Three-Building Flex Space
For Sale
$5,875,500
5520 Military Parkway, Dallas, TX 75227
COMMERCIAL - Dallas, TX
Property Size31,450 SF
Lot Size2.29 Acres
Price / SF$186.82
Days on Market278
Property Features for 5520 Military Parkway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
PD 323
Parking features
Gated, Parking Lot
Subdivision
I-Iii
Directions
google maps is accurate to the address.
Standard status
Active
APN
00000434893000000
Size
31,450 SF
Lot size
2.29 Acres
Taxes and HOA fees
Tax Description
BLK 5802 TR 15 ACS 2.2862
Tax Annual Amount
16063
Legal Description
BLK 5802 TR 15 ACS 2.2862
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1962
Floors in Building
1
Number of units
1
Flooring type
Concrete, Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
The Michael Group Real Estate
(817) 577-9000
Listed By:
Charles Horton · License #0546099
(214) 692-6400
Added: Nov 7, 2025
Changed: Aug 4
Last Checked: Aug 12 at 2:06AM
MLS# 20783458
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.
Flex space property on 2.2860 acres with 31,450 square feet across three well-maintained buildings. Building 1 offers 20,000 square feet, building 2 offers 6,250 square feet, and building 3 offers 5,200 square feet. All buildings have been remodeled and updated. The property is fully climate-controlled and includes restrooms in every suite, with a city-required fire suppression sprinkler system already installed. Flooring includes concrete and tile, with central heating and central air.
The lot provides ample parking within a fully fenced setting. Access includes four entrances on Military Parkway and one entrance on Parkdale Road, supported by five loading dock doors for operational needs. The property is approximately five minutes to I-30, ten minutes to Downtown Dallas, and fifteen minutes to Interstates 35E, 75, and 45.
The adaptable layout supports multiple space configurations for leasing or expansion. It currently serves a mix of uses including warehouse, furniture manufacturing space, retail center, office suites, and an event center venue, with the owner also open to owner financing.
The lot provides ample parking within a fully fenced setting. Access includes four entrances on Military Parkway and one entrance on Parkdale Road, supported by five loading dock doors for operational needs. The property is approximately five minutes to I-30, ten minutes to Downtown Dallas, and fifteen minutes to Interstates 35E, 75, and 45.
The adaptable layout supports multiple space configurations for leasing or expansion. It currently serves a mix of uses including warehouse, furniture manufacturing space, retail center, office suites, and an event center venue, with the owner also open to owner financing.
Key Highlights
- 31,450 SF flex space across 3 buildings: 20,000 SF, 6,250 SF, and 5,200 SF
- 2.2860‑acre fully fenced lot with ample parking and gated parking lot
- All buildings remodeled and updated; concrete and tile flooring
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
$275,974
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
4.70%
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%
$5,519,480
$5.5M
Cap Rate 7%
$3,942,486
$3.9M
Cap Rate 9%
$3,066,378
$3.1M
Market Conditions
NOI Build-Up for 31,450 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
$471.8K $15.00/SF
− Vacancy
−$47.2K −$1.50/SF
EGI
$424.6K $13.50/SF
− OpEx
−$148.6K −$4.73/SF
NOI
$276.0K $8.78/SF
Area
ZIP 75227
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%
$5,519,480
Cap Rate 7%
$3,942,486
Cap Rate 9%
$3,066,378
Alternative Uses
Best Use
Flex RnD
$3.94M
$3.45M – $4.60M
NOI $275,974 @ 7.0% cap · market cap 4.70%
Second Best
Warehouse
$3.11M
$2.72M – $3.63M
NOI $217,736 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$34.42M
$30.12M – $40.16M
NOI $2,409,672 @ 7.0% cap · market cap 41.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Dock-high doors
Yes
Sprinkler system
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75227, TX
59,103
Population
19,605
Households
3
Avg Household Size
32
Median Age
14%
College-Educated
71%
High-School Grad
11.6 sq mi
ZIP Area
5,095
Density / Sq Mi
$59,395
Median Household Income
$37,641
Median Earnings
$1,277
Median Rent
$203,000
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 - Fully climate-controlled flex property with remodeled buildings, restrooms in every suite, and fenced, gated parking.
Where is this flex space located?
The property is located at 5520 Military Parkway Dallas, TX.
What is the asking price?
The asking price for this property is $5,875,500.
What are key features of this property?
This property features: 31,450 SF flex space across 3 buildings: 20,000 SF, 6,250 SF, and 5,200 SF; 2.2860‑acre fully fenced lot with ample parking and gated parking lot; All buildings remodeled and updated; concrete and tile flooring
