Vacant Multi-Tenant Flex
For Sale
Contact for pricing
3517 Miller Park Dr, Garland, TX 75042
Flexible industrial space offers individually metered suites with HVAC, roll-up doors, offices, and two restrooms per suite.
Property Size32,755 SF
Price / SF$125.02
Days on Market163
Property Features for 3517 Miller Park Dr
General Information
Standard status
Active
Size
32,755 SF
Property subtype
Industrial, Mixed Use, Retail, Special Purpose
Zoning
MI
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1967
Stories
1
Units
13
Listing Agency:
Structure Commercial
(817) 714-8395
Listed By:
Troy Morgan, CCIM · License #TX 543987
Source:
Crexi
Added: Mar 23
Changed: Aug 30
Last Checked: Sep 1 at 3:01AM
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 Structure Commercial
Investment Insights
Based on property information with market context.
This 32,755-square-foot flex property is essentially vacant and configured for either single-tenant or multi-tenant occupancy. The building contains 13 suites ranging from 1,700 to 3,800 square feet, with each suite individually metered and equipped with 100% HVAC, a roll-up door, an office, and two restrooms. The property was built in 1967 and is zoned MI.
A TPO roof installed less than three years ago provides a recent building improvement. The suite layout supports users seeking a combination of conditioned space, office functionality, and roll-up access within an industrial-oriented property.
A TPO roof installed less than three years ago provides a recent building improvement. The suite layout supports users seeking a combination of conditioned space, office functionality, and roll-up access within an industrial-oriented property.
Key Highlights
- 32,755 SF flex property with 13 suites
- Suites range from 1,700 - 3,800 SF each
- Individually metered suites with 100% HVAC
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
$335,713
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
8.20%
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%
$6,714,260
$6.7M
Cap Rate 7%
$4,795,900
$4.8M
Cap Rate 9%
$3,730,144
$3.7M
Market Conditions
NOI Build-Up for 32,755 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
$573.9K $17.52/SF
− Vacancy
−$57.4K −$1.75/SF
EGI
$516.5K $15.77/SF
− OpEx
−$180.8K −$5.52/SF
NOI
$335.7K $10.25/SF
Area
Garland, TX
Vacancy
10.00%
Lease Rate
$17.52 /SF/Yr
Expense Ratio
35.00%
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%
$6,714,260
Cap Rate 7%
$4,795,900
Cap Rate 9%
$3,730,144
Alternative Uses
Best Use
Flex RnD
$4.80M
$4.20M – $5.60M
NOI $335,713 @ 7.0% cap · market cap 8.20%
Second Best
Warehouse
$3.59M
$3.14M – $4.18M
NOI $250,960 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$39.30M
$34.39M – $45.85M
NOI $2,751,231 @ 7.0% cap · market cap 67.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,014
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75042, TX
39,148
Population
11,791
Households
3.3
Avg Household Size
33
Median Age
16%
College-Educated
69%
High-School Grad
7.6 sq mi
ZIP Area
5,151
Density / Sq Mi
$63,531
Median Household Income
$32,476
Median Earnings
$1,336
Median Rent
$221,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Chef Mollie G LLC — 4315 Action St, Garland, TX 75042
- Thornhill Catering — 4315 Action St, Garland, TX 75042
- Sweetly Seasoned Food Trailer and Catering — 4315 Action St, Garland, TX 75042
- O's Kitchen Catering — 520 Shepherd Dr, Garland, TX 75042
- The Bop Bop — 520 Shepherd Dr, Garland, TX 75042
Frequently Asked Questions
What type of property is this?
Flex space - Flexible industrial space offers individually metered suites with HVAC, roll-up doors, offices, and two restrooms per suite.
Where is this flex space located?
The property is located at 3517 Miller Park Dr Garland, TX.
What is the asking price?
The asking price for this property is $4,095,000.
What are key features of this property?
This property features: 32,755 SF flex property with 13 suites; Suites range from 1,700 - 3,800 SF each; Individually metered suites with 100% HVAC
