Flex Space Building with RV
For Sale
$1,900,000
600 FM 981, Blue Ridge, TX 75424
COMMERCIAL - Blue Ridge, TX
Property Size10,000 SF
Lot Size0.92 Acres
Price / SF$190
Days on Market44
Property Features for 600 FM 981
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
commercial
Parking features
Garage, RV
Security features
Security
Subdivision
Mathias Mowery Surv Abs #557
Directions
Please consult GPS
Standard status
Active
APN
R655700215901
Lot size
0.92 Acres
Taxes and HOA fees
Tax Description
ABS A0557 M MOWERY SURVEY, SHEET 2, TRACT 159
Legal Description
ABS A0557 M MOWERY SURVEY, SHEET 2, TRACT 159
Utilities
Utilities
Propane
Sewer type
Septic Tank
Heating system
Central, Propane (Heating), Heat Pump (Heating), Electric (Heating)
Cooling system
Electric, Heat Pump, Central Air, Wall Unit(s)
Water source
Public
Building Details
Year built
1985
Floors in Building
2
Number of units
1
Flooring type
Vinyl, Carpet, Concrete
Building materials
MetalSiding, Concrete
Roof type
Metal
Listing Agency:
John Christie Real Estate Prop
(972) 529-7022
Listed By:
Abbie Andrews · License #0788776
(214) 668-7974
Added: Jul 22
Changed: Aug 4
Last Checked: Sep 3 at 9:06PM
MLS# 21337330
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 building is located on a 0.916-acre lot and offers a versatile interior footprint of 10,000 SF. Constructed with metal siding and concrete, the building includes vinyl, carpet, and concrete flooring. Mechanical systems include heat pump and electric heating options, as well as central and propane heating, with cooling provided by heat pump, electric, wall units, and central air. The property was built in 1985 and includes garage and RV parking to support a range of business needs.
The building sits on the southeast corner of Highway 78 and FM 981, with access shaped by its hard-corner location. Utilities include propane, with public water and a septic tank sewer system.
Additional interior and site details can be reviewed directly with the seller as part of your due diligence for this unrestricted commercial property.
The building sits on the southeast corner of Highway 78 and FM 981, with access shaped by its hard-corner location. Utilities include propane, with public water and a septic tank sewer system.
Additional interior and site details can be reviewed directly with the seller as part of your due diligence for this unrestricted commercial property.
Key Highlights
- 10,000 SF flex space building
- 0.916‑acre lot
- Southeast corner of Highway 78 and FM 981
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
$73,320
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
3.86%
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%
$1,466,400
$1.5M
Cap Rate 7%
$1,047,429
$1.0M
Cap Rate 9%
$814,667
$814.7K
Market Conditions
NOI Build-Up for 10,000 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
$120.0K $12.00/SF
− Vacancy
−$7.2K −$0.72/SF
EGI
$112.8K $11.28/SF
− OpEx
−$39.5K −$3.95/SF
NOI
$73.3K $7.33/SF
Area
Collin 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%
$1,466,400
Cap Rate 7%
$1,047,429
Cap Rate 9%
$814,667
Alternative Uses
Best Use
Industrial
$9.94M
$8.69M – $11.59M
NOI $695,563 @ 7.0% cap · market cap 36.61%
Second Best
Flex RnD
$1.05M
$916.5K – $1.22M
NOI $73,320 @ 7.0% cap · market cap 3.86%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
164
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75424, TX
4,517
Population
1,387
Households
3.3
Avg Household Size
38
Median Age
18%
College-Educated
87%
High-School Grad
63.6 sq mi
ZIP Area
71
Density / Sq Mi
$82,974
Median Household Income
$45,875
Median Earnings
$1,563
Median Rent
$302,600
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 - Unrestricted flex space on a 0.916-acre hard-corner with RV and garage parking.
Where is this flex space located?
The property is located at 600 FM 981 Blue Ridge, TX.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 10,000 SF flex space building; 0.916‑acre lot; Southeast corner of Highway 78 and FM 981
