Medical Office Building with
For Sale
Contact for pricing
401 West Centerville Road, Garland, TX 75041
Medical and professional suites totaling 7,200 SF with about 40 parking spaces and recent roof and HVAC improvements.
Property Size7,200 SF
Price / SF$183.61
Days on Market174
Property Features for 401 West Centerville Road
General Information
Standard status
Active
Size
7,200 SF
Class
B
Total Parking Spaces
40
Property subtype
Retail, Office, Special Purpose
Zoning
Commercial
Occupancy
50%
Lease Type
NNN
Investment Type
Value Add
Net Operating Income
$42,300
Site & Location
Neighborhood
Las Mariposas Hoa
Building Details
Year Built
1972
Year Renovated
2024
Buildings
1
Units
6
Tenancy
Multi
Listing Agency:
Colliers - Dallas, Texas
Listed By:
Zachary Ficke · License #TX 688207
(972) 759-7854
Source:
Crexi
Added: May 5
Changed: Oct 14
Last Checked: Oct 24 at 5:40PM
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 Colliers - Dallas, Texas
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Investment Insights
Based on property information with market context.
The Centerville Professional Building is a 7,200-square-foot medical and professional office asset configured into multiple suites. The property is currently 50% occupied and includes approximately 3,600 square feet available. Recent capital improvements include a new roof and HVAC system, supporting reduced near-term capital needs.
The building is located at 401 W Centerville Rd in Garland, Texas, situated on approximately 0.76 acres with roughly 40 parking spaces. The property is described as having strong visibility along a major thoroughfare with traffic counts exceeding 42,300 vehicles per day.
With a mix of medical and service-oriented tenancy, the existing rent structure is tied to NNN leases while maintaining below-market rental rates, according to the seller’s remarks. This creates multiple pathways for value creation through lease-up and/or mark-to-market adjustments, depending on ownership goals.
The building is located at 401 W Centerville Rd in Garland, Texas, situated on approximately 0.76 acres with roughly 40 parking spaces. The property is described as having strong visibility along a major thoroughfare with traffic counts exceeding 42,300 vehicles per day.
With a mix of medical and service-oriented tenancy, the existing rent structure is tied to NNN leases while maintaining below-market rental rates, according to the seller’s remarks. This creates multiple pathways for value creation through lease-up and/or mark-to-market adjustments, depending on ownership goals.
Key Highlights
- 7,200 SF medical/professional office building built in 1972 at 401 W Centerville Rd in Garland, TX
- Approximately 0.76 acres with ~40 parking spaces
- Traffic counts exceed 42,300 vehicles per day along a major thoroughfare
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$97,044
Cap Rate
7.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,940,880
$1.9M
Cap Rate 7%
$1,386,343
$1.4M
Cap Rate 9%
$1,078,267
$1.1M
Market Conditions
NOI Build-Up for 7,200 SF
Gross rent
$179.7K $24.96/SF
− Vacancy
−$18.0K −$2.50/SF
EGI
$161.7K $22.46/SF
− OpEx
−$64.7K −$8.99/SF
NOI
$97.0K $13.48/SF
Area
Garland, TX
Vacancy
10.00%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,940,880
Cap Rate 7%
$1,386,343
Cap Rate 9%
$1,078,267
Alternative Uses
Best Use
Office B
$5.91M
$5.17M – $6.89M
NOI $413,453 @ 7.0% cap · market cap 31.27%
Second Best
Healthcare Medical
$1.39M
$1.21M – $1.62M
NOI $97,044 @ 7.0% cap · market cap 7.34%
Theoretical Best
Office A
$8.64M
$7.56M – $10.08M
NOI $604,759 @ 7.0% cap · market cap 45.75%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
632
Businesses Nearby
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Business Placement
Demographics for 75041, TX
32,219
Population
10,378
Households
3.1
Avg Household Size
33
Median Age
15%
College-Educated
70%
High-School Grad
7.9 sq mi
ZIP Area
4,078
Density / Sq Mi
$68,692
Median Household Income
$35,027
Median Earnings
$1,368
Median Rent
$214,600
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Medical and professional suites totaling 7,200 SF with about 40 parking spaces and recent roof and HVAC improvements.
Where is this office unit located?
The property is located at 401 West Centerville Road Garland, TX.
What is the asking price?
The asking price for this property is $1,322,000.
What are key features of this property?
This property features: 7,200 SF medical/professional office building built in 1972 at 401 W Centerville Rd in Garland, TX; Approximately 0.76 acres with ~40 parking spaces; Traffic counts exceed 42,300 vehicles per day along a major thoroughfare
