Industrial Building with
For Sale
$1,720,000
3811 1/2 Fm 646 N, Santa Fe, TX 77510
Industrial building combines a shop with multiple overhead doors and a second-floor office apartment.
Property Size9,124 SF
Lot Size1.80 Acres
Price / SF$188.51
Days on Market95
Property Features for 3811 1/2 Fm 646 N
General Information
Standard status
Active
Size
9,124 SF
Lot size
1.80 Acres
Property subtype
Industrial
Additional Details
Utilities to Site
Yes
Drive-In Doors
9
Multifamily Units
1
Building Details
Building Size
9,124 SF
Stories
2
Listing Agency:
Caldwell Companies
Listed By:
Mark Terpstra · License #TX #443855
(281) 413-7404
Source:
Caldwellcos
Added: Jun 3
Changed: Sep 2
Last Checked: Sep 5 at 6:55AM
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 Caldwell Companies
Investment Insights
Based on property information with market context.
This for-sale industrial building is built around a shop component and a dedicated office level. The property includes 4,000 SF of warehouse space and 5,124 SF of office space on the second floor that is configured as an apartment. The shop totals 240 and 480V power availability and is served by seven overhead doors. In addition, there are two garages with overhead doors, supporting flexible vehicle and material movement.
The building sits on approximately 1.8 acres and includes gated access. City utilities are available, helping support everyday operations. Additional land is also available if your use requires more outdoor or storage area.
For buyers seeking a single-site setup with both production and office functions, the layout offers an on-property shop plus an upstairs office apartment configuration. The presence of multiple overhead doors and overhead-door garages can be useful for tenants or operators looking to load and stage equipment and inventory with more than one access point. The property’s combination of warehouse, shop, and office space may fit light industrial users that need operational space alongside dedicated administrative area.
The building sits on approximately 1.8 acres and includes gated access. City utilities are available, helping support everyday operations. Additional land is also available if your use requires more outdoor or storage area.
For buyers seeking a single-site setup with both production and office functions, the layout offers an on-property shop plus an upstairs office apartment configuration. The presence of multiple overhead doors and overhead-door garages can be useful for tenants or operators looking to load and stage equipment and inventory with more than one access point. The property’s combination of warehouse, shop, and office space may fit light industrial users that need operational space alongside dedicated administrative area.
Key Highlights
- 9,124 SF industrial building with a 4,000 SF warehouse, 5,124 SF office (2nd floor apartment), and shop space
- Shop includes 7 overhead doors plus 2 additional garages with overhead doors
- Shop offers 240V and 480V power
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
$56,390
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
3.28%
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%
$1,127,800
$1.1M
Cap Rate 7%
$805,571
$805.6K
Cap Rate 9%
$626,556
$626.6K
Market Conditions
NOI Build-Up for 9,124 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
$70.8K $7.76/SF
− Vacancy
−$4.5K −$0.49/SF
EGI
$66.3K $7.27/SF
− OpEx
−$10.0K −$1.09/SF
NOI
$56.4K $6.18/SF
Area
Galveston County, TX
Vacancy
6.30%
Lease Rate
$7.76 /SF/Yr
Expense Ratio
15.00%
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%
$1,127,800
Cap Rate 7%
$805,571
Cap Rate 9%
$626,556
Alternative Uses
Best Use
Warehouse
$805.6K
$704.9K – $939.8K
NOI $56,390 @ 7.0% cap · market cap 3.28%
Second Best
Industrial
$663.4K
$580.5K – $774.0K
NOI $46,439 @ 7.0% cap · market cap 2.70%
Theoretical Best
Multifamily LT 5
$102.29M
$89.51M – $119.34M
NOI $7,160,548 @ 7.0% cap · market cap 416.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Drive-in doors
1
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
152
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 77510, TX
14,357
Population
5,896
Households
2.4
Avg Household Size
43
Median Age
20%
College-Educated
89%
High-School Grad
30.4 sq mi
ZIP Area
472
Density / Sq Mi
$96,284
Median Household Income
$58,146
Median Earnings
$1,067
Median Rent
$281,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial building combines a shop with multiple overhead doors and a second-floor office apartment.
Where is this flex space located?
The property is located at 3811 1/2 Fm 646 N Santa Fe, TX.
What is the asking price?
The asking price for this property is $1,720,000.
What are key features of this property?
This property features: 9,124 SF industrial building with a 4,000 SF warehouse, 5,124 SF office (2nd floor apartment), and shop space; Shop includes 7 overhead doors plus 2 additional garages with overhead doors; Shop offers 240V and 480V power
