Building Details

Flooring type Concrete

Listing Agency: Captiva Realty r***@gmail.com Show Phone

Listed By: Steve Cox · License #0527847 Show Phone

Added: Dec 10, 2025 Changed: Sep 5 Last Checked: Sep 14 at 12:06PM

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MLS# 25012847

Copyright © 2026 Bryan-College Station Regional MLS. 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 1,700-square-foot flex building in Franklin is constructed with a metal exterior, wood framing, and a concrete slab. Spray foam insulation extends throughout the building. The interior includes a restroom and a small office area, while concrete flooring supports practical commercial use. Previous uses included automotive repair and woodworking, providing a documented shop-oriented configuration without limiting the property to those applications.

The site fronts FM 46 and has 150 feet of frontage with a depth of 135 feet. City of Franklin water and sewer serve the property, and it is located within Franklin ISD. The building and site offer a straightforward commercial setup for a business requiring enclosed workspace and basic support areas.

Key Highlights

• 1,700‑square‑foot flex building on a concrete slab
• 150 feet of frontage on FM 46
• 135‑foot lot depth

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

$15,415

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

8.24%

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%

$308,300 $308.3K

Cap Rate 7%

$220,214 $220.2K

Cap Rate 9%

$171,278 $171.3K

Market Conditions

NOI Build-Up for 1,700 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

$25.5K $15.00/SF

− Vacancy

−$1.8K −$1.05/SF

EGI

$23.7K $13.95/SF

− OpEx

−$8.3K −$4.88/SF

NOI

$15.4K $9.07/SF

Area

Robertson County, TX

Vacancy

7.00%

Lease Rate

$15.00 /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%

$308,300

Cap Rate 7%

$220,214

Cap Rate 9%

$171,278

Alternative Uses

Best Use

Retail

$262.8K

$229.9K – $306.6K (±1% cap)

NOI $18,393 @ 7.0% cap · market cap 9.84%

Second Best

Flex RnD

$220.2K

$192.7K – $256.9K (±1% cap)

NOI $15,415 @ 7.0% cap · market cap 8.24%

Theoretical Best

Office A

$418.6K

$366.3K – $488.4K (±1% cap)

NOI $29,303 @ 7.0% cap · market cap 15.67%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Lease Details

Yes

Highway access

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

167

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 77856, TX

5,170

Population

2,642

Households

2

Avg Household Size

44

Median Age

23%

College-Educated

89%

High-School Grad

372.7 sq mi

ZIP Area

14

Density / Sq Mi

$90,889

Median Household Income

$47,207

Median Earnings

$919

Median Rent

$245,900

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Metal-sided commercial building with restroom, former office area, spray foam insulation, and city water and sewer service.

Where is this flex space located?

The property is located at 910 Wheelock St Farm To Market Road Franklin, TX.

What is the asking price?

The asking price for this property is $187,000.

What are key features of this property?

This property features: 1,700‑square‑foot flex building on a concrete slab; 150 feet of frontage on FM 46; 135‑foot lot depth