Flex Space with Office and
For Sale
$235,000
1021 Park Street, Commerce, TX 75428
SINGLE_FAMILY - Commerce, TX
Property Size3,000 SF
Lot Size0.99 Acres
Price / SF$78.33
Days on Market37
Property Features for 1021 Park Street
General Information
Property type
Residential
Property subtype
Office
Zoning description
Commercial
Security features
Security
Subdivision
Orig Town Of Commerce
Lot features
Acreage, Level, Few Trees
Directions
GPS
Standard status
Active
APN
54184
Lot size
0.99 Acres
Taxes and HOA fees
Tax Description
S4380 ORIG TOWN OF COMMERCE BLK 4A LOT 3-5 AC
Tax Annual Amount
5318
Legal Description
S4380 ORIG TOWN OF COMMERCE BLK 4A LOT 3-5 AC
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Amenities
security system
Building Details
Year built
1975
Floors in Building
1
Number of units
1
Flooring type
Vinyl, Concrete
Building materials
Brick, SteelSiding
Roof type
Metal
Listing Agency:
Freedom Realty
(903) 335-8921
Listed By:
Marlin Jones · License #0313227
(903) 348-5836
Added: Jul 10
Changed: Aug 2
Last Checked: Aug 15 at 3:06AM
MLS# 21239339
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.
Investment Insights
Based on property information with market context.
This flex space on a 0.986-acre lot includes a 3,000-square-foot building with two functional areas. The property has 1,500 square feet of office space with two half baths and 1,500 square feet of warehouse space. The warehouse area is described as ready to construct additional offices. Central heat and air are provided with natural gas heat, and the property includes a security system.
The exterior is brick and metal with a metal roof. Flooring includes vinyl and concrete. The property also features 11,000 square feet of asphalt parking, and utilities are described as public water and public sewer.
Built in 1975, this configuration supports flexible tenant needs that combine office and warehouse operations under one roof.
The exterior is brick and metal with a metal roof. Flooring includes vinyl and concrete. The property also features 11,000 square feet of asphalt parking, and utilities are described as public water and public sewer.
Built in 1975, this configuration supports flexible tenant needs that combine office and warehouse operations under one roof.
Key Highlights
- 0.986‑acre lot with 3,000‑square‑foot building
- 1,500‑square‑foot office area with two half baths
- 1,500‑square‑foot warehouse space ready for additional offices
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
$20,862
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
8.88%
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%
$417,240
$417.2K
Cap Rate 7%
$298,029
$298.0K
Cap Rate 9%
$231,800
$231.8K
Market Conditions
NOI Build-Up for 3,000 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
$27.0K $9.00/SF
− Vacancy
−$2.5K −$0.82/SF
EGI
$24.5K $8.18/SF
− OpEx
−$3.7K −$1.23/SF
NOI
$20.9K $6.95/SF
Area
Hunt County, TX
Vacancy
9.10%
Lease Rate
$9.00 /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%
$417,240
Cap Rate 7%
$298,029
Cap Rate 9%
$231,800
Alternative Uses
Best Use
Industrial
$2.98M
$2.61M – $3.48M
NOI $208,669 @ 7.0% cap · market cap 88.80%
Second Best
Office B
$543.5K
$475.6K – $634.1K
NOI $38,046 @ 7.0% cap · market cap 16.19%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75428, TX
11,192
Population
4,616
Households
2.4
Avg Household Size
28
Median Age
23%
College-Educated
85%
High-School Grad
92.9 sq mi
ZIP Area
120
Density / Sq Mi
$48,372
Median Household Income
$23,299
Median Earnings
$910
Median Rent
$145,600
Median Home Value
Market
Vacancy Rate% for Office 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 - Flex space featuring a built-in office area and warehouse plus central heat and air and a security system.
Where is this flex space located?
The property is located at 1021 Park Street Commerce, TX.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: 0.986‑acre lot with 3,000‑square‑foot building; 1,500‑square‑foot office area with two half baths; 1,500‑square‑foot warehouse space ready for additional offices
