Dual-Building Flex
For Sale
$1,590,000
1200 S Highway 377, Pilot Point, TX 76258
CommercialSale, Pilot Point, TX
Property Size9,000 SF
Lot Size0.90 Acres
Price / SF$176.67
Days on Market87
Property Features for 1200 S Highway 377
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C2
Parking features
Driveway, Parking Lot
Subdivision
C Smith
Directions
Use GPS. Located on Hwy 377 in Pilot Point across from David Lane
Standard status
Active
APN
R149145
Lot size
0.90 Acres
Taxes and HOA fees
Tax Description
A1139A C. SMITH, TR 366B, 0.2785 ACRES
Tax Annual Amount
6052
Legal Description
A1139A C. SMITH, TR 366B, 0.2785 ACRES
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1985
Floors in Building
1
Number of units
2
Flooring type
Concrete
Building materials
MetalSiding, Concrete, Rock, Stone
Roof type
Metal
Listing Agency:
Keller Williams Realty
(940) 484-9411
Listed By:
Benjamin Clark · License #0611947
(940) 484-9411
Added: Jun 4
Changed: Aug 28
Last Checked: Aug 29 at 12:06AM
MLS# 21246015
Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property includes two commercial buildings measuring approximately 5,000 square feet and 4,000 square feet, respectively, for a combined total of approximately 9,000 square feet. Both improvements include air-conditioned office areas, while the property also offers expansive shop space, multiple overhead doors, concrete flooring, central heating, central air, and metal roofing. The buildings were constructed in 1985.
Located at 1200 S Highway 377 in Pilot Point, the property has direct access to US Highway 377 and visibility along the corridor. The site includes a parking lot, driveway, and secure yard, supporting equipment storage, service operations, and logistics. Public water and public sewer serve the property.
Located at 1200 S Highway 377 in Pilot Point, the property has direct access to US Highway 377 and visibility along the corridor. The site includes a parking lot, driveway, and secure yard, supporting equipment storage, service operations, and logistics. Public water and public sewer serve the property.
Key Highlights
- Approximately 9,000 square feet across two commercial buildings
- 5,000‑square‑foot facility plus a 4,000‑square‑foot facility
- Air‑conditioned office areas in both buildings
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$125,145
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.87%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,502,900
$2.5M
Cap Rate 7%
$1,787,786
$1.8M
Cap Rate 9%
$1,390,500
$1.4M
Market Conditions
NOI Build-Up for 9,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$222.5K $24.72/SF
− Vacancy
−$55.6K −$6.18/SF
EGI
$166.9K $18.54/SF
− OpEx
−$41.7K −$4.64/SF
NOI
$125.1K $13.91/SF
Area
Denton County, TX
Vacancy
25.00%
Lease Rate
$24.72 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,502,900
Cap Rate 7%
$1,787,786
Cap Rate 9%
$1,390,500
Alternative Uses
Best Use
Office B
$1.79M
$1.56M – $2.09M
NOI $125,145 @ 7.0% cap · market cap 7.87%
Second Best
Warehouse
$801.3K
$701.2K – $934.9K
NOI $56,093 @ 7.0% cap · market cap 3.53%
Theoretical Best
Multifamily LT 5
$125.86M
$110.13M – $146.84M
NOI $8,810,188 @ 7.0% cap · market cap 554.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
153
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 76258, TX
7,409
Population
3,079
Households
2.4
Avg Household Size
41
Median Age
30%
College-Educated
82%
High-School Grad
90.3 sq mi
ZIP Area
82
Density / Sq Mi
$93,661
Median Household Income
$51,382
Median Earnings
$1,224
Median Rent
$320,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Two commercial improvements combine conditioned offices with shop areas and overhead doors.
Where is this flex space located?
The property is located at 1200 S Highway 377 Pilot Point, TX.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: Approximately 9,000 square feet across two commercial buildings; 5,000‑square‑foot facility plus a 4,000‑square‑foot facility; Air‑conditioned office areas in both buildings
