Two-Building Flex Industrial
For Sale
Contact for pricing
5510 South Westmoreland Road, Dallas, TX 75237
Two-building flex/light industrial asset on two parcels totaling 6.89 acres, fully leased to three tenants.
Property Size85,214 SF
Price / SF$158.42
Days on Market124
Property Features for 5510 South Westmoreland Road
General Information
Standard status
Active
Size
85,214 SF
Property subtype
Industrial
Building Details
Year Built
1984
Buildings
2
Tenancy
Multi
Listing Agency:
Colliers - Houston, Texas
Listed By:
Zack Martin · License #TX 772566
(713) 830-2115
Source:
Crexi
Added: May 8
Changed: Sep 8
Last Checked: Sep 8 at 3:25AM
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 - Houston, Texas
Investment Insights
Based on property information with market context.
Westmoreland Business Center is a two-building flex/light industrial property offered for sale in fee simple. The asset totals approximately 85,214 square feet and is situated on 6.89 acres. It is 100% leased to three tenants, anchored by American Airlines.
The property is located in Dallas’s Redbird Airport submarket, approximately 10 miles southwest of the Dallas CBD. It is directly adjacent to Dallas Executive Airport and sits on a hard corner of S. Westmoreland Rd. and Love Bird Ln.
The offering is structured as an in-place, three-tenant arrangement with predominantly NNN characteristics, providing stable occupancy across the buildings.
The property is located in Dallas’s Redbird Airport submarket, approximately 10 miles southwest of the Dallas CBD. It is directly adjacent to Dallas Executive Airport and sits on a hard corner of S. Westmoreland Rd. and Love Bird Ln.
The offering is structured as an in-place, three-tenant arrangement with predominantly NNN characteristics, providing stable occupancy across the buildings.
Key Highlights
- Two‑building flex/light industrial property with 85,214 SF on 6.89 acres in Dallas, TX
- 100% leased to three tenants, anchored by American Airlines
- FAA‑required, mission‑critical tenancy with American Airlines and long operating history
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
$747,753
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
5.54%
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%
$14,955,060
$15.0M
Cap Rate 7%
$10,682,186
$10.7M
Cap Rate 9%
$8,308,367
$8.3M
Market Conditions
NOI Build-Up for 85,214 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
$1.28M $15.00/SF
− Vacancy
−$127.8K −$1.50/SF
EGI
$1.15M $13.50/SF
− OpEx
−$402.6K −$4.73/SF
NOI
$747.8K $8.78/SF
Area
Dallas, TX
Vacancy
10.00%
Lease Rate
$15.00 /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%
$14,955,060
Cap Rate 7%
$10,682,186
Cap Rate 9%
$8,308,367
Alternative Uses
Best Use
Flex RnD
$10.68M
$9.35M – $12.46M
NOI $747,753 @ 7.0% cap · market cap 5.54%
Second Best
Warehouse
$8.43M
$7.37M – $9.83M
NOI $589,958 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$102.25M
$89.47M – $119.29M
NOI $7,157,485 @ 7.0% cap · market cap 53.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
316
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 75237, TX
19,057
Population
8,790
Households
2.2
Avg Household Size
30
Median Age
17%
College-Educated
79%
High-School Grad
6.7 sq mi
ZIP Area
2,844
Density / Sq Mi
$43,149
Median Household Income
$34,800
Median Earnings
$1,193
Median Rent
$231,600
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?
Flex space - Two-building flex/light industrial asset on two parcels totaling 6.89 acres, fully leased to three tenants.
Where is this flex space located?
The property is located at 5510 South Westmoreland Road Dallas, TX.
What is the asking price?
The asking price for this property is $13,500,000.
What are key features of this property?
This property features: Two‑building flex/light industrial property with 85,214 SF on 6.89 acres in Dallas, TX; 100% leased to three tenants, anchored by American Airlines; FAA‑required, mission‑critical tenancy with American Airlines and long operating history
