Church with Remodeled
For Sale
$1,900,000
501 NE 31st Street, Grand Prairie, TX 75050
CommercialSale, Grand Prairie, TX
Property Size9,153 SF
Lot Size2.21 Acres
Price / SF$207.58
Days on Market105
Property Features for 501 NE 31st Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
UNASSIGNED-SINGLE FAMILY DWELLING-4
Parking features
Open, Driveway, Assigned
Subdivision
IGLESIA EVANGELICA ADDITION
Lot features
Acreage, Back Yard, Cleared, Interior Lot, Lawn, Flat
Directions
Follow GPS or from downtown Dallas Follow I-30 W to MacArthur Blvd in Grand Prairie. Take exit 36 from I-30 W, Continue on MacArthur Blvd to your destination, signs on property
Standard status
Active
APN
2809450793350R400
Lot size
2.21 Acres
Taxes and HOA fees
Tax Description
IGLESIA EVANGELICA BLK 793 LT 350R4 ACS 1.927
Tax Annual Amount
17417
Legal Description
IGLESIA EVANGELICA BLK 793 LT 350R4 ACS 1.927
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1940
Floors in Building
2
Number of units
2
Flooring type
Tile
Building materials
Brick, Rock, Stone
Roof type
Composition
Listing Agency:
Ultima Real Estate
(972) 980-9393
Listed By:
Elva Fonseca Torres-Fonseca · License #0697552
(214) 356-1018
Added: Jun 2
Changed: Sep 12
Last Checked: Sep 14 at 10:06AM
MLS# 21204653
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.
Church property on a 2.205-acre lot featuring a brick church building and an included remodeled home. The church building offers 7,838 SF and is supported by public water and public sewer. The facility includes a spacious sanctuary and additional areas that can be used for offices, classrooms, or fellowship space.
An included remodeled home has 4 bedrooms, 2 full bathrooms, and 1,315 SF. The property also includes spacious parking with driveway, open, and assigned parking features.
Construction elements include brick, rock, and stone, with tile flooring and a composition roof. Central heating and central air cooling are supported by electric systems, with ceiling fans included. Year built is 1940.
Convenient highway access supports visibility and travel for congregants and visitors, with access to Highway 161, I-30, and SH 360.
An included remodeled home has 4 bedrooms, 2 full bathrooms, and 1,315 SF. The property also includes spacious parking with driveway, open, and assigned parking features.
Construction elements include brick, rock, and stone, with tile flooring and a composition roof. Central heating and central air cooling are supported by electric systems, with ceiling fans included. Year built is 1940.
Convenient highway access supports visibility and travel for congregants and visitors, with access to Highway 161, I-30, and SH 360.
Key Highlights
- 2.205‑acre lot with brick, rock, and stone construction
- Church building with 7,838 SF including sanctuary and flexible room areas
- Included remodeled home: 4 bedrooms, 2 full baths, 1,315 SF
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
$84,540
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
4.45%
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%
$1,690,800
$1.7M
Cap Rate 7%
$1,207,714
$1.2M
Cap Rate 9%
$939,333
$939.3K
Market Conditions
NOI Build-Up for 9,153 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
$161.5K $17.64/SF
− Vacancy
−$7.8K −$0.85/SF
EGI
$153.7K $16.79/SF
− OpEx
−$69.2K −$7.56/SF
NOI
$84.5K $9.24/SF
Area
Grand Prairie, TX
Vacancy
4.80%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$1,690,800
Cap Rate 7%
$1,207,714
Cap Rate 9%
$939,333
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,540 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.57M
$2.25M – $3.00M
NOI $180,131 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
357
Businesses Nearby
Explore this area
Business Placement
Demographics for 75050, TX
43,531
Population
17,286
Households
2.5
Avg Household Size
33
Median Age
23%
College-Educated
79%
High-School Grad
25.8 sq mi
ZIP Area
1,687
Density / Sq Mi
$70,484
Median Household Income
$39,322
Median Earnings
$1,412
Median Rent
$224,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Brick church property with a remodeled four-bedroom home, public utilities, and on-site parking near major highways.
Where is this church & religious facility located?
The property is located at 501 NE 31st Street Grand Prairie, TX.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 2.205‑acre lot with brick, rock, and stone construction; Church building with 7,838 SF including sanctuary and flexible room areas; Included remodeled home: 4 bedrooms, 2 full baths, 1,315 SF
