Flex Space with
New
For Sale
$900,000
3901 S Highway 287, Waxahachie, TX 75165
The property combines office, warehouse, and yard space.
Property Size4,950 SF
Price / SF$181.82
Days on Market3
Property Features for 3901 S Highway 287
General Information
Standard status
Active
Size
4,950 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Outdoor Storage
Yes
Building Details
Building Size
4,950 SF
Year Built
2004
Stories
1
Units
4
Tenancy
Multi
Listing Agency:
Joe Rust Company
(469) 337-4627
Listed By:
Lance Rust · License #0511897
(469) 337-4627
Source:
Signaturere
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 5:13AM
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 Joe Rust Company
Investment Insights
Based on property information with market context.
This flex property combines office and warehouse areas with exterior yard space, creating a varied commercial configuration. The building was completed in 2004 and currently accommodates four tenants under month-to-month lease arrangements.
The property fronts Highway 287 between Waxahachie and Ennis and sits outside the city limits. Its location provides direct highway exposure, while the combination of enclosed space and yard area supports multiple commercial occupancy formats.
The property fronts Highway 287 between Waxahachie and Ennis and sits outside the city limits. Its location provides direct highway exposure, while the combination of enclosed space and yard area supports multiple commercial occupancy formats.
Key Highlights
- Office, warehouse, and yard space in one property
- Four current tenants occupy the property
- All leases are month‑to‑month
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
$82,799
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
9.20%
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%
$1,655,980
$1.7M
Cap Rate 7%
$1,182,843
$1.2M
Cap Rate 9%
$919,989
$920.0K
Market Conditions
NOI Build-Up for 4,950 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
$152.1K $30.72/SF
− Vacancy
−$41.7K −$8.42/SF
EGI
$110.4K $22.30/SF
− OpEx
−$27.6K −$5.58/SF
NOI
$82.8K $16.73/SF
Area
Ellis County, TX
Vacancy
27.40%
Lease Rate
$30.72 /SF/Yr
Expense Ratio
25.00%
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%
$1,655,980
Cap Rate 7%
$1,182,843
Cap Rate 9%
$919,989
Alternative Uses
Best Use
Office B
$1.18M
$1.03M – $1.38M
NOI $82,799 @ 7.0% cap · market cap 9.20%
Second Best
Warehouse
$491.7K
$430.3K – $573.7K
NOI $34,422 @ 7.0% cap · market cap 3.82%
Theoretical Best
Multifamily LT 5
$54.01M
$47.26M – $63.01M
NOI $3,780,886 @ 7.0% cap · market cap 420.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
95
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75165, TX
49,805
Population
18,940
Households
2.6
Avg Household Size
36
Median Age
28%
College-Educated
90%
High-School Grad
118.0 sq mi
ZIP Area
422
Density / Sq Mi
$84,780
Median Household Income
$45,677
Median Earnings
$1,473
Median Rent
$308,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Bluebonnet BBQ — 3921 US-287, Waxahachie, TX 75165
Frequently Asked Questions
What type of property is this?
Flex space - The property combines office, warehouse, and yard space.
Where is this flex space located?
The property is located at 3901 S Highway 287 Waxahachie, TX.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Office, warehouse, and yard space in one property; Four current tenants occupy the property; All leases are month‑to‑month
