Flex Building with Warehouse
For Sale
$770,000
10991 ST HWY 135 N, Troup, TX 75789
COMMERCIAL - Troup, TX
Property Size11,000 SF
Lot Size4.66 Acres
Price / SF$70
Days on Market149
Property Features for 10991 ST HWY 135 N
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Off Street
Interior features
Inside Storage
Lot features
Outside City Limits
Directions
From the intersection of FM 177 E & St Hwy 135 N, head east on St Hwy 135 N. Property will be on the left in approx. 0.6 miles.
Standard status
Active
Size
11,000 SF
Lot size
4.66 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
A 831 BLK 1312 TR 11-14, 8C & 21 J THOMAS I02
Tax Annual Amount
3918
Legal Description
A 831 BLK 1312 TR 11-14, 8C & 21 J THOMAS I02
Utilities
Cooling system
Central Air, Electric
Building Details
Year built
2010
Number of units
1
Building materials
Brick, Siding, Metal Siding
Additional Structures
Storage
Listing Agency:
Drake Real Estate & Investments
(903) 581-3737
Listed By:
Mitchell Nejame · License #0728263
(903) 780-9029
Added: Mar 16
Changed: Aug 10
Last Checked: Aug 11 at 4:06AM
MLS# 26003677
Copyright © 2026 Greater Tyler Association of Realtors. 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.
Built in 2010, this flex property contains approximately 11,000 square feet, including about 1,900 square feet of office area and 9,100 square feet of warehouse space. The office portion includes three offices, three bathrooms, a break room, and a full kitchen. Warehouse features include inside storage, three exterior overhead doors, a dock well, and 3-phase power. Central electric air conditioning and off-street parking are also provided.
The property sits on 4.66 acres outside the city limits, with approximately 585 feet of frontage along State Highway 135. Month-to-month tenants currently occupy the facility, providing an existing occupancy structure for evaluation.
The property sits on 4.66 acres outside the city limits, with approximately 585 feet of frontage along State Highway 135. Month-to-month tenants currently occupy the facility, providing an existing occupancy structure for evaluation.
Key Highlights
- Approximately 11,000 SF building on 4.66 acres
- Approximately 9,100 SF of warehouse area and 1,900 SF of office space
- Three exterior overhead doors, dock well, and 3‑phase power
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
$68,784
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
8.93%
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%
$1,375,680
$1.4M
Cap Rate 7%
$982,629
$982.6K
Cap Rate 9%
$764,267
$764.3K
Market Conditions
NOI Build-Up for 11,000 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
$88.4K $8.04/SF
− Vacancy
−$7.5K −$0.68/SF
EGI
$80.9K $7.36/SF
− OpEx
−$12.1K −$1.10/SF
NOI
$68.8K $6.25/SF
Area
Smith County, TX
Vacancy
8.50%
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%
$1,375,680
Cap Rate 7%
$982,629
Cap Rate 9%
$764,267
Alternative Uses
Best Use
Office B
$1.87M
$1.63M – $2.18M
NOI $130,680 @ 7.0% cap · market cap 16.97%
Second Best
Warehouse
$982.6K
$859.8K – $1.15M
NOI $68,784 @ 7.0% cap · market cap 8.93%
Theoretical Best
Hotel Hospitality
$8.29M
$7.25M – $9.67M
NOI $579,975 @ 7.0% cap · market cap 75.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75789, TX
8,045
Population
3,350
Households
2.4
Avg Household Size
42
Median Age
22%
College-Educated
89%
High-School Grad
184.5 sq mi
ZIP Area
44
Density / Sq Mi
$83,561
Median Household Income
$44,756
Median Earnings
$983
Median Rent
$192,200
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 - Office and industrial functions are arranged within a brick, siding, and metal-sided building.
Where is this flex space located?
The property is located at 10991 ST HWY 135 N Troup, TX.
What is the asking price?
The asking price for this property is $770,000.
What are key features of this property?
This property features: Approximately 11,000 SF building on 4.66 acres; Approximately 9,100 SF of warehouse area and 1,900 SF of office space; Three exterior overhead doors, dock well, and 3‑phase power
