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    Historic Downtown Retail Building Title is generated by Realmo AI

    101 N Elm Street, Hico, TX 76457

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    Claim this Listing
    For Sale
    $2,950,000

    SINGLE_FAMILY - Hico, TX

    Type:Retail
    Lot size:
    0.16 Acres
    Added:
    Feb 9, 2026
    Days on Market:
    114
    Last Refresh:
    Jun 3 at 3:06 pm

    Property Features for 101 N Elm Street

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Parking features
    On Street, Open
    Standard status
    Active
    APN
    R20123
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Description
    1 & S PT OF 2 BLK 07 (1) ORIG HICO; 61.81X1
    Tax Annual Amount
    11851

    Utilities

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

    Building Details

    Year built
    1895
    Floors in Building
    2
    Number of units
    1
    Flooring type
    Concrete, Tile
    Building materials
    Brick, Concrete

    We can help!

    Listing Contact
    Jonathan Cook

    Listing agent Jonathan Cook License #0634613

    Listing office Realty Of America, LLC CYPRESS, TX

    Listing date Feb 9, 2026

    MLS# 21121041

    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

    • Historic 1895 opera house building on a downtown corner lot in Hico, Texas
    • Brick and concrete construction with concrete and tile flooring
    • Public utilities: public water and public sewer
    • Heating includes electric and central systems; cooling includes electric and central air
    • On‑street and open parking
    • Offered at $2,950,000

    Overview

    This offering combines a thriving retail business with the historic real estate it occupies. The property is the 1895 Opera House building, described as one of the most significant architectural landmarks in downtown Hico, and it is presented as a fully functioning, stable operation. The package includes the business along with recognized branding and established marketing channels, supported by a loyal and engaged following. The revenue model blends rental income and commission streams, with long-standing vendor relationships and a curated vendor mix that keeps the shopping experience consistent and in demand.

    The building sits on a downtown corner lot, with visibility tied to its central location and historic character. The current tenant operation is positioned as a premier destination in downtown Hico, supported by a large customer base, repeat customers, and a stated growing social media presence. Annual events are part of the traffic-generating strategy, contributing to sustained community engagement and dependable business flow.

    For a buyer seeking a turn-key downtown retail ownership opportunity, this presents a proven platform designed for continuity and planned transition. With established vendor partnerships, a stable revenue structure, and the iconic nature of the 1895 building, the asset is suited to an owner-operator or an investor looking to maintain a functioning retail destination while supporting ongoing growth.
    Property Profile Location Intelligence

    Current Use by Public Records

    Hico Mercantile Home Decor Store

    Suggested Use

    Real Estate Agency Spa & Massage Center Dental Office Hair Salon Restaurant Skin Care Clinic Gym & Fitness Center Pharmacy Building Supply Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Hico
    County
    Hamilton
    State
    Texas
    Longitude
    -98.03214
    Latitude
    31.981859

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    FAQs

    What type of property is this?
    Retail space - Fully functioning retail operation in a historic 1895 opera house building on a downtown corner lot.
    Where is this retail space located?
    The property is located at 101 N Elm Street Hico, TX.
    What is the asking price?
    The asking price for this property is $2,950,000.
    What are key features of this property?
    This property features: Historic 1895 opera house building on a downtown corner lot in Hico, Texas; Brick and concrete construction with concrete and tile flooring; Public utilities: public water and public sewer
    (281) 861-6199
    We can help!
    Listing Contact
    Jonathan Cook
    Real Estate License ID: 0634613
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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.

    More about this property
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