Fort Worth Multi-Tenant Industrial
For Sale
Contact for pricing
Pending
5172 LEMONS RD, Fort Worth, TX 76140
33,750 SF multi-tenant industrial asset with value-add opportunity.
Property Size33,750 SF
Days on Market86
Property Features for 5172 LEMONS RD
General Information
Standard status
Pending
Size
33,750 SF
Property subtype
Industrial
Occupancy
91%
Investment Type
Value Add
Net Operating Income
$232,287
Building Details
Year Built
2018
Stories
1
Units
1
Tenancy
Multi
Listing Agency:
SLJ Company
(214) 520-8818
Listed By:
Ty Underwood · License #TX 419172
Source:
Crexi
Added: May 18
Changed: Aug 8
Last Checked: Aug 11 at 1:27PM
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 SLJ Company
Investment Insights
Based on property information with market context.
The Lemons Road Industrial Park is a 33,750-square-foot multi-tenant industrial asset located at 5160–5172 Lemons Rd. in Fort Worth, Texas. Constructed primarily in 2018, it features functional small-bay product with mostly 16'–18' clear heights and an efficient 5% office / 95% warehouse finish-out. The average suite size is approximately 3,068 square feet. The property benefits from industrial outside storage. It is strategically positioned less than four miles east of I-35W and within minutes of Burleson, Mansfield, Arlington, Everman, and Kennedale, providing excellent regional connectivity. The surrounding area has strong demographics, including average household incomes exceeding $136,300 and median home values above $336,900 within a one-mile radius. The property is currently leased at average in-place rents of $6.88/SF NNN, which is a discount to market rental comps of approximately $10–$11/SF NNN. With a WALT of less than 19 months, investors are positioned to mark rents to market in the near term and drive NOI growth. Submarket fundamentals include flex occupancy averaging 95.1% and projected annual rent growth of 3.28% through 2030.
Key Highlights
- Significant rental upside with current rents at $6.88/SF NNN compared to market comps of $10–$11/SF NNN.
- Located in a strong small‑bay industrial market with high occupancy (95.1%) and projected rent growth (3.28% annually through 2030).
- Strategic location less than four miles from I‑35W, providing excellent regional connectivity.
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
$273,977
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
7.12%
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%
$5,479,540
$5.5M
Cap Rate 7%
$3,913,957
$3.9M
Cap Rate 9%
$3,044,189
$3.0M
Market Conditions
NOI Build-Up for 33,750 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
$465.8K $13.80/SF
− Vacancy
−$44.2K −$1.31/SF
EGI
$421.5K $12.49/SF
− OpEx
−$147.5K −$4.37/SF
NOI
$274.0K $8.12/SF
Area
Fort Worth, TX
Vacancy
9.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
35.00%
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%
$5,479,540
Cap Rate 7%
$3,913,957
Cap Rate 9%
$3,044,189
Alternative Uses
Best Use
Flex RnD
$3.91M
$3.42M – $4.57M
NOI $273,977 @ 7.0% cap · market cap 7.12%
Second Best
Industrial
$3.04M
$2.66M – $3.55M
NOI $212,951 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$12.26M
$10.73M – $14.30M
NOI $858,195 @ 7.0% cap · market cap 22.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 76140, TX
32,623
Population
10,705
Households
3
Avg Household Size
32
Median Age
18%
College-Educated
79%
High-School Grad
27.3 sq mi
ZIP Area
1,195
Density / Sq Mi
$73,215
Median Household Income
$37,780
Median Earnings
$1,590
Median Rent
$207,800
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.
Similar Off Market Nearby
- Branded by D BBQ — 5166 FM1187 Ste106, Burleson, TX 76028
Frequently Asked Questions
What type of property is this?
Flex space - 33,750 SF multi-tenant industrial asset with value-add opportunity.
Where is this flex space located?
The property is located at 5172 LEMONS RD Fort Worth, TX.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: Significant rental upside with current rents at $6.88/SF NNN compared to market comps of $10–$11/SF NNN.; Located in a strong small‑bay industrial market with high occupancy (95.1%) and projected rent growth (3.28% annually through 2030).; Strategic location less than four miles from I‑35W, providing excellent regional connectivity.
