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    Property profile & analytics

    3002 Firewheel Pkwy Garland, TX 75040-4009

    • Outlet malls
    • 100,890 SF
    • 10.76 lot acres
    OFF-MARKET
    Last Sale
    Mar 30, 2022
    Value Estimations
    $13,315,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-4212989
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • At Home / Home Decor Store / Department Store

    Property Details for 3002 Firewheel Pkwy

    Year built
    2018
    Construction
    TILT-UP CONCRETE
    Lot size
    10.76 lot acres
    Property size
    100,890 SF
    Zone code
    Z239
    Property type
    Outlet malls
    APN
    26007550010010000
    APU
    26007550010010000

    Description

    This exceptional investment opportunity presents a fee-simple interest in a 102,248-square-foot single-tenant retail property located at 3002 Firewheel Pkwy, Garland, TX 75040. The property is a freestanding building constructed in 2018, situated on a 10.8-acre lot. It's currently 100% occupied by At Home, a national home décor retailer, under an absolute NNN lease with a corporate guarantee. The lease commenced August 1, 2022, and has a remaining term of 12.7 years, expiring July 31, 2037, with four 5-year renewal options. Rent increases annually at 2%. The property benefits from a prime location directly off President George Bush Turnpike, boasting 73,036 vehicles per day, and is across the street from Firewheel Town Center, attracting over 6 million annual visitors. Strong demographics support the investment, including over 1,000 apartment units delivered within a 1-mile radius since 2021 and a 20% population growth within a 3-mile radius since 2010. The average household income within a 3-mile radius is $126,000. This offering provides long-term passive income with no landlord responsibilities, making it an attractive investment for discerning buyers. The property offers significant upside potential due to its location and strong tenant.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $13,392,000
      Market price range: $3.70M - $13.4M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $8,870,000
      Current use
      AUTO REPAIR, GARAGE
      $12,615,000
      Change: +42% Conversion: Difficult
      RESTAURANT
      $12,380,000
      Change: +40% Conversion: Easy
      OFFICE BUILDING
      $11,370,000
      Change: +28% Conversion: Easy
      MEDICAL BUILDING
      $8,920,000
      Change: +1% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Garland
    County
    Dallas
    State
    Texas
    Longitude
    -96.6078
    Latitude
    32.9459
    CBSA code
    19100
    CBSA name
    DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $288,312
    $3,514,970
    $9,085,030
    $12,600,000
    -
    $3,514,970
    $9,085,030
    $12,600,000

    Comparable in this City

    • Value Estimation
      $1,145,000
      31,190 SF

      1221 Buckingham Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 31,190 SF
      1221 Buckingham Rd, Garland, TX 75040-4533
      View Details
    • Value Estimation
      $3,850,000
      109,975 SF

      3261 President George Bush Hwy

      WHOLESALE OUTLET, DISCOUNT STORE • 109,975 SF
      3261 President George Bush Hwy, Garland, TX 75040-2775
      View Details
    • Value Estimation
      $5,805,000
      174,664 SF

      5301 Garland Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 174,664 SF
      5301 Garland Ave, Garland, TX 75040-2716
      View Details
    • Value Estimation
      $7,390,000
      219,624 SF

      5302 Garland Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 219,624 SF
      5302 Garland Ave, Garland, TX 75040-2715
      View Details
    • Value Estimation
      $4,605,000
      142,135 SF

      2949 Firewheel Pkwy

      WHOLESALE OUTLET, DISCOUNT STORE • 142,135 SF
      2949 Firewheel Pkwy, Garland, TX 75040
      View Details
    • Value Estimation
      $7,755,000
      219,624 SF

      5302 Garland Ave

      WHOLESALE OUTLET, DISCOUNT STORE • 219,624 SF
      5302 Garland Ave, Garland, TX 75040-2736
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,071 SF

      Firewheel Town Center Restaurant Opportunity

      Former restaurant space in a regional shopping mall for sale.
      220 Coneflower Dr, Garland, TX 75040
      View Details
    • Contact for pricing
      22,685 SF

      Garland Retail Center - Prime Location

      ±22,685 SF Retail Space - Lease/Sale
      517 5Th St, Garland, TX 75040
      View Details
    • $1,149,900
      0.41 Acres

      Garland Commercial Property with Office

      Two parcels with office space in high-traffic Garland location.
      200 Avenue A E, Garland, TX 75040
      View Details
    • $3,750,000
      25,000 SF

      Industrial Property with Automotive Features

      25,000 SF industrial property featuring automotive equipment.
      421 E Walnut St, Garland, TX 75040
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    • $500,000
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      Garland Retail Development Opportunity

      Two commercial lots for development or redevelopment in prime location.
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    • $1,368,000
      2,832 SF

      Take 5 Oil Change Investment

      NNN leased Take 5 Oil Change in Garland, Texas.
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    Similar Nearby for Lease

    • Contact for pricing
      35,100 SF

      Retail Space in Firewheel Town

      Retail space available in Firewheel Town Center retail corridor.
      3160-3178 Lavon Dr, Garland, TX 75040
      View Details
    • Contact for pricing
      2,707 SF

      Retail Space Near Firewheel Center

      Retail space with excellent access and visibility on Hwy 190.
      3051-3171 N President George Bush Hwy, Garland, TX 75040
      View Details
    • Contact for pricing
      2,723 SF

      Retail Space in Garland Center

      Retail space available in a Target-anchored shopping center.
      5435 N Garland Ave, Garland, TX 75040
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space in Firewheel Market

      Retail space available in Firewheel Market, Garland, TX.
      4280 Lavon Dr, Garland, TX 75040
      View Details
    • Contact for pricing
      18,031 SF

      Premier Shopping Destination in Garland

      Shopping, dining, and entertainment at Firewheel Town Center.
      305 Prairie Clover Dr, Garland, TX 75040
      View Details
    • Contact for pricing
      1,050 SF

      Retail Space in Garland Center

      Retail space available in a Target-anchored shopping center.
      5345 N Garland Ave, Garland, TX 75040
      View Details
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    3002 Firewheel Pkwy
    Garland, TX 75040-4009
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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