Open-Span Flex Space
For Sale
$589,999
120 Novi Rd, Florence, TX 76527
Unrestricted rural commercial property with adaptable shell improvements, private utilities, and access to regional business corridors.
Property Size5,425 SF
Lot Size11.48 Acres
Price / SF$117
Days on Market42
Property Features for 120 Novi Rd
General Information
Standard status
Active
Size
5,425 SF
Lot size
11.48 Acres
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Building Details
Year Built
2025
Buildings
1
Stories
2
Building Size
5,425 SF
Listing Agency:
JBGoodwin REALTORS NW
(512) 502-7800
Listed By:
Helen Dadfar
Source:
Olverabolton
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 5:16AM
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 JBGoodwin REALTORS NW
Investment Insights
Based on property information with market context.
This flex-space property is an unfinished commercial shell on 11.48 acres of open-pasture terrain. The completed structural elements include a concrete slab, metal roof, exterior walls, insulated double-pane aluminum-frame windows, and spray foam insulation. An attached garage or carport bay is also in place, while the open-span interior can be configured for a range of commercial layouts.
The lot is outside city limits and described as unrestricted, providing flexibility for commercial planning. Existing infrastructure includes a private water well, septic tank system, electricity on the property, and propane capability. The property has dual access along a publicly maintained road near CR 221, with regional connections via Highway 183 and Highway 138. The framing and plumbing layout also includes the potential for attached living quarters, as described in the property information.
The lot is outside city limits and described as unrestricted, providing flexibility for commercial planning. Existing infrastructure includes a private water well, septic tank system, electricity on the property, and propane capability. The property has dual access along a publicly maintained road near CR 221, with regional connections via Highway 183 and Highway 138. The framing and plumbing layout also includes the potential for attached living quarters, as described in the property information.
Key Highlights
- 11.48 acres of open‑pasture terrain
- Unrestricted lot outside city limits
- 5,425 total square feet across two potential levels
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
$44,737
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
7.58%
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%
$894,740
$894.7K
Cap Rate 7%
$639,100
$639.1K
Cap Rate 9%
$497,078
$497.1K
Market Conditions
NOI Build-Up for 5,000 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
$74.4K $14.88/SF
− Vacancy
−$10.5K −$2.10/SF
EGI
$63.9K $12.78/SF
− OpEx
−$19.2K −$3.83/SF
NOI
$44.7K $8.95/SF
Area
Williamson County, TX
Vacancy
14.10%
Lease Rate
$14.88 /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%
$894,740
Cap Rate 7%
$639,100
Cap Rate 9%
$497,078
Alternative Uses
Best Use
Industrial
$639.1K
$559.2K – $745.6K
NOI $44,737 @ 7.0% cap · market cap 7.58%
Second Best
Flex RnD
$593.4K
$519.3K – $692.4K
NOI $41,541 @ 7.0% cap · market cap 7.04%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,309 @ 7.0% cap · market cap 24.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 76527, TX
4,688
Population
1,652
Households
2.8
Avg Household Size
40
Median Age
20%
College-Educated
86%
High-School Grad
119.5 sq mi
ZIP Area
39
Density / Sq Mi
$83,533
Median Household Income
$43,466
Median Earnings
$913
Median Rent
$370,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Unrestricted rural commercial property with adaptable shell improvements, private utilities, and access to regional business corridors.
Where is this flex space located?
The property is located at 120 Novi Rd Florence, TX.
What is the asking price?
The asking price for this property is $589,999.
What are key features of this property?
This property features: 11.48 acres of open‑pasture terrain; Unrestricted lot outside city limits; 5,425 total square feet across two potential levels
