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    Versatile Commercial/Industrial Building with Apartments Title is generated by Realmo AI

    102 Gray St, Henderson, TX 75654

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    For Sale
    $275,000

    Commercial/industrial space with office, workshop, and rental apartments.

    Type:Commercial/Industrial
    Property size:
    5,200 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $52/SF
    Added:
    Mar 24, 2026
    Days on Market:
    54
    Last Refresh:
    Feb 11 at 2:10 am

    Property Features for 102 Gray St

    General Information

    Standard status
    Active
    Size
    5,200 SF
    Lot size
    0.17 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1950

    We can help!

    Listing Contact
    Hayli Cagle
    Hayli Cagle

    Listing agent Hayli Cagle License #0682102

    Listing office Keller Williams Realty-Tyler

    Listing date Mar 24, 2026

    Source Exitrealty

    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 Keller Williams Realty-Tyler

    HighLights

    • Over 5,200 sq ft of commercial/industrial space suitable for diverse business needs.
    • Includes 2,000 sq ft of heated and cooled office space with 3 private offices, break room, and storage.
    • Two truck‑height loading docks and overhead doors for efficient shipping and receiving.
    • Generates passive rental income from two fully rented apartments.
    • Security cameras are pre‑installed in the office area.
    • Updated 50‑gallon water heater (1 year old) services the apartments.

    Overview

    This commercial/industrial building provides over 5,200 square feet of total space, suitable for various business applications. A 2,000-square-foot heated and cooled office space was added in 2014, featuring 3 private offices, 2 restrooms (one being upgraded with a shower), a break room, and storage closets. The office area includes ceiling and wall insulation, with pre-installed security cameras. The building has two overhead doors, one at the front and one at the back, both with truck-height loading docks. A workshop area offers space for industrial work or additional storage. At the rear of the property, there are two fully rented apartments, one approximately 600 sq ft and the other 700 sq ft, each with separate entrances. The apartments share a laundry room, and a recently updated 50-gallon water heater, only 1 year old, services both units. The property presents an opportunity for a business seeking combined office and industrial workspace with passive rental income.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Kenneth Orr Construction Construction Company

    Suggested Use

    Spa & Massage Center Hair Salon Nail Salon Building Supply Skin Care Clinic Auto Repair Shop Big Box & Wholesale Store Auto Parts Store Grocery & Convenience Store Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Henderson
    County
    Rusk
    State
    Texas
    Longitude
    -94.820739
    Latitude
    32.151326

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    FAQs

    What type of property is this?
    Mixed-use property - Commercial/industrial space with office, workshop, and rental apartments.
    Where is this mixed-use property located?
    The property is located at 102 Gray St Henderson, TX.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: Over 5,200 sq ft of commercial/industrial space suitable for diverse business needs.; Includes **2,000 sq ft of heated and cooled office space** with 3 private offices, break room, and storage.; **Two truck‑height loading docks and overhead doors** for efficient shipping and receiving.
    (903) 534-6600
    We can help!
    Listing Contact
    Hayli Cagle
    Hayli Cagle
    Real Estate License ID: 0682102
    Learn More
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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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