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    Flex Space with Separate Entry Title is generated by Realmo AI

    920 Heritage Parkway, Sherman, TX 75092

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    For Sale
    $1,499,000

    COMMERCIAL - Sherman, TX

    Lot size:
    1.37 Acres
    Added:
    Apr 29, 2026
    Days on Market:
    39
    Last Refresh:
    Jun 6 at 2:06 pm

    Property Features for 920 Heritage Parkway

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Open
    Standard status
    Active
    APN
    394901
    Lot size
    1.37 Acres

    Taxes and HOA fees

    Tax Description
    CHIEFS ADDITION REPLAT LT 2 & 3 BLK ONE, BLOC
    Tax Annual Amount
    15810

    Utilities

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

    Building Details

    Year built
    1998
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Tile
    Building materials
    MetalSiding
    Roof type
    Metal

    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 29, 2026

    MLS# 21101757

    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

    • 1998‑built metal‑sided building with metal roof
    • Previously a childcare center with classrooms, kitchen, and restrooms
    • Separate north‑side entrance for office or manufacturing use
    • Utilities: public water and public sewer; central heating and central A/C (electric)
    • Parking available: open parking
    • Over 1.3 acres with Heritage Parkway frontage; additional storage unit facility under development behind the building off Quail Run Road

    Overview

    This flex space was formerly a childcare center and is arranged with multiple classrooms, a kitchen, and restrooms. A separate north-side entrance provides flexibility for office or manufacturing use, supporting a range of operating models from office warehouse to educational or flex use. The property also offers additional opportunity for storage expansion, with a high-quality storage unit facility under development behind the building off Quail Run Road.

    Set in Sherman’s rapidly growing corridor, the location is described as just minutes from new multi-family and single-family home developments. It also places the property near the multi-billion dollar expansions of Texas Instruments, Globitech, and Global Wafers. The offering notes excellent traffic counts and Heritage Parkway frontage, along with a lot size of 1.37 acres.

    For buyers seeking a functional, adaptable building with both classroom-style improvements and a separate entry for operations, this presents a practical option for education-related users, flex tenants, or companies that want a combination of office and warehouse activity. Seller financing is also being considered, which may broaden financing flexibility for qualified buyers.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Pharmacy Gym & Fitness Center Kitchen & Bath Showroom Food Market

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

    Similar Places Nearby

    • The Cat's Tree — 1105 Mallard Dr, Sherman, TX 75092

    Location Insight

    • Map
    • Local Demand
    City
    Sherman
    County
    Grayson
    State
    Texas
    Longitude
    -96.6462048
    Latitude
    33.6157794

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    FAQs

    What type of property is this?
    Flex space - Versatile flex layout with classroom space and a separate north-side entrance for office or light manufacturing use.
    Where is this flex space located?
    The property is located at 920 Heritage Parkway Sherman, TX.
    What is the asking price?
    The asking price for this property is $1,499,000.
    What are key features of this property?
    This property features: 1998‑built metal‑sided building with metal roof; Previously a childcare center with classrooms, kitchen, and restrooms; Separate north‑side entrance for office or manufacturing use
    (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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