Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Vacant Restaurant with Highway Exposure Title is generated by Realmo AI

    1502 W Main St, Honey Grove, TX 75446

    View on Map
    Claim this Listing
    For Sale
    $210,000

    COMMERCIAL - Honey Grove, TX

    Lot size:
    0.66 Acres
    Added:
    May 5, 2026
    Days on Market:
    33
    Last Refresh:
    Jun 6 at 4:06 am

    Property Features for 1502 W Main St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Boat
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    APN
    000000074832
    Lot size
    0.66 Acres

    Taxes and HOA fees

    Tax Description
    A0348 S ERWIN, ACRES .66
    Tax Annual Amount
    3217

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1940
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Hardwood, Tile
    Building materials
    BoardAndBattenSiding
    Roof type
    Metal

    We can help!

    Listing Contact
    Lore Lane

    Listing agent Lore Lane License #0802673

    Listing office Hygge Homes and Land Paris, TX

    Listing date May 5, 2026

    MLS# 21195950

    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.

    HighLights

    • 1940‑built building with board‑and‑batten siding and a metal roof
    • Interior includes hardwood and tile flooring
    • Central heating and central air conditioning
    • Public water and public sewer connected
    • Currently vacant; most recently operated as a Mexican restaurant (kitchen appliances removed, tables and select furnishings remain)
    • Accessible approach with ramp, plus parking feature includes boat parking; building also available for lease

    Overview

    This well-known restaurant building is currently vacant and ready for revitalization. Most recently used as a Mexican restaurant, the property’s kitchen appliances have been removed, but several tables and select furnishings remain, giving a new owner a workable starting point. The space is suited for a hands-on refresh and re-opening under new management, with an opportunity to bring back a neighborhood gathering feel.

    Located along the highway leading to the future Lake Ralph Hall, the property is positioned to serve both longtime residents and visitors as activity increases around the area. The setting supports a concept that benefits from pass-by visibility and repeat local traffic, including customers looking for a convenient stop on a day trip or a seasonal outing.

    With motivated owners who are open to working with buyers, this is a practical option for operators seeking a turnkey foundation without starting from scratch. It may fit a hometown café, breakfast spot, sandwich stop, or other community-focused dining concept. The layout and recognizable history also allow room for non-traditional uses mentioned with the property, such as a bait and tackle shop or a small farm-to-table market, depending on the direction an investor or restaurateur wants to pursue. The building is also available for lease.
    Property Profile Location Intelligence

    Current Use by Public Records

    El Molcajete Restaurant

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Auto Parts Store Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Honey Grove
    County
    Fannin
    State
    Texas
    Longitude
    -95.926558
    Latitude
    33.582609

    Nearby Similar for Sale

    • $500,000

      Historic Retail and Bar Building

      Two historical buildings offered together, including a functioning western store with rear warehouse access via overhead door.
      104 E Main Street, Honey Grove, TX 75446
      View Details
    • $650,000

      Event Venue with Roll-Up Garage

      Flexible event space with soaring ceilings, attached silos, and vendor-friendly drive access via a roll-up garage door.
      151 S 5th Street, Honey Grove, TX 75446
      View Details
    • $389,500
      1,400 SF

      Honey Grove Farm/Estate For Sale

      14.5-acre farm with home, ponds, and outbuildings in Honey Grove.
      4411 FM 100, Honey Grove, TX 75446
      View Details
    • $500,000
      9,500 SF

      Two-Building Retail and Warehouse Property

      Two historic buildings offer an open retail showroom plus a back workspace with street-level overhead access.
      104 E Main Street, Honey Grove, TX 75446
      View Details
    • $650,000
      11,065 SF

      Versatile Event Venue Opportunity

      Impressive 11,000+ sq ft event venue with flexible layout.
      151 S 5th Street, Honey Grove, TX 75446
      View Details
    • $99,900
      2,100 SF

      Commercial Property Near Bois d'Arc

      Commercial property near Bois d'Arc Lake, ideal for various businesses.
      8196 Fm 100, Honey Grove, TX 75446
      View Details
    • $875,000
      3,500 SF

      53+ Acre Ranch in Texas

      Spacious ranch with barndominium, outbuildings, and recreational opportunities.
      2000 County Road 2420, Honey Grove, TX 75446
      View Details
    • $297,500

      Specialty Commercial Property

      Specialty commercial property in Fannin County, offered for sale with a clear agent-assisted location pin.
      1700 CR 2770, Honey Grove, TX 75446
      View Details
    • $99,900

      Former Church on FM 100

      Former church property located 6.5 miles north of Bonham.
      8196 FM 100, Honey Grove, TX 75446
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Vacant building formerly a Mexican restaurant, with remaining tables and furnishings, positioned for steady lake-bound traffic.
    Where is this conventional restaurant located?
    The property is located at 1502 W Main St Honey Grove, TX.
    What is the asking price?
    The asking price for this property is $210,000.
    What are key features of this property?
    This property features: 1940‑built building with board‑and‑batten siding and a metal roof; Interior includes hardwood and tile flooring; Central heating and central air conditioning
    (903) 363-2222
    We can help!
    Listing Contact
    Lore Lane
    Real Estate License ID: 0802673
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1502 W Main St, Honey Grove, TX 75446
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!