Warehouse Investment with Loading
For Sale
$2,898,000
398 Meeks Bend, Millsap, TX 76066
CommercialSale, Millsap, TX
Property Size27,725 SF
Lot Size10.00 Acres
Price / SF$104.53
Days on Market190
Property Features for 398 Meeks Bend
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Unzoned
Subdivision
Meeks
Directions
Exit 394 off Interstate 20. Left over Brandon Bridge Lane. Right on Meeks. Property at Dead End on Right.
Standard status
Active
APN
R000086173
Lot size
10.00 Acres
Taxes and HOA fees
Tax Description
ACRES: 4.020 ABST: 898 SURVEY: MEEK MARY TR:
Tax Annual Amount
21640
Legal Description
ACRES: 4.020 ABST: 898 SURVEY: MEEK MARY TR:
Utilities
Sewer type
Private Sewer
Heating system
Central
Cooling system
Central Air
Water source
Private
Building Details
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
MetalSiding
Roof type
Metal
Listing Agency:
Kirkpatrick Realty
(817) 597-0698
Listed By:
Krayton Kirkpatrick · License #0621854
(817) 597-0698
Added: Feb 15
Changed: Aug 23
Last Checked: Aug 24 at 2:06PM
MLS# 20842691
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 warehouse property includes 27,725 square feet of building area on 10 acres, with a tenant currently occupying the facility and using approximately 3 acres of the land. The improvements feature metal siding, a metal roof, concrete flooring, central heating and central air, multiple loading docks, office space, three-phase electricity, private water, and private sewer.
The site is near the Brazos River and provides access via Interstate 20. An 8% cap rate and an annual 4% lease escalation are supported by the existing lease, which runs through November 2027. The property may also support a build-to-suit plan or a vacant-land purchase based on the stated offering structure.
The site is near the Brazos River and provides access via Interstate 20. An 8% cap rate and an annual 4% lease escalation are supported by the existing lease, which runs through November 2027. The property may also support a build-to-suit plan or a vacant-land purchase based on the stated offering structure.
Key Highlights
- 27,725 SF warehouse building situated on 10 acres
- Tenant in place using the building and 3 acres of land
- 8% cap rate with an escalation lease in place
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
$192,795
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
6.65%
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%
$3,855,900
$3.9M
Cap Rate 7%
$2,754,214
$2.8M
Cap Rate 9%
$2,142,167
$2.1M
Market Conditions
NOI Build-Up for 27,725 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
$249.5K $9.00/SF
− Vacancy
−$22.7K −$0.82/SF
EGI
$226.8K $8.18/SF
− OpEx
−$34.0K −$1.23/SF
NOI
$192.8K $6.95/SF
Area
Parker County, TX
Vacancy
9.10%
Lease Rate
$9.00 /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%
$3,855,900
Cap Rate 7%
$2,754,214
Cap Rate 9%
$2,142,167
Alternative Uses
Best Use
Warehouse
$2.75M
$2.41M – $3.21M
NOI $192,795 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Industrial
$27.55M
$24.11M – $32.14M
NOI $1,928,448 @ 7.0% cap · market cap 66.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 76066, TX
3,816
Population
1,977
Households
1.9
Avg Household Size
42
Median Age
34%
College-Educated
87%
High-School Grad
88.0 sq mi
ZIP Area
43
Density / Sq Mi
$102,931
Median Household Income
$55,859
Median Earnings
$834
Median Rent
$246,100
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.
Frequently Asked Questions
What type of property is this?
Warehouse - Metal-sided warehouse with office space, concrete flooring, and three-phase electricity.
Where is this warehouse located?
The property is located at 398 Meeks Bend Millsap, TX.
What is the asking price?
The asking price for this property is $2,898,000.
What are key features of this property?
This property features: 27,725 SF warehouse building situated on 10 acres; Tenant in place using the building and 3 acres of land; 8% cap rate with an escalation lease in place
