Updated Creative Space
For Sale
$595,000
1132 Main St, Commerce, TX 75428
Commercial building with three existing leases and flexible studio, rehearsal, retail, and office functionality.
Property Size3,119 SF
Price / SF$190.77
Days on Market39
Property Features for 1132 Main St
General Information
Standard status
Active
Size
3,119 SF
Building Details
Year Built
1920
Buildings
1
Tenancy
Multi
Listing Agency:
Coldwell Banker Apex, REALTORS
(972) 567-0046
Listed By:
Dee Evans · License #0508288
Source:
Heritance
Added: Jul 22
Changed: Aug 28
Last Checked: Aug 28 at 12:45PM
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 Coldwell Banker Apex, REALTORS
Investment Insights
Based on property information with market context.
Built in 1920, this 3,119-square-foot commercial building occupies a downtown square location in a university town. The property is currently configured for sound production, rehearsal use, music retail, and office operations, with three leases already in place. Existing improvements include Studio A and Studio B infrastructure, front retail and office areas, a kitchen, accessible entrance and restroom, and rear service access through double metal doors.
Recent work includes a 2020 commercial 3-inch ISO roof, updated electrical, plumbing, HVAC, and metal ductwork, along with a replacement metal R-panel shed roof over the rear shop. Additional improvements include commercial carpet, lighting, ceiling fans, painted metal ceiling tiles, refreshed interior paint, an updated awning, and restoration of the upper front window. Studio infrastructure and building may be included, excluding equipment and instruments. The property is located at 1132 Main St, Commerce, TX 75428.
Recent work includes a 2020 commercial 3-inch ISO roof, updated electrical, plumbing, HVAC, and metal ductwork, along with a replacement metal R-panel shed roof over the rear shop. Additional improvements include commercial carpet, lighting, ceiling fans, painted metal ceiling tiles, refreshed interior paint, an updated awning, and restoration of the upper front window. Studio infrastructure and building may be included, excluding equipment and instruments. The property is located at 1132 Main St, Commerce, TX 75428.
Key Highlights
- 3,119‑square‑foot commercial building constructed in 1920
- Three leases currently in place
- Configured for sound studio, rehearsal, music retail, and office uses
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
$50,186
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
8.43%
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%
$1,003,720
$1.0M
Cap Rate 7%
$716,943
$716.9K
Cap Rate 9%
$557,622
$557.6K
Market Conditions
NOI Build-Up for 3,119 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
$75.2K $24.12/SF
− Vacancy
−$3.5K −$1.13/SF
EGI
$71.7K $22.99/SF
− OpEx
−$21.5K −$6.90/SF
NOI
$50.2K $16.09/SF
Area
Hunt County, TX
Vacancy
4.70%
Lease Rate
$24.12 /SF/Yr
Expense Ratio
30.00%
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%
$1,003,720
Cap Rate 7%
$716,943
Cap Rate 9%
$557,622
Alternative Uses
Best Use
Retail
$716.9K
$627.3K – $836.4K
NOI $50,186 @ 7.0% cap · market cap 8.43%
Second Best
Office B
$565.1K
$494.4K – $659.3K
NOI $39,555 @ 7.0% cap · market cap 6.65%
Theoretical Best
Industrial
$3.10M
$2.71M – $3.62M
NOI $216,946 @ 7.0% cap · market cap 36.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
441
Businesses Nearby
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?
Creative space - Commercial building with three existing leases and flexible studio, rehearsal, retail, and office functionality.
Where is this creative space located?
The property is located at 1132 Main St Commerce, TX.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 3,119‑square‑foot commercial building constructed in 1920; Three leases currently in place; Configured for sound studio, rehearsal, music retail, and office uses
