Flex Space with Dock-High
For Sale
$1,985,000
304 Progress Drive, Sherman, TX 75092
CommercialSale, Sherman, TX
Property Size13,000 SF
Lot Size2.50 Acres
Price / SF$152.69
Days on Market79
Property Features for 304 Progress Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
PD - Industrial
Parking features
Parking Lot
Subdivision
Progress Industrial
Directions
304 Progress Dr.
Standard status
Active
APN
125314
Lot size
2.50 Acres
Taxes and HOA fees
Tax Description
G-0765 MARTIN WILLIAM A-G0765, ACRES 1.0
Legal Description
G-0765 MARTIN WILLIAM A-G0765, ACRES 1.0
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1996
Floors in Building
1
Number of units
1
Flooring type
Tile, Laminate, Concrete, Hardwood
Building materials
Stucco
Roof type
Metal
Listing Agency:
Bluestone Partners, LLC
(903) 813-1415
Listed By:
Barry Boothe · License #0604645
(903) 821-0321
Added: Jun 18
Changed: Sep 3
Last Checked: Sep 4 at 9:06AM
MLS# 21303976
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 property occupies 2.5 acres in Sherman and includes a clear-span building configured with office space, a dock-high loading door, substantial power distribution, and generous ceiling heights. The layout supports manufacturing, storage, and logistics uses. Interior finishes include tile, laminate, concrete, and hardwood flooring, while central heating and central air provide building climate control. A metal roof, stucco construction, and an on-site parking lot are also in place.
The property is positioned along US Highway 75, with proximity to Texas Instruments, GlobiTech, Coherent, and other supporting industries. Public water and public sewer serve the site. Built in 1996, the property offers a combination of industrial functionality, office accommodation, loading access, and outdoor land area for an owner-user or investor.
The property is positioned along US Highway 75, with proximity to Texas Instruments, GlobiTech, Coherent, and other supporting industries. Public water and public sewer serve the site. Built in 1996, the property offers a combination of industrial functionality, office accommodation, loading access, and outdoor land area for an owner-user or investor.
Key Highlights
- 2.5‑acre flex property in Sherman, TX
- 3,000 SF of office space within the industrial building
- Clear‑span construction with generous ceiling heights
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
$82,233
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
4.14%
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%
$1,644,660
$1.6M
Cap Rate 7%
$1,174,757
$1.2M
Cap Rate 9%
$913,700
$913.7K
Market Conditions
NOI Build-Up for 13,000 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
$106.1K $8.16/SF
− Vacancy
−$9.3K −$0.72/SF
EGI
$96.7K $7.44/SF
− OpEx
−$14.5K −$1.12/SF
NOI
$82.2K $6.33/SF
Area
Grayson County, TX
Vacancy
8.80%
Lease Rate
$8.16 /SF/Yr
Expense Ratio
15.00%
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%
$1,644,660
Cap Rate 7%
$1,174,757
Cap Rate 9%
$913,700
Alternative Uses
Best Use
Warehouse
$1.17M
$1.03M – $1.37M
NOI $82,233 @ 7.0% cap · market cap 4.14%
Second Best
Industrial
$967.4K
$846.5K – $1.13M
NOI $67,721 @ 7.0% cap · market cap 3.41%
Theoretical Best
Hotel Hospitality
$6.67M
$5.84M – $7.78M
NOI $466,830 @ 7.0% cap · market cap 23.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
28
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75092, TX
27,186
Population
13,117
Households
2.1
Avg Household Size
39
Median Age
30%
College-Educated
94%
High-School Grad
113.9 sq mi
ZIP Area
239
Density / Sq Mi
$67,160
Median Household Income
$41,683
Median Earnings
$1,205
Median Rent
$260,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Clear-span flex facility with office space, substantial power distribution, and room for manufacturing, storage, or logistics operations.
Where is this flex space located?
The property is located at 304 Progress Drive Sherman, TX.
What is the asking price?
The asking price for this property is $1,985,000.
What are key features of this property?
This property features: 2.5‑acre flex property in Sherman, TX; 3,000 SF of office space within the industrial building; Clear‑span construction with generous ceiling heights
