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    Retail or Office Space on Main Street Title is generated by Realmo AI

    118 N Dallas Street, Rice, TX 75155

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    For Lease
    $1,000 /Mo

    COMMERCIAL - Rice, TX

    Lot size:
    0.12 Acres
    Added:
    Feb 3, 2026
    Days on Market:
    121
    Last Refresh:
    Jun 4 at 3:06 am

    Property Features for 118 N Dallas Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Parking features
    Open
    Standard status
    Active
    APN
    42901
    Lot size
    0.12 Acres

    Taxes and HOA fees

    Tax Description
    R0700 RICE OT BLK 17 LOT PT 15 & 16 .115 ACRE

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air, Electric
    Water source
    Public

    Building Details

    Year built
    1912
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Concrete
    Building materials
    Brick
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Nicole Jackson
    Nicole Jackson

    Listing agent Nicole Jackson License #0632393

    Listing office Real Broker, LLC Dallas, TX

    Listing date Feb 3, 2026

    MLS# 21108212

    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.

    HighLights

    • Brick commercial building with central heating and central air cooling
    • Open parking with public utilities: public water and public sewer
    • Roof: asphalt; flooring: concrete
    • Built in 1912
    • Downtown Rice, Texas commercial property on a main street

    Overview

    Available for lease, this versatile commercial space offers an open layout designed as a blank canvas for a wide range of businesses. The interior configuration supports flexible buildout, allowing you to tailor the space to retail, office, or another compatible use. A one-month rent incentive is also being offered to help you get started.

    Located in the heart of downtown Rice, Texas, the property sits on a main street setting with strong visibility and steady traffic. Its street-front position supports easy customer and client access, making it well-suited for businesses that benefit from being seen and found.

    For tenants and operators, the combination of an open plan and prominent main-street exposure makes this a practical option for a retailer needing adaptable space or an office user looking for a straightforward layout. If you’re planning a new concept or relocation, the property’s flexibility can support a range of buildout approaches while keeping the footprint simple to customize. The site is set on approximately 0.115 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Auto Parts Store Kitchen & Bath Showroom Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Rice
    County
    Navarro
    State
    Texas
    Longitude
    -96.497275
    Latitude
    32.240695

    Nearby Similar for Lease

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    • $1,000/Mo
      1,000 SF

      Versatile Commercial Space in Rice, TX

      Adaptable commercial space in downtown Rice, Texas, for rent.
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      Downtown Rice Commercial Space

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    FAQs

    What type of property is this?
    Retail space - Open, flexible downtown space with main-street visibility, ideal for launching or relocating a retail or office concept.
    Where is this retail space located?
    The property is located at 118 N Dallas Street Rice, TX.
    What is the lease rate?
    The lease rate is $1,000 /Mo.
    What are key features of this property?
    This property features: Brick commercial building with central heating and central air cooling; Open parking with public utilities: public water and public sewer; Roof: asphalt; flooring: concrete
    (214) 202-7615
    We can help!
    Listing Contact
    Nicole Jackson
    Nicole Jackson
    Real Estate License ID: 0632393
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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