
Warehouse · Q2 2026
5.95%cap
Infill industrial in Great Southwest. 28-foot clear, fully leased to a regional 3PL with 7 years remaining.

Actively acquiring in Dallas County
We buy commercial real estate across Dallas–Fort Worth, as-is, for cash. Direct principal, no listing, no commission.
Dallas at a glance
We buy in Dallas
50 property types across Dallas County
Nearby markets
Data current as of
Market conditions
Our read
Dallas–Fort Worth is a big, fast-moving industrial market, and the tension for an industrial seller here is that demand is real but you are rarely the only option a buyer has. Developers have been building bulk distribution in the southern inland port for years, so a vacant or short-term-leased box competes with new product.
Infill industrial in places like Great Southwest is a different conversation: there is little land left to build on, and buyers pay for that. Retail demand follows rooftops, and this metro keeps adding them. Office depends almost entirely on submarket: the corporate campuses in Plano and Frisco behave nothing like older office elsewhere in the metro.
We publish vacancy and absorption figures only once we have a source we can cite. We underwrite your building on its lease and its location, not on a metro-wide average.

Our read · Dallas
“Dallas–Fort Worth is a big, fast-moving industrial market, and the tension for an industrial seller here is that demand is real but you are rarely the only option a buyer has.”
Photo: Conner Baker
Valuation
How we price it
Your building is worth its net operating income divided by the cap rate a buyer will accept, and most of the negotiation is about that second number. Lease term, tenant credit, rent relative to market and the escalation schedule decide where in the range you land.
But Dallas has a wrinkle that matters as much as any of those, and it is the single most common thing sellers here get wrong: property taxes. Texas appraises at market value every year, and your buyer models the tax bill on what they pay you, not on your current appraisal. If your appraisal is stale, the higher bill comes straight out of the NOI they are capitalizing, and the offer moves with it.
That is why a Dallas offer can look light for the quality of the asset. It is not a discount to the market. It is the tax, and we will show you the line in our math where it lands.
Capital markets today
Sources: FRED DGS10, 2026-10-01 · FRED SOFR, 2026-10-01 · FRED MORTGAGE30US, 2026-10-01 · FRED DRCRELEXFACBS, 2026-04-01 · FRED COMREPUSQ159N, 2026-01-01
Texas tax & legal
Dallas property tax vs. the 50 states
Effective property tax rate
1.45%
Higher than 45 of 50 states
Effective rates as cited on each state's page; every state's sources include Tax Foundation.
| State | Effective property tax rate |
|---|---|
| Metro Dallas | 1.45% |
| Arizona | 0.48% |
| Texas | 1.40% |
| Florida | 0.78% |
| Alabama | 0.37% |
| Alaska | 0.94% |
| Arkansas | 0.56% |
| California | 0.70% |
| Colorado | 0.50% |
| Connecticut | 1.54% |
| Delaware | 0.54% |
| Georgia | 0.79% |
| Hawaii | 0.29% |
| Idaho | 0.50% |
| Illinois | 1.88% |
| Indiana | 0.76% |
| Iowa | 1.33% |
| Kansas | 1.21% |
| Kentucky | 0.74% |
| Louisiana | 0.55% |
| Maine | 0.98% |
| Maryland | 0.92% |
| Massachusetts | 1.00% |
| Michigan | 1.19% |
| Minnesota | 1.00% |
| Mississippi | 0.58% |
| Missouri | 0.89% |
| Montana | 0.61% |
| Nebraska | 1.44% |
| Nevada | 0.50% |
| New Hampshire | 1.50% |
| New Jersey | 1.88% |
| New Mexico | 0.63% |
| New York | 1.30% |
| North Carolina | 0.66% |
| North Dakota | 0.92% |
| Ohio | 1.36% |
| Oklahoma | 0.79% |
| Oregon | 0.81% |
| Pennsylvania | 1.26% |
| Rhode Island | 1.12% |
| South Carolina | 0.49% |
| South Dakota | 1.00% |
| Tennessee | 0.52% |
| Utah | 0.48% |
| Vermont | 1.51% |
| Virginia | 0.78% |
| Washington | 0.75% |
| West Virginia | 0.51% |
| Wisconsin | 1.32% |
| Wyoming | 0.53% |
Statutes
Texas is a genuinely low-friction state to sell in, with one large exception.
There is no real estate transfer tax, and the Texas Constitution has barred new ones since 2016 (art. VIII, § 29). There is no personal income tax either (art. VIII, § 24-a), so your gain is taxed federally and not again by Texas. Closing costs are title, escrow, and recording, and that is essentially the list.
The exception is property tax. Dallas County's effective property tax rate is 1.45%, and appraisal districts value property at market value every year (Tax Code § 23.01). For tax year 2026, non-homestead property appraised at $5,320,000 or less has a 20% cap on annual appraisal increases (§ 23.231), but that cap ends once the property changes hands and is scheduled to expire on December 31, 2026. Your buyer is pricing the step-up into their offer.
If your current appraised value is well below what you are asking, expect that gap to surface in negotiation. It is not a tactic. It is arithmetic.
With no personal income tax, there is no Texas tax for a 1031 exchange to defer; federal 1031 treatment applies as usual.
Sources: Texas Constitution & Tax Code; Texas Comptroller; Tax Foundation (Dallas County); Texas Insurance Code ch. 2652, October 2026 · statutes.capitol.texas.gov · CN.8 · statutes.capitol.texas.gov · TX.23 · comptroller.texas.gov · valuing-property.php · statutes.capitol.texas.gov · IN.2652 · taxfoundation.org · property-taxes-by-state-county
What this means
Texas charges no real estate transfer tax, so the largest single closing-cost line in many states does not apply here. On a multimillion-dollar sale that is real money staying with you.
A title or escrow company handles closing, title insurance, and recording. That usually means a faster close and one less party to coordinate.
Texas conforms to federal like-kind exchange treatment, so a properly structured 1031 defers both. You must have a qualified intermediary in place before closing — it cannot be arranged afterward.
There is no acquisition-value base to reset: appraisal districts value property at market value every year (Tax Code § 23.01). Non-homestead real property appraised at $5,320,000 or less has a 20% cap on annual appraisal increases for tax year 2026 (§ 23.231); the cap ends when the property changes hands and is scheduled to expire on December 31, 2026.
Demand drivers
Population
8.5M
Pop. growth
+1.5%
Job growth
+1.1%
Unemployment
4.4%
Net domestic migration
+18,197
Housing permits YTD
43,526
Permits vs last year
-6.7%
Median household income
$93K
How Metro Dallas compares
Job growth, year over year
+1.1%
Higher than 41 of 50 states
Population growth
+1.5%
Higher than 50 of 50 states
Unemployment rate
4.4%
Higher than 36 of 50 states
Median household income
$93K
Higher than 39 of 50 states
| State | Job growth, year over year | Population growth | Unemployment rate | Median household income |
|---|---|---|---|---|
| Metro Dallas | +1.1% | +1.5% | 4.4% | $93K |
| Arizona | +0.6% | +0.9% | 4.9% | $81K |
| Texas | +1.1% | +1.3% | 4.4% | $80K |
| Florida | +0.6% | +0.8% | 4.5% | $78K |
| Alabama | +1.1% | +0.6% | 3.4% | $67K |
| Alaska | +1.3% | +0.1% | 4.3% | $96K |
| Arkansas | +0.6% | +0.6% | 3.9% | $62K |
| California | +0.8% | -0.0% | 5.1% | $100K |
| Colorado | +0.2% | +0.4% | 4.0% | $97K |
| Connecticut | +0.9% | +0.4% | 5.1% | $96K |
| Delaware | +0.1% | +0.9% | 4.7% | $88K |
| Georgia | -0.1% | +0.9% | 3.2% | $80K |
| Hawaii | +0.2% | -0.1% | 2.7% | $101K |
| Idaho | +0.9% | +1.4% | 3.6% | $81K |
| Illinois | +0.2% | +0.1% | 4.7% | $83K |
| Indiana | -0.5% | +0.6% | 3.3% | $72K |
| Iowa | +0.0% | +0.3% | 3.2% | $76K |
| Kansas | +0.5% | +0.4% | 3.8% | $76K |
| Kentucky | -0.1% | +0.5% | 4.7% | $65K |
| Louisiana | +1.6% | +0.1% | 4.2% | $61K |
| Maine | -0.1% | +0.5% | 3.2% | $76K |
| Maryland | -0.2% | +0.3% | 4.1% | $103K |
| Massachusetts | +0.2% | +0.2% | 4.3% | $105K |
| Michigan | +0.2% | +0.3% | 5.0% | $72K |
| Minnesota | +1.4% | +0.6% | 4.4% | $87K |
| Mississippi | +0.4% | +0.1% | 3.4% | $59K |
| Missouri | +1.1% | +0.4% | 3.5% | $72K |
| Montana | -0.9% | +0.6% | 3.2% | $75K |
| Nebraska | +0.2% | +0.6% | 2.9% | $76K |
| Nevada | +1.3% | +0.9% | 4.8% | $81K |
| New Hampshire | +0.2% | +0.5% | 2.8% | $100K |
| New Jersey | -0.2% | +0.4% | 4.3% | $104K |
| New Mexico | +1.6% | -0.1% | 4.7% | $68K |
| New York | -0.0% | +0.0% | 4.3% | $86K |
| North Carolina | +1.3% | +1.3% | 3.5% | $74K |
| North Dakota | +0.5% | +0.8% | 2.2% | $78K |
| Ohio | +0.2% | +0.3% | 3.3% | $72K |
| Oklahoma | +0.7% | +0.6% | 4.3% | $66K |
| Oregon | -0.8% | +0.2% | 5.1% | $85K |
| Pennsylvania | +0.6% | +0.1% | 3.7% | $78K |
| Rhode Island | +0.1% | +0.4% | 3.7% | $84K |
| South Carolina | +1.6% | +1.5% | 4.1% | $72K |
| South Dakota | +0.2% | +0.9% | 2.0% | $77K |
| Tennessee | +0.5% | +0.9% | 3.4% | $72K |
| Utah | +1.0% | +1.0% | 3.5% | $97K |
| Vermont | -0.3% | -0.3% | 2.6% | $83K |
| Virginia | -0.9% | +0.7% | 3.6% | $92K |
| Washington | +0.4% | +0.9% | 4.9% | $99K |
| West Virginia | -0.3% | -0.1% | 4.0% | $61K |
| Wisconsin | +0.6% | +0.3% | 3.2% | $77K |
| Wyoming | +0.8% | +0.3% | 3.0% | $76K |
Dallas–Fort Worth has about 8.5 million residents and is growing 1.5% a year. Over the latest year it gained a net 18,197 residents from other states. Unemployment is 4.4%, the metro added jobs at 1.1% over the past year, and median household income is $92,733.
The metro's real advantage is positional. DFW is an inland port with intermodal rail, two major airports, and highway access to much of the country, which is why bulk distribution keeps choosing it. It is also a headquarters market: American Airlines, AT&T, Texas Instruments and Toyota's North American operations are based here, and recent moves include Caterpillar to Irving and Public Storage to Frisco.
American Airlines, Walmart, Texas Health Resources, Baylor Scott & White and Bank of America are among the region's largest employers, and the health systems underwrite a deep medical office market. On the residential side, residential permits are down 6.7% year to date.
Largest employers
Industries driving demand
Logistics
Financial services
Aviation
Corporate HQ
Sources: U.S. Census Bureau, Population Estimates Program, Vintage 2025 · U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics, August 2026 · U.S. Bureau of Labor Statistics, Current Employment Statistics (total nonfarm, YoY), August 2026 · U.S. Census Bureau, Building Permits Survey (residential units, year to date), January–August 2026 · U.S. Census Bureau, American Community Survey 1-Year Estimates, 2024
Submarkets
Bulk distribution in southern Dallas County, around the Union Pacific intermodal terminal in Wilmer.
Corporate campus corridor in Plano and Frisco, home to headquarters such as Toyota Motor North America.
Older infill industrial between Dallas and Fort Worth, close to DFW Airport.
Dense urban retail and office just north of downtown, next to the Southwestern Medical District.
Recent activity
Anonymized from our own pipeline. These are cap rates we actually underwrote, not survey averages.

Warehouse · Q2 2026
5.95%cap
Infill industrial in Great Southwest. 28-foot clear, fully leased to a regional 3PL with 7 years remaining.

Gas Station · Q1 2026
7.10%cap
Dealer-guaranteed site with an aging single-wall tank system. Priced for the tank replacement and the environmental tail.
Property types
Each property type has its own underwriting playbook: how we value it, what we check in diligence, and who it backfills to.



Retail18
Industrial03
Office & healthcare06
Hospitality & residential04
Specialty17
Process
Day 0
01Address, asset type, and the lease if there is one. That is enough for us to start.
Our underwriting runs the income against current Dallas market pricing and the cost of capital. No lowball anchor.
10 minutes
03In 10 minutes, with the math shown. You will know exactly how we got there.
As fast as 30 days
04As fast as 30 days, or as slow as you need. We are the principal, so the date is yours.
FAQ
No. Texas has no real estate transfer tax, and its constitution has barred new ones since 2016 (art. VIII, § 29). There is no personal income tax on the gain either (art. VIII, § 24-a). Your closing costs are title, escrow, and recording.
Directly. Texas appraises at market value every year (Tax Code § 23.01), and Dallas County's effective property tax rate is 1.45%. A buyer models the tax bill on the price they pay you, not on your current appraisal. If your appraisal lags the market, the higher bill comes out of the NOI they are capitalizing, and we show you that line in our math.
No. Under Tax Code § 23.231, the cap on non-homestead property appraised at $5,320,000 or less (the tax year 2026 threshold) ends on January 1 of the first tax year after the owner sells. The cap itself is scheduled to expire on December 31, 2026 unless the Legislature extends it.
There is no acquisition-value base to reset: appraisal districts value property at market value every year (Tax Code § 23.01). Non-homestead real property appraised at $5,320,000 or less has a 20% cap on annual appraisal increases for tax year 2026 (§ 23.231); the cap ends when the property changes hands and is scheduled to expire on December 31, 2026. The effective property tax rate in Texas is about 1.45%.
Yes. Texas conforms to Section 1031, so a properly structured exchange defers state income tax on the gain as well as federal. The 45-day identification and 180-day closing deadlines are federal and apply the same way.
Texas is a title state: a title or escrow company typically runs the closing, with attorneys optional. We open title with a national underwriter as soon as terms are agreed.
Dallas's population is growing 1.5% a year and over the latest year it gained a net 18,197 residents from other states. Employers added jobs at 1.1% over the past year, with unemployment at 4.4%, and residential permits are down 6.7% year to date. Those are the inputs behind tenant demand; what they mean for your property depends on its submarket and lease, which is what we underwrite.
You get a firm written offer within 10 minutes of sending us the property. If you accept, you can close in as little as 30 days — most of that is title work and your own timeline. There is no listing period, no marketing, and no waiting on a buyer's financing contingency.
Yes. We are the buyer, so there is no lender requiring repairs and no inspection contingency to renegotiate against you. Deferred maintenance, a failing roof, an aging tank system — we price it into the offer rather than asking you to fix it first.
Yes, and in most cases a tenant makes the property more valuable to us, not less. We will ask for the lease, a rent roll, and any estoppel certificates. You do not need to deliver the property vacant.
Short remaining term is one of the main reasons owners come to us. A conventional buyer needs lease term to get financing, which is why short-dated assets sit on the market. We underwrite the real estate and the backfill prospects rather than the remaining term alone.
We buy vacant assets. Pricing shifts from an income approach to what the building and land are worth to the next user, which is a different calculation — but it is one we do routinely rather than one that disqualifies the property.
No. We buy directly, and there is no commission because there is nothing to market. If you already have a broker, we will pay them. Selling without one saves the commission, but you should understand you are also giving up price discovery — a broker's job is to find out whether someone will pay more than we will.
The address and the lease are enough to start. To finalize, we will want the rent roll, the last two years of operating statements, the title commitment, any existing survey, and any environmental reports you already have. You do not need an appraisal or a broker package.
We underwrite in-place income against what the space would re-lease for, adjust for capital needs and any environmental tail, and apply a cap rate supported by comparable transactions. We show you the inputs. If you disagree with an assumption, we would rather argue about the assumption than about the number.
Title and escrow fees, any transfer or recording tax owed in your state, prorated property taxes, and payoff of any existing debt. Because we are the buyer, there is no commission and no marketing cost. Transfer tax varies significantly by state and is often the largest single line.
Usually yes, on the gain above your adjusted basis, and depreciation recapture is taxed separately from appreciation. State treatment varies. This is a question for your CPA before you sign, not after — the structure of the sale can change the answer.
Yes. A 1031 exchange lets you defer federal capital gains by reinvesting in like-kind property, subject to a 45-day identification window and a 180-day closing window from the date you sell. You must have a qualified intermediary in place before closing — it cannot be arranged afterward. Most states conform to federal treatment, but a few do not.
Yes, and speed is the reason to move early rather than late. We can close on a defined date, which is what a lender or a receiver generally needs to see. Send us the payoff figure and any notices you have received.
Yes. Probate sales take longer because the court timeline governs, not ours, and multiple heirs need to agree on the price before anything can close. We are used to working around both. Inherited property also generally receives a stepped-up basis, which can change the tax math substantially.
Send it anyway. Environmental history is one of the most common reasons a conventional sale falls apart, and it is one of the reasons owners call us. We price the remediation and the residual liability into the offer rather than walking away at the Phase II.
None. There is no fee, no listing agreement, and no obligation to accept. If our number does not work for you, you keep the underwriting we showed you and we part ways.
10-minute offer
Send us the address and the lease. You'll have a firm offer, with the math shown, in 10 minutes.