Flex Space with Insulated
For Sale
$400,000
151 Morrow Road, Springtown, TX 76082
COMMERCIAL - Springtown, TX
Property Size3,200 SF
Lot Size0.50 Acres
Price / SF$125
Days on Market50
Property Features for 151 Morrow Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Comm.
Parking features
Garage, Driveway, Open, Oversize
Subdivision
SURV: MARY THOMAS
Lot features
Cleared, Sloped
Directions
From I-20: Take the exit for FM 51 Main Street and head north toward Springtown. Continue on FM 51 through Springtown, then turn east onto SH-199. Travel approximately 2 miles and turn right onto Morrow Road. Continue about 500 feet, and the property at 151 Morrow Road will be on the left.
Standard status
Active
APN
R000082107
Lot size
0.50 Acres
Taxes and HOA fees
Tax Description
ACRES: 0.500 TR: BLK: SURV: MARY THOMAS
Tax Annual Amount
2813
Legal Description
ACRES: 0.500 TR: BLK: SURV: MARY THOMAS
Utilities
Sewer type
Septic Tank
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Building Details
Year built
2004
Floors in Building
1
Number of units
1
Flooring type
Carpet, Tile, Concrete
Building materials
MetalSiding, Concrete, SteelSiding
Roof type
Metal
Listing Agency:
CENTURY 21 Judge Fite Co. · Century 21 Real Estate
(817) 731-8667
Listed By:
Cassy Nutt
(214) 920-9611
Added: Jul 10
Changed: Aug 6
Last Checked: Aug 28 at 6:06PM
MLS# 21310801
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 space offers a versatile mix of work and customer-facing areas, with approximately 1,800 square feet of heated and cooled space for offices, cubicles, customer-facing retail, call center operations, or collaborative work. An additional 800+ square feet of insulated warehouse space provides room for inventory, equipment, storage, or light manufacturing. The property also includes an 800-square-foot covered porch that can support outdoor operations, customer pickup, equipment storage, or future expansion.
Constructed in 2004, the building features metal siding with concrete flooring, and it is served by central and electric heating with electric and central air cooling. Parking is available via driveway and open areas, along with a garage and oversize parking.
Set approximately 500 feet off SH-199 between Azle and Springtown, the property sits on a 0.5-acre lot and is served by a septic tank. Metal roofing supports a durable exterior for a range of flex uses.
Constructed in 2004, the building features metal siding with concrete flooring, and it is served by central and electric heating with electric and central air cooling. Parking is available via driveway and open areas, along with a garage and oversize parking.
Set approximately 500 feet off SH-199 between Azle and Springtown, the property sits on a 0.5-acre lot and is served by a septic tank. Metal roofing supports a durable exterior for a range of flex uses.
Key Highlights
- 0.5‑acre flex property located about 500 feet off SH‑199
- Approximately 1,800 SF heated and cooled office or customer space
- 800+ SF insulated warehouse space for inventory, equipment, storage, or light manufacturing
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
$23,462
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
5.87%
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%
$469,240
$469.2K
Cap Rate 7%
$335,171
$335.2K
Cap Rate 9%
$260,689
$260.7K
Market Conditions
NOI Build-Up for 3,200 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
$38.4K $12.00/SF
− Vacancy
−$2.3K −$0.72/SF
EGI
$36.1K $11.28/SF
− OpEx
−$12.6K −$3.95/SF
NOI
$23.5K $7.33/SF
Area
Parker County, TX
Vacancy
6.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$469,240
Cap Rate 7%
$335,171
Cap Rate 9%
$260,689
Alternative Uses
Best Use
Industrial
$3.18M
$2.78M – $3.71M
NOI $222,580 @ 7.0% cap · market cap 55.65%
Second Best
Flex RnD
$335.2K
$293.3K – $391.0K
NOI $23,462 @ 7.0% cap · market cap 5.87%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
92
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 76082, TX
21,514
Population
8,576
Households
2.5
Avg Household Size
40
Median Age
16%
College-Educated
87%
High-School Grad
102.8 sq mi
ZIP Area
209
Density / Sq Mi
$93,553
Median Household Income
$49,323
Median Earnings
$1,275
Median Rent
$277,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space with heated and cooled office area and insulated warehouse space, plus a covered porch for outdoor operations.
Where is this flex space located?
The property is located at 151 Morrow Road Springtown, TX.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 0.5‑acre flex property located about 500 feet off SH‑199; Approximately 1,800 SF heated and cooled office or customer space; 800+ SF insulated warehouse space for inventory, equipment, storage, or light manufacturing
