Historic Flex Space
For Sale
$250,000
1121 Main Street, Commerce, TX 75428
SINGLE_FAMILY - Commerce, TX
Property Size2,120 SF
Lot Size0.05 Acres
Price / SF$117.92
Days on Market48
Property Features for 1121 Main Street
General Information
Property type
Residential
Property subtype
Retail
Zoning description
Commercial
Parking features
Parking Lot
Subdivision
Orig Town Of Commerce
Directions
1121 Main st. Commerce, TX, Right next to MUGS coffee.
Standard status
Active
APN
54151
Size
2,120 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Description
S4380 ORIG TOWN OF COMMERCE BLK 3 LOT 10 ACRE
Legal Description
S4380 ORIG TOWN OF COMMERCE BLK 3 LOT 10 ACRE
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
soaring ceilings
exposed brick
display windows
loft areas
workrooms
restrooms
Building Details
Year built
1920
Floors in Building
1
Number of units
1
Flooring type
Concrete, Laminate
Building materials
Brick
Listing Agency:
Century 21 First Group · Century 21 Real Estate
(903) 455-5852
Listed By:
Casey Woodall · License #0661266
(903) 885-3146
Added: Jun 25
Changed: Aug 1
Last Checked: Aug 11 at 3:06AM
MLS# 21308665
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.
Historic brick flex space building offering an open-concept storefront with soaring ceilings and original exposed brick, along with large display windows facing downtown streets. The interior also includes additional warehouse or storage space, loft areas, workrooms, and restroom facilities, creating a versatile footprint for a range of business uses.
Built in 1920, the property is served by public water and public sewer and features central heating and central air conditioning. Parking is available via an on-site parking lot.
With flexible space that combines retail-facing frontage, workroom areas, and storage/warehouse components, the building supports a variety of operational layouts within a compact downtown site.
Built in 1920, the property is served by public water and public sewer and features central heating and central air conditioning. Parking is available via an on-site parking lot.
With flexible space that combines retail-facing frontage, workroom areas, and storage/warehouse components, the building supports a variety of operational layouts within a compact downtown site.
Key Highlights
- Historic brick flex space building built in 1920
- Open‑concept storefront with soaring ceilings and original exposed brick
- Large display windows overlooking downtown streets
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
$15,544
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
6.22%
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%
$310,880
$310.9K
Cap Rate 7%
$222,057
$222.1K
Cap Rate 9%
$172,711
$172.7K
Market Conditions
NOI Build-Up for 2,120 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
$25.4K $12.00/SF
− Vacancy
−$1.5K −$0.72/SF
EGI
$23.9K $11.28/SF
− OpEx
−$8.4K −$3.95/SF
NOI
$15.5K $7.33/SF
Area
Hunt County, TX
Vacancy
6.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$310,880
Cap Rate 7%
$222,057
Cap Rate 9%
$172,711
Alternative Uses
Best Use
Industrial
$2.11M
$1.84M – $2.46M
NOI $147,459 @ 7.0% cap · market cap 58.98%
Second Best
Retail
$487.3K
$426.4K – $568.5K
NOI $34,112 @ 7.0% cap · market cap 13.64%
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
441
Businesses Nearby
Under-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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Historic brick flex building with an open storefront, loft/workrooms, and central HVAC, plus public water and sewer.
Where is this flex space located?
The property is located at 1121 Main Street Commerce, TX.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Historic brick flex space building built in 1920; Open‑concept storefront with soaring ceilings and original exposed brick; Large display windows overlooking downtown streets
