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    Church Facility with Classroom Spaces Title is generated by Realmo AI

    400 N Sam Rayburn Freeway, Sherman, TX 75090

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    For Lease
    $3,000/Mo $6 SF/Yr (calc)

    COMMERCIAL - Sherman, TX

    Property size:
    5,671 SF
    Lot size:
    2.30 Acres
    Added:
    Apr 18, 2026
    Days on Market:
    50
    Last Refresh:
    Jun 6 at 2:06 pm

    Property Features for 400 N Sam Rayburn Freeway

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    APN
    161687
    Size
    5,671 SF
    Lot size
    2.30 Acres

    Taxes and HOA fees

    Tax Description
    G-0763 MCANAIR J B, ACRES 2.3, 650X313(C) IRR

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central
    Cooling system
    Electric, Central Air, Ceiling Fan(s)
    Water source
    Public

    Building Details

    Year built
    1982
    Floors in Building
    2
    Number of units
    1
    Flooring type
    Carpet, Tile
    Building materials
    StoneVeneer, WoodSiding
    Roof type
    Composition

    We can help!

    Listing Contact
    Tommi Sue Homuth
    Tommi Sue Homuth

    Listing agent Tommi Sue Homuth License #0623240

    Listing office Tracy Realty Denison, TX

    Listing date Apr 18, 2026

    MLS# 21242071

    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

    • Commercial building on US Highway 75 with reported 67,000 vehicles/day based on April 2026 TXDOT traffic reports
    • Year built 1982; stone veneer and wood siding; composition roof
    • Previously used as a church, including kitchen, restrooms, large gathering area, and classrooms
    • Utilities include public water and public sewer
    • Central heating and central air, plus ceiling fans
    • 2025 taxes were $12,705.79; tenant pays taxes in addition to rent (extra $1,058.82 noted)

    Overview

    This leased property is a former church buildout featuring a large gathering area, multiple classrooms, and a kitchen plus restrooms. The space is set up for group use and can be a strong fit for organizations or programs that need both meeting and education-style rooms.

    Located at 400 N Sam Rayburn Freeway in Sherman, TX, the property benefits from major highway exposure. Public remarks reference TXDOT traffic reports showing approximately 67,000 vehicles passing US Highway 75, and it sits in an area associated with the Sherman Chamber of Commerce, the Sherman Economic Development Corporation, and the Bank of Texas.

    The facility’s existing layout can support a range of tenants seeking a ready-made functional environment, particularly those looking for classroom-style rooms alongside a larger common area. The tenant is responsible for taxes in addition to rent. Per the provided information, 2025 taxes were $12,705.79, plus an additional $1,058.82.
    Property Profile Location Intelligence

    Current Use by Public Records

    Churches & religious facilities

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Sherman
    County
    Grayson
    State
    Texas
    Longitude
    -96.614796
    Latitude
    33.640785

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    FAQs

    What type of property is this?
    Church & religious facility - High-visibility church building on US Highway 75 with kitchen, restrooms, and classroom spaces for flexible use.
    Where is this church & religious facility located?
    The property is located at 400 N Sam Rayburn Freeway Sherman, TX.
    What is the lease rate?
    The lease rate is $3,000 /Mo.
    What are key features of this property?
    This property features: Commercial building on US Highway 75 with reported 67,000 vehicles/day based on April 2026 TXDOT traffic reports; Year built 1982; stone veneer and wood siding; composition roof; Previously used as a church, including kitchen, restrooms, large gathering area, and classrooms
    (903) 786-3115
    We can help!
    Listing Contact
    Tommi Sue Homuth
    Tommi Sue Homuth
    Real Estate License ID: 0623240
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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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