Built-Out Office Condo
For Sale
$1,388,070
6605 Precinct Line Road, North Richland Hills, TX 76182
Fully built-out office condo with multiple offices, restrooms, conference room, and breakroom, offering 2,780 SF available.
Property Size2,780 SF
Price / SF$499.31
Days on Market45
Property Features for 6605 Precinct Line Road
General Information
Standard status
Active
Size
2,780 SF
Property subtype
Office - Medical Office
Amenities
monument signage
Building Details
Building Size
2,780 SF
Listing Agency:
Advisors Commercial Real Estate
Listed By:
Judy Nitzinger · License ##496249
(817) 226-0000
Source:
Commercialcafe
Added: Jul 26
Changed: Sep 8
Last Checked: Sep 8 at 7:37AM
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 Advisors Commercial Real Estate
Investment Insights
Based on property information with market context.
This office condo is fully built out and designed for professional use, with multiple offices, restrooms, a conference room, and a breakroom. The property includes 5,235 SF total, with 2,780 SF available for occupancy.
Located at the NWQ of Precinct Line Rd and Martin Drive in North Richland Hills, Texas, the space is near Birdville High School, Home Depot, and various shops and restaurants.
Available as a for-sale offering, the listing notes a $18.50/PSF base year plus an electric lease rate, and a promotion of one month free rent to qualified leases on 3+ year lease terms. Monument signage is also available.
Located at the NWQ of Precinct Line Rd and Martin Drive in North Richland Hills, Texas, the space is near Birdville High School, Home Depot, and various shops and restaurants.
Available as a for-sale offering, the listing notes a $18.50/PSF base year plus an electric lease rate, and a promotion of one month free rent to qualified leases on 3+ year lease terms. Monument signage is also available.
Key Highlights
- 2,780 SF available in a 5,235 SF office condo
- Fully built out former mortgage office with multiple offices, restrooms, conference room, and breakroom
- Lease offer: $18.50/PSF base year plus electric lease rate; includes one month free rent on 3+ year qualified leases
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
$48,038
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
3.46%
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%
$960,760
$960.8K
Cap Rate 7%
$686,257
$686.3K
Cap Rate 9%
$533,756
$533.8K
Market Conditions
NOI Build-Up for 2,780 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
$85.4K $30.72/SF
− Vacancy
−$21.4K −$7.68/SF
EGI
$64.1K $23.04/SF
− OpEx
−$16.0K −$5.76/SF
NOI
$48.0K $17.28/SF
Area
Tarrant County, TX
Vacancy
25.00%
Lease Rate
$30.72 /SF/Yr
Expense Ratio
25.00%
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%
$960,760
Cap Rate 7%
$686,257
Cap Rate 9%
$533,756
Alternative Uses
Best Use
Office B
$686.3K
$600.5K – $800.6K
NOI $48,038 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$977.9K
$855.7K – $1.14M
NOI $68,455 @ 7.0% cap · market cap 4.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
690
Businesses Nearby
Explore this area
Business Placement
Demographics for 76182, TX
31,117
Population
11,845
Households
2.6
Avg Household Size
43
Median Age
40%
College-Educated
95%
High-School Grad
8.7 sq mi
ZIP Area
3,577
Density / Sq Mi
$119,722
Median Household Income
$60,589
Median Earnings
$1,821
Median Rent
$364,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Fully built-out office condo with multiple offices, restrooms, conference room, and breakroom, offering 2,780 SF available.
Where is this office units located?
The property is located at 6605 Precinct Line Road North Richland Hills, TX.
What is the asking price?
The asking price for this property is $1,388,070.
What are key features of this property?
This property features: 2,780 SF available in a 5,235 SF office condo; Fully built out former mortgage office with multiple offices, restrooms, conference room, and breakroom; Lease offer: $18.50/PSF base year plus electric lease rate; includes one month free rent on 3+ year qualified leases
