Mixed-Use Historic
For Sale
$599,000
118 W Grand Street, Whitewright, TX 75491
Historic building offers renovated commercial space below and a residential loft above with plumbing and gas for a kitchen.
Property Size3,550 SF
Price / SF$168.73
Days on Market35
Property Features for 118 W Grand Street
General Information
Standard status
Active
Size
3,550 SF
Property subtype
Commercial
Zoning
Commercial
Building Details
Building Size
3,550 SF
Year Built
1908
Stories
2
Units
2
Listing Agency:
OnDemand Realty
(405) 833-2338
Listed By:
Rhonda Borgne · License #0560610
(405) 833-2338
Source:
Signaturere
Added: Jul 20
Changed: Aug 23
Last Checked: Aug 23 at 4:31AM
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 OnDemand Realty
Investment Insights
Based on property information with market context.
This fully renovated historic building combines commercial space on the ground level with a residential loft above. The property has been meticulously maintained and has been used as a residence only. The loft level is a classic open style with plumbing and gas provided to accommodate a kitchen, supporting a range of residential or hospitality-oriented configurations.
The building is located in downtown Whitewright at 118 W Grand St, and zoning allows residential use. With this flexibility, the space can work for retail, office, or food and beverage uses depending on final buildout and tenant needs.
The existing vertical layout supports mixed-use operations, with the commercial level positioned for storefront or office use and the second level suited to loft-style residential or hospitality conversions.
The building is located in downtown Whitewright at 118 W Grand St, and zoning allows residential use. With this flexibility, the space can work for retail, office, or food and beverage uses depending on final buildout and tenant needs.
The existing vertical layout supports mixed-use operations, with the commercial level positioned for storefront or office use and the second level suited to loft-style residential or hospitality conversions.
Key Highlights
- Historic building with renovated commercial space on the lower level and a residential loft on the upper level
- Lower‑level space with flexible use potential for retail, office, or restaurant conversion
- Zoning allows residential use
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
$35,145
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
5.87%
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%
$702,900
$702.9K
Cap Rate 7%
$502,071
$502.1K
Cap Rate 9%
$390,500
$390.5K
Market Conditions
NOI Build-Up for 3,550 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
$63.9K $18.00/SF
− Vacancy
−$7.7K −$2.16/SF
EGI
$56.2K $15.84/SF
− OpEx
−$21.1K −$5.94/SF
NOI
$35.1K $9.90/SF
Area
Grayson County, TX
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$702,900
Cap Rate 7%
$502,071
Cap Rate 9%
$390,500
Alternative Uses
Best Use
Office B
$848.3K
$742.3K – $989.7K
NOI $59,381 @ 7.0% cap · market cap 9.91%
Second Best
Retail
$841.8K
$736.6K – $982.1K
NOI $58,924 @ 7.0% cap · market cap 9.84%
Theoretical Best
Hotel Hospitality
$1.82M
$1.59M – $2.12M
NOI $127,481 @ 7.0% cap · market cap 21.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
125
Businesses Nearby
Explore this area
Business Placement
Demographics for 75491, TX
5,148
Population
2,353
Households
2.2
Avg Household Size
43
Median Age
26%
College-Educated
91%
High-School Grad
98.6 sq mi
ZIP Area
52
Density / Sq Mi
$71,774
Median Household Income
$48,813
Median Earnings
$881
Median Rent
$239,700
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?
Live-work space - Historic building offers renovated commercial space below and a residential loft above with plumbing and gas for a kitchen.
Where is this live-work space located?
The property is located at 118 W Grand Street Whitewright, TX.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Historic building with renovated commercial space on the lower level and a residential loft on the upper level; Lower‑level space with flexible use potential for retail, office, or restaurant conversion; Zoning allows residential use
