3710 Commerce St Dallas, TX 75226

Property Details for 3710 Commerce St

Year built

1950

Construction

TILT-UP CONCRETE

Lot size

0.23 lot acres

Property size

1,144 SF

Zone code

Z239

Property type

Warehouses

Property subtype

Self storage facilities

APN

128317000000

APU

128317000000

Description

This exceptional 10,859-square-foot creative office and storefront property in Dallas' vibrant Deep Ellum neighborhood presents a compelling investment opportunity. Located at 3710 Commerce Street, this single-story, multi-tenant building boasts a 6.00% cap rate and is currently 100% occupied, generating a net operating income (NOI) of $293,360. The property sits on a 20,200-square-foot lot and underwent extensive renovations in 2018, exceeding $1 million in improvements, encompassing both interior and exterior enhancements. Current rents average $27.02 per square foot, NNN, which are below market rates, with comparable spaces in the area commanding $36.00 to $42.00 per square foot, NNN. The building features an enclosed on-site parking lot, masonry construction, a branded pylon sign, attractive storefront glass, and a recently added mural. Lease terms average an expiration date of October 2027. Its prime location within the Deep Ellum entertainment and office district, adjacent to the Santa Fe Trail and within an opportunity zone, offers exceptional visibility and accessibility. The surrounding area is experiencing significant growth, with over 900 new apartment units either built or under development within walking distance. The property benefits from a densely populated submarket, with over 373,100 people residing within a five-mile radius, and is situated near numerous multi-family units, office space, restaurants, music venues, and retail shops. The anticipated Main Street Complete Streets Project, commencing construction in the first quarter of 2025, is expected to further enhance the area's appeal and attract additional walkable retail users. This is a rare opportunity to acquire a high-performing asset in a rapidly growing and desirable location.