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    1503 Center St Bonham, TX 75418

    For Sale
    $550,000

    Fully Leased, High Cap Rate, Recent Renovation

    Property size:
    1,658 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    311
    This exceptional 1,658 square foot office building, situated on a 0.37-acre lot at 1503 N Center Street in Bonham, Texas, presents a compelling investment opportunity. The property boasts a strong lease agreement with the State of Texas – Texas Family Initiative, ensuring consistent rental income. The current monthly rent is $3,600, with an annual increase of $100 built into the lease, extending through November 30, 2028. This translates to a desirable 6.5% cap rate. The tenant is responsible for all utilities and maintenance, except for structural repairs. The building underwent a complete reconstruction in 2023, including the installation of new HVAC systems with a 10-year warranty, updated commercial electrical wiring, new plumbing and ADA-compliant restrooms, fresh foam insulation, new doors, trims, and windows, new flooring, interior painting, and updated door hardware and finishes. Exterior improvements completed in 2023 encompass new concrete work, sidewalks, parking areas (per approved site plan), and landscaping. Annual property taxes are $6,100, and annual insurance premiums are $2,600, both paid by the owner. This freestanding building offers a turnkey investment with a secure, long-term lease and significant recent upgrades. The lease agreement includes a rent clause image for review. This is a rare opportunity to acquire a fully leased, renovated commercial property in a desirable location.

    Property Features for 1503 Center St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    1,658 SF
    Lot Size
    16,117 SF

    Building Details

    Year Built
    1950
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Properties & Spaces

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Hair Salon Auto Repair Shop Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Bonham
    County
    Fannin
    State
    Texas
    Longitude
    -96.1779
    Latitude
    33.58842

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    FAQs

    What type of property is this?
    Office Property / Space - Fully Leased, High Cap Rate, Recent Renovation
    Where is this office property / space located?
    The property is located at 1503 Center St Bonham, TX.
    What is the asking price?
    The asking price for this property is $550,000.
    Request Owner's contact information
    1503 Center St Bonham, TX 75418
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    Bonham, TX 75418
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    Realmo Value Estimation

    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.

    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.

    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
    1503 Center St Bonham, TX 75418
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