3500 William D Tate AveGrapevine, TX 76051

Property Details for 3500 William D Tate Ave

Year built

1998

Lot size

3.38 AC

Property size (Sq ft)

38,709 SF

Property type

Office buildings

APN

46097-1-1

APU

4609711

Description

This exceptional 38,724-square-foot traditional office building in Grapevine, Texas, presents a compelling investment opportunity. Located at 3500 William D Tate Ave, 76051, this multi-tenant property boasts a strong 7.00% cap rate and a current NOI of $472,925. Built in 1998, the building sits on a 3.383-acre lot and currently enjoys an 87.79% occupancy rate with six tenants. The asking price is $6,760,000, representing a price per square foot well below replacement cost at $174.57. This value-add opportunity allows for potential increases in revenue through leasing the remaining 4,730 square feet of vacant space and converting existing leases to a net-net-net structure. The property benefits from a superior location directly on Highway 121 (123,136 vehicles per day) and Highway 360 (77,202 vehicles per day), providing excellent access throughout the Dallas-Fort Worth metroplex. Its proximity to Dallas Fort Worth International Airport (within 10 minutes) is another key advantage. Ample parking is available with a 5.1/1000 square foot ratio. The surrounding area demonstrates strong demographics, with average household incomes well above the national average ($142,465) within a 3-mile radius and a 1% annual population growth from 2010-2023. National retailers such as Target, Lowe's, Belk, HomeGoods, Marshalls, LA Fitness, and a soon-to-open H-E-B (Fall 2026) are located nearby along Highway 121.

• CAP approach

  CAP return

  Valuation

  6%

  $7,594,426

  6.5%

  $7,010,240

  7%

  $6,509,508

• Comparable approach

  Method

  Valuation

  Relative Method

  $5,100,604

  Geo Method

  $4,657,467

• Alternative Use

  Use

  Valuation

  Residential

  $8,692,697

  Hospitality

  $7,962,464

  Educational

  $6,624,676

  Medical

  $6,852,510

  Retail

  $10,305,053

Location Insight

City

Grapevine

County

Tarrant

State

Texas

Latitude

32.8991

Longitude

-97.1005

CBSA code

19100

CBSA name

DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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