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    Downtown Hillsboro Commercial Property For Rent Title is generated by Realmo AI

    231 E Elm Street, Hillsboro, TX 76645

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    Claim this Listing
    For Lease
    $1,600 /Mo

    Business - Hillsboro, TX

    Type:Business
    Lot size:
    0.07 Acres
    Added:
    Apr 8, 2026
    Days on Market:
    55
    Last Refresh:
    Jun 1 at 5:06 am

    Property Features for 231 E Elm Street

    General Information

    Property type
    Other
    Property subtype
    Business
    Parking features
    Carport, On Street, Paved or Surfaced
    Standard status
    Active
    APN
    134280
    Lot size
    0.07 Acres

    Utilities

    Heating system
    Electric (Heating), Wall Furnace
    Cooling system
    Electric, Multi Units, Wall Unit(s)

    Building Details

    Flooring type
    Vinyl
    Building materials
    Brick, Stucco
    Architectural style
    Other

    We can help!

    Listing Contact
    Lacey Whitehouse
    Lacey Whitehouse

    Listing agent Lacey Whitehouse License #0698643

    Listing office Julie Siddons REALTORS, LLC PO Box 1244, Hillsboro, TX

    Listing date Apr 8, 2026

    MLS# 21217342 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.

    HighLights

    • Prime downtown location on Elm Street, offering exceptional visibility and high exposure.
    • Versatile layout suitable for retail, office space, or a combination of commercial uses.
    • Currently being remodeled and white boxed, allowing for customized build‑out.
    • New concrete and parking pad being constructed to provide additional parking.
    • Located across from City Admin offices and next to insurance & real estate offices.
    • Surrounded by thriving businesses, dining, and local attractions.

    Overview

    Located on Elm Street in downtown Hillsboro, this commercial property is undergoing remodeling, with updated photos to follow. A new concrete and parking pad is under construction behind the building to provide additional parking. The interior is being demoed and white boxed, while the exterior walls are being repaired and refreshed. Situated right off the main street, the building is across from City Admin offices and next door to insurance and real estate offices. The property offers exceptional visibility and is positioned in the heart of downtown Hillsboro. The building features a versatile layout suitable for various commercial uses, including retail or office space. Surrounded by businesses, dining, and local attractions, this property is suitable for any growing enterprise. The lot size is 0.073 acres. This property is located in Hill County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Hillsboro
    County
    Hill
    State
    Texas
    Longitude
    -97.1266784
    Latitude
    32.01089224

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    FAQs

    What type of property is this?
    Retail space - Remodeled commercial property in downtown Hillsboro, suitable for various businesses.
    Where is this retail space located?
    The property is located at 231 E Elm Street Hillsboro, TX.
    What is the lease rate?
    The lease rate is $1,600 /Mo.
    What are key features of this property?
    This property features: Prime downtown location on Elm Street, offering exceptional visibility and high exposure.; Versatile layout suitable for retail, office space, or a combination of commercial uses.; Currently being remodeled and white boxed, allowing for customized build‑out.
    (254) 582-0077
    We can help!
    Listing Contact
    Lacey Whitehouse
    Lacey Whitehouse
    Real Estate License ID: 0698643
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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
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