Building Details

Building Size 27,725 SF

Buildings 1

Stories 1

Units 1

Listing Agency: Kirkpatrick Realty Show Phone

Listed By: Krayton Kirkpatrick · License #0621854 Show Phone

Source: Cogburnrealestate

Added: Oct 22 Changed: Oct 23 Last Checked: Oct 23 at 5:30PM

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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 Kirkpatrick Realty

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Investment Insights

Based on property information with market context.

A 27,725-square-foot warehouse sits on 10 acres and is occupied by a tenant using the building and 3 acres. The improvements include multiple loading docks, an office area, and three-phase electricity. The property is unzoned.

The lease runs through November 2027 and includes 4% annual escalations. The stated cap rate is 8%. The site is near the Brazos River and has access via Interstate 20.

Key Highlights

• 27,725‑square‑foot warehouse on 10 acres
• Tenant currently uses the building and 3 acres
• Lease through November 2027 with 4% annual escalations

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$192,795

Cap Rate

6.65%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,855,900 $3.9M

Cap Rate 7%

$2,754,214 $2.8M

Cap Rate 9%

$2,142,167 $2.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 27,725 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $1,928,448 @ 7.0% cap · market cap 66.54%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Warehouses

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Restaurant Hotel & Motel

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

5

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

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Warehouse - The existing lease includes annual escalations, with the tenant currently using the building and part of the acreage.

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‑square‑foot warehouse on 10 acres; Tenant currently uses the building and 3 acres; Lease through November 2027 with 4% annual escalations