38M
NOI $6,262,779 @ 7.0% cap · market cap 28.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
532
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75044, TX
46,094
Population
17,491
Households
2.6
Avg Household Size
39
Median Age
40%
College-Educated
90%
High-School Grad
10.6 sq mi
ZIP Area
4,348
Density / Sq Mi
$89,631
Median Household Income
$46,833
Median Earnings
$1,714
Median Rent
$305,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Assisted living facility - Large capacity assisted living facility on 7.14 acres.
Where is this assisted living facility located?
The property is located at 3450 Wagon Wheel Rd Garland, TX.
What is the asking price?
The asking price for this property is $22,000,000.
What are key features of this property?
This property features: Large Capacity: 108 rooms accommodating up to 166 beds.; High Population Density: 124,347 residents within 3 miles, 324,123 within 5 miles.; Growing Senior Population: Significant growth expected in the senior and elderly care market in Dallas.
