Building Details

Year Built 1900

Listing Agency: Hi View Real Estate a***@hiviewrealestate.com Show Phone

Listed By: Brett Hess · License #0524118 Show Phone

Source: Momentusrealestategroup

Added: Oct 29 Changed: Oct 30 Last Checked: Oct 30 at 2:07AM

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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 Hi View Real Estate

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Investment Insights

Based on property information with market context.

At 118 N. Main Street, this office property dates to 1900 and previously served as a bank. Its downtown Palmer setting places it in Ellis County, with access to I-45 and regional connections to Waxahachie, Ennis, Corsicana, Dallas, and the wider DFW Metroplex.

Key Highlights

• Built in 1900
• Former bank building at 118 N. Main Street
• Located in downtown Palmer, near I‑45

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$35,853

Suggested Prices Based on Cap Rates

Cap Rate 5%

$717,060 $717.1K

Cap Rate 7%

$512,186 $512.2K

Cap Rate 9%

$398,367 $398.4K

What to ask about pricing

Market Conditions

NOI Build-Up for 2,160 SF

Gross rent

$53.9K $24.96/SF

− Vacancy

−$2.7K −$1.25/SF

EGI

$51.2K $23.71/SF

− OpEx

−$15.4K −$7.11/SF

NOI

$35.9K $16.60/SF

Area

Ellis County, TX

Vacancy

5.00%

Lease Rate

$24.96 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$717,060

Cap Rate 7%

$512,186

Cap Rate 9%

$398,367

Alternative Uses

Best Use

Office B

$516.1K

$451.6K – $602.2K (±1% cap)

NOI $36,130 @ 7.0% cap · market cap 1,952.97%

Second Best

Retail

$512.2K

$448.2K – $597.6K (±1% cap)

NOI $35,853 @ 7.0% cap · market cap 1,938.00%

Theoretical Best

Multifamily LT 5

$23.57M

$20.62M – $27.50M (±1% cap)

NOI $1,649,841 @ 7.0% cap · market cap 89,180.59%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Office Units

Suggested Use

Top Pick Building Supply Electrical Service Garden Center Parking Lot & Garage Carpet & Flooring Store Cafe & Coffee Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

128

Businesses Nearby

Explore this area Business Placement

Demographics for 75152, TX

5,820

Population

1,987

Households

2.9

Avg Household Size

35

Median Age

16%

College-Educated

85%

High-School Grad

41.1 sq mi

ZIP Area

142

Density / Sq Mi

$96,071

Median Household Income

$45,527

Median Earnings

$1,663

Median Rent

$240,900

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office unit - The property occupies a former bank building in Palmer’s downtown core.

Where is this office unit located?

The property is located at 118 N Main Street Palmer, TX.

What are key features of this property?

This property features: Built in 1900; Former bank building at 118 N. Main Street; Located in downtown Palmer, near I‑45