Flex Shop With Climate-Controlled
For Sale
$255,000
1006 N 2nd Avenue, Canyon, TX 79015
Functional commercial shop with reinforced flooring, overhead storage, dedicated office space, and secured outdoor yard area.
Property Size2,400 SF
Price / SF$106.25
Days on Market11
Property Features for 1006 N 2nd Avenue
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Commercial
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Clear Height
16 ft
Building Details
Year Built
2026
Buildings
1
Building Size
2,400 SF
Listing Agency:
Palo Duro Real Estate
(806) 476-0583
Listed By:
Bailey Hartman
Source:
Shopamarillohomes
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 15 at 4:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Palo Duro Real Estate
Investment Insights
Based on property information with market context.
This 2,400-square-foot flex shop, built in 2026, measures 40 feet by 60 feet with 16-foot interior height. The building includes a 6-inch reinforced concrete slab, a 14-foot by 14-foot overhead door, closed-cell spray foam insulation, multiple 110V outlets, a 220V welding outlet, a shop sink, and a 250,000 BTU natural gas heater. A climate-controlled office with mini-split HVAC complements an 8-foot by 8-foot ADA-compliant restroom, with overhead storage located above both areas.
The exterior provides commercial-grade chain-link fencing, two 20-foot gates, and a crushed asphalt yard designed for drainage. Located at 1006 N 2nd Avenue in Canyon, Texas, the property offers a dedicated commercial building for business, contractor, storage, or personal workshop use.
The exterior provides commercial-grade chain-link fencing, two 20-foot gates, and a crushed asphalt yard designed for drainage. Located at 1006 N 2nd Avenue in Canyon, Texas, the property offers a dedicated commercial building for business, contractor, storage, or personal workshop use.
Key Highlights
- 2,400‑square‑foot flex shop at 1006 N 2nd Avenue, Canyon, TX 79015
- 40' × 60' × 16' building configuration with a 6" reinforced concrete slab
- 14' × 14' overhead door and 250,000 BTU natural gas heater
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
$15,040
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
5.90%
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%
$300,800
$300.8K
Cap Rate 7%
$214,857
$214.9K
Cap Rate 9%
$167,111
$167.1K
Market Conditions
NOI Build-Up for 2,400 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
$19.3K $8.04/SF
− Vacancy
−$1.6K −$0.67/SF
EGI
$17.7K $7.37/SF
− OpEx
−$2.7K −$1.11/SF
NOI
$15.0K $6.27/SF
Area
Randall County, TX
Vacancy
8.30%
Lease Rate
$8.04 /SF/Yr
Expense Ratio
15.00%
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%
$300,800
Cap Rate 7%
$214,857
Cap Rate 9%
$167,111
Alternative Uses
Best Use
Warehouse
$214.9K
$188.0K – $250.7K
NOI $15,040 @ 7.0% cap · market cap 5.90%
Second Best
Flex RnD
$206.0K
$180.3K – $240.3K
NOI $14,420 @ 7.0% cap · market cap 5.65%
Theoretical Best
Hotel Hospitality
$1.23M
$1.08M – $1.44M
NOI $86,184 @ 7.0% cap · market cap 33.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
448
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79015, TX
21,710
Population
9,311
Households
2.3
Avg Household Size
32
Median Age
40%
College-Educated
95%
High-School Grad
328.5 sq mi
ZIP Area
66
Density / Sq Mi
$81,351
Median Household Income
$43,168
Median Earnings
$976
Median Rent
$267,900
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 - Functional commercial shop with reinforced flooring, overhead storage, dedicated office space, and secured outdoor yard area.
Where is this flex space located?
The property is located at 1006 N 2nd Avenue Canyon, TX.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: 2,400‑square‑foot flex shop at 1006 N 2nd Avenue, Canyon, TX 79015; 40' × 60' × 16' building configuration with a 6" reinforced concrete slab; 14' × 14' overhead door and 250,000 BTU natural gas heater
