Historic Craftsman Property with Business
For Sale
$699,000
115 N 1 St Street, Midlothian, TX 76065
Renovated 1902 property suitable for business or bed and breakfast.
Property Size3,038 SF
Lot Size0.50 Acres
Days on Market209
Property Features for 115 N 1 St Street
General Information
Standard status
Active
Size
3,038 SF
Lot size
0.50 Acres
Property subtype
Commercial
Zoning
Currently residential but can easily be
Building Details
Building Size
3,038 SF
Year Built
1902
Stories
2
Units
1
Listing Agency:
Better Homes & Gardens, Winans
(817) 564-5901
Listed By:
Linda Olson
(817) 564-5901
Source:
1111brokerage
Added: Jan 26
Changed: Aug 23
Last Checked: Aug 22 at 9:53AM
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 Better Homes & Gardens, Winans
Investment Insights
Based on property information with market context.
This recently renovated 1902 historic property, designed in a craftsman style, aims to preserve its original interior and exterior materials. The flexible space is suitable for business use, offering high visibility from Business 287. It is located near downtown, in view of Kimmel Park, and one lot away from Main Street. The adjacent property is already zoned for business use, housing a retail boutique and nail salon. Situated on almost half an acre, the property provides ample parking and includes a detached 50' x 25' Mueller Metal building with water and electric, loft space, and a workshop. The lot is fully fenced for security. Enhancements include a roof and windows replaced in 2022, along with updated lighting and plumbing fixtures. An energy-efficient tankless water heater is installed, and a covered patio features a built-in gas grill. The property could serve as an income-producing bed and breakfast or be converted to office space.
Key Highlights
- High visibility location on Business 287, suitable for business use.
- Large detached 50' x 25' Mueller Metal building with water, electric, loft, and workshop.
- Almost half‑acre lot with ample parking and full fencing.
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
$50,817
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
7.27%
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%
$1,016,340
$1.0M
Cap Rate 7%
$725,957
$726.0K
Cap Rate 9%
$564,633
$564.6K
Market Conditions
NOI Build-Up for 3,038 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
$93.3K $30.72/SF
− Vacancy
−$25.6K −$8.42/SF
EGI
$67.8K $22.30/SF
− OpEx
−$16.9K −$5.58/SF
NOI
$50.8K $16.73/SF
Area
Ellis County, TX
Vacancy
27.40%
Lease Rate
$30.72 /SF/Yr
Expense Ratio
25.00%
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%
$1,016,340
Cap Rate 7%
$725,957
Cap Rate 9%
$564,633
Alternative Uses
Best Use
Office B
$726.0K
$635.2K – $847.0K
NOI $50,817 @ 7.0% cap · market cap 7.27%
Second Best
Hotel Hospitality
$155.8K
$136.4K – $181.8K
NOI $10,909 @ 7.0% cap · market cap 1.56%
Theoretical Best
Multifamily LT 5
$33.15M
$29.01M – $38.67M
NOI $2,320,471 @ 7.0% cap · market cap 331.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
599
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 76065, TX
42,827
Population
15,081
Households
2.8
Avg Household Size
37
Median Age
36%
College-Educated
92%
High-School Grad
100.9 sq mi
ZIP Area
424
Density / Sq Mi
$123,664
Median Household Income
$61,420
Median Earnings
$1,873
Median Rent
$378,600
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.
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Frequently Asked Questions
What type of property is this?
Bed & breakfast - Renovated 1902 property suitable for business or bed and breakfast.
Where is this bed & breakfast located?
The property is located at 115 N 1 St Street Midlothian, TX.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: High visibility location on Business 287, suitable for business use.; Large detached 50' x 25' Mueller Metal building with water, electric, loft, and workshop.; Almost half‑acre lot with ample parking and full fencing.
