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    Versatile Downtown Retail Building Title is generated by Realmo AI

    201 E Washington Street, Rockwall, TX 75087

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    Claim this Listing
    Pending
    $895,000

    COMMERCIAL - Rockwall, TX

    Property size:
    3,000 SF
    Lot size:
    0.13 Acres
    Added:
    May 27, 2026
    Days on Market:
    10
    Last Refresh:
    Jun 5 at 1:06 pm

    Property Features for 201 E Washington Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Pending
    APN
    000000021442
    Lot size
    0.13 Acres

    Taxes and HOA fees

    Tax Description
    ROCKWALL O T, BLOCK L, LOT PT OF 4 & 5, ACRES
    Tax Annual Amount
    2474

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Space Heater, Natural Gas
    Water source
    Public

    Building Details

    Year built
    1977
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Concrete
    Building materials
    Block
    Roof type
    Metal

    We can help!

    Listing Contact
    Steven Bloomquist

    Listing agent Steven Bloomquist License #0479697

    Listing office AirSpace Katy, TX

    Listing date May 27, 2026

    MLS# 21067135

    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

    • Approximately 3,000 SF block building built in 1977 with concrete flooring and a metal roof
    • About 2,500 SF dedicated parking on‑site for customer and tenant convenience
    • Located in Rockwall’s historic town square within the Downtown Development District
    • Zoned for multiple uses including retail, office, medical, or restaurant
    • Public utilities include public water and public sewer
    • Heating includes natural gas with space heater(s)

    Overview

    This prime building offers approximately 3,000 sq ft of versatile space designed to support multiple commercial concepts. The property includes roughly 2,500 sq ft of dedicated parking, providing convenient on-site access for customers and tenants. Zoning within the Downtown Development District allows for a range of uses, including retail, office, medical, or restaurant.

    Located at 201 E Washington Street in Rockwall, the property sits in the heart of the town square area. The setting is described as surrounded by dining, boutique shops, and the county courthouse, supporting an active downtown environment where storefront visibility and accessibility matter.

    For buyers and operators, this configuration can work well for owner-occupants seeking flexible downtown space, as well as investors looking for adaptable tenancy options under the stated zoning. The combination of available parking and multiple-use zoning is particularly useful for concepts that need direct customer access, such as retail storefronts, professional offices, medical practices, or restaurants.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $92.2k $30.72
    − Vacancy −$25.3k −$8.42
    EGI $66.9k $22.30
    − OpEx −$16.7k −$5.58
    NOI $50.2k $16.73
    3,000 SF · lease $30.72/SF/yr · vacancy 27.40% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $716.9K
    $627.3K – $836.4K (±1% cap)
    NOI $50,181 @ 7.0% cap · market cap 5.61%
    Second Best
    Retail
    $711.4K
    $622.4K – $829.9K (±1% cap)
    NOI $49,795 @ 7.0% cap · market cap 5.56%
    Theoretical Best
    Hotel Hospitality
    $2.26M
    $1.98M – $2.64M (±1% cap)
    NOI $158,175 @ 7.0% cap · market cap 17.67%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Jim & Dean's Garage Auto Repair Shop

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Rockwall
    County
    Rockwall
    State
    Texas
    Longitude
    -96.4592767
    Latitude
    32.930459

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    FAQs

    What type of property is this?
    Retail space - 3,000-sq-ft building with dedicated parking and Downtown Development District zoning for retail, office, medical, or restaurant use.
    Where is this retail space located?
    The property is located at 201 E Washington Street Rockwall, TX.
    What is the asking price?
    The asking price for this property is $895,000.
    What are key features of this property?
    This property features: Approximately 3,000 SF block building built in 1977 with concrete flooring and a metal roof; About 2,500 SF dedicated parking on‑site for customer and tenant convenience; Located in Rockwall’s historic town square within the Downtown Development District
    (817) 394-3906
    We can help!
    Listing Contact
    Steven Bloomquist
    Real Estate License ID: 0479697
    Request Owner's contact information
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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.

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