DFW Cap Rate Averages (2026)
By property type and submarket:
- ✓Office (Class A, Uptown/Victory Park): 5.5-6.5%
- ✓Office (Class B, Plano/Richardson): 7.0-8.5%
- ✓Retail (Strip/NNN, North Dallas): 5.0-6.0%
- ✓Retail (Non-anchor, suburban): 7.0-9.0%
- ✓Industrial (Logistics, Alliance/I-35E corridor): 4.5-5.5%
- ✓Multifamily (200+ units, Dallas core): 4.0-5.0%
How to Calculate
Cap Rate = Net Operating Income (NOI) / Purchase Price
- ✓NOI = Gross Rental Income - Operating Expenses (NOT including mortgage payments)
- ✓Operating Expenses include: property tax, insurance, CAM, management fees, maintenance reserves
- ✓DO NOT include: debt service, depreciation, capital expenditures in NOI
- ✓Example: $180K NOI / $2.4M price = 7.5% cap rate
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