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    The Largest CRE Database in the US with Over 1 Million Listings

    1500 S Smith Rd Rockwall, TX 75032

    Sponsored
    For Sale
    $625,000

    Warehouse - Rockwall, TX

    Type:Warehouse
    Lot size:
    4.99 Acres
    Days on Market:
    7
    Last Refresh:
    Feb 22 at 7:06 am

    Property Features for 1500 S Smith Rd

    General Information

    Property type
    Commercial Sale
    Property subtype
    Warehouse
    Property condition
    New Construction
    Standard status
    Active
    APN
    12135
    Parking features
    Driveway, Gated, Open
    Lot size
    4.99 Acres

    Utilities

    Heating system
    Other (Heating)
    Cooling system
    ENERGY STAR Qualified Equipment

    Building Details

    Year built
    2024
    Flooring type
    Concrete
    Building materials
    Metal Siding
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Cindy Miller
    Cindy Miller

    Keller Williams Realty Rockwall (972) 772-7000

    Listing agent Cindy Miller (972) 772-7000 License #0481033

    Listing date Feb 16, 2026

    MLS# 21142789 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Rockwall Warehouse on 5 Acres

    Located outside city limits, this warehouse shell in Rockwall, TX, presents an opportunity for business use or residential conversion. The building's shell is complete, and the interior is framed with 2x4 and 4x6 studs, ready for sheetrock to finish the rooms. Plumbing is in place for two bathrooms, with space for two additional bathrooms on the loft. Double doors are installed at the front of the building and on the side, leading to a 60x18 foot patio overhang. Three-quarters of the building features sprayed foam insulation, while the remaining portion has metal walls. A water meter is in place, and the pipe has been installed but needs connection to the meter. The septic system is in place. Electrical service includes 400 amp service, with 200 amp currently installed. Heating and air conditioning systems require installation. Situated on 4.993 acres, the property allows for personalized finishing. The owner is currently in the process of cleaning out the building. There is a cell tower easement on the property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Warehouses

    Suggested Use

    Law Firm Auto Repair Shop Furniture & Home Goods

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rockwall
    County
    Rockwall
    State
    Texas
    Longitude
    -96.390629
    Latitude
    32.818163

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    FAQs

    What type of property is this?
    Warehouse - Warehouse shell on 5 acres ready for customization.
    Where is this warehouse located?
    The property is located at 1500 S Smith Rd Rockwall, TX.
    What is the asking price?
    The asking price for this property is $625,000.
    What are key features of this property?
    This property features: - Great location outside city limits, ideal for business or Barndominium.; - Shell of building is complete, offering a head start on construction.; - Plumbed for 2 baths with room for 2 more in the loft.
    (972) 772-7000
    Request Owner's contact information
    1500 S Smith Rd Rockwall, TX 75032
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    Rockwall, TX 75032
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1500 S Smith Rd Rockwall, TX 75032
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    We can help!
    Listing Contact
    Cindy Miller
    Cindy Miller
    Real Estate License ID: 0481033
    (972) 772-7000
    Learn more
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