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    Heritage Parkway, Sherman, TX 75092

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    For Lease
    $30 SF/Yr $21,662/Mo (calc)

    COMMERCIAL - Sherman, TX

    Property size:
    8,665 SF
    Lot size:
    0.88 Acres
    Added:
    Mar 7, 2026
    Days on Market:
    88
    Last Refresh:
    Jun 3 at 6:06 pm

    Property Features for Heritage Parkway

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Property condition
    Under Construction
    Standard status
    Active
    APN
    122472
    Size
    8,665 SF
    Lot size
    0.88 Acres

    Taxes and HOA fees

    Tax Description
    BOWLING HEIGHTS (REPLAT), BLOCK 1, LOT 3, ACR

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    2026
    Floors in Building
    1
    Number of units
    5
    Building materials
    Brick

    We can help!

    Listing Contact
    Stephany Smith

    Listing agent Stephany Smith License #0713158

    Listing office PARAGON, REALTORS Sherman, TX

    Listing date Mar 7, 2026

    MLS# 21175478

    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

    • Proposed 8,600 SF new construction retail building with brick construction (Year built: 2026)
    • 6,600 SF remains available for lease with flexible build‑out options
    • Central heating and central air
    • Public water and public sewer
    • Retail building located along Heritage Parkway in southwest Sherman

    Overview

    New construction retail building proposed at 8,600 SF, with approximately 6,600 SF remaining available for lease. The space is designed to allow flexible build-out options, supporting a range of retail and neighborhood service concepts. With a modern retail configuration still in development, the building can be adapted to fit an operator’s needs while capturing street-facing exposure.

    Situated along Heritage Parkway in southwest Sherman, the property is positioned for customer awareness with easy access to major highways. The area is described as one of the city’s fastest-growing corridors, surrounded by new master-planned communities and expanding commercial development. The immediate market also notes limited availability of certain neighborhood services, including cleaners, medical offices, and retail, creating a practical opportunity for businesses that serve a rapidly increasing population.

    This offering suits retailers and service providers looking for a visible, purpose-built location with room to tailor the interior layout during build-out. If your business benefits from convenience and consistent customer traffic, the remaining available SF and flexible plan options provide a straightforward path to establish in a developing retail node.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Sherman
    County
    Grayson
    State
    Texas
    Longitude
    -96.6453737
    Latitude
    33.6122298

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    FAQs

    What type of property is this?
    Retail space - New retail development with strong visibility and flexible space for a growing tenant in a high-traffic corridor.
    Where is this retail space located?
    The property is located at Heritage Parkway Sherman, TX.
    What is the lease rate?
    The lease rate is $30 SF/Yr.
    What are key features of this property?
    This property features: Proposed 8,600 SF new construction retail building with brick construction (Year built: 2026); 6,600 SF remains available for lease with flexible build‑out options; Central heating and central air
    (903) 893-8174
    We can help!
    Listing Contact
    Stephany Smith
    Real Estate License ID: 0713158
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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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