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    Downtown Hillsboro Mixed-Use Building Title is generated by Realmo AI

    207 E Elm Street, Hillsboro, TX 76645

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    For Sale
    $400,000

    Versatile 15,000 sqft building in downtown Hillsboro, Texas.

    Type:Commercial/Industrial
    Property size:
    15,000 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $26/SF
    Added:
    Oct 30, 2024
    Days on Market:
    577
    Last Refresh:
    May 19 at 11:26 pm

    Property Features for 207 E Elm Street

    General Information

    Standard status
    Active
    Size
    15,000 SF
    Lot size
    0.14 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1945

    We can help!

    Listing Contact
    Lacey Whitehouse
    Lacey Whitehouse

    Listing agent Lacey Whitehouse License #0698643

    Listing office Julie Siddons REALTORS, LLC

    Listing date Oct 30, 2024

    Source Exitrealty

    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 Julie Siddons REALTORS, LLC

    HighLights

    • Owner will finance the purchase of this large, versatile building.
    • Located in downtown Hillsboro, an area experiencing growth.
    • Approximately 15,000 sqft building with a 6,000 sqft customizable main level and a 6,000 sqft upper level apartment that can be divided.
    • Features a freight lift for easy access between floors and convenient alley access.
    • Includes a 3,000 sqft mezzanine overlooking the main floor.
    • Recent upgrades include a roof replacement in 2022 and some window replacements.

    Overview

    Located right off the square in downtown Hillsboro, this mixed-use building offers approximately 15,000 sqft of space. The main level features 6,000 sqft suitable for retail, office, or event space. The upstairs area also provides 6,000 sqft that can be divided into several apartments, presenting an investment opportunity for rental income or a live-work space. A middle floor mezzanine of approximately 3,000 sqft overlooks the bottom floor. The property includes a freight lift for access between floors, alley access for deliveries, and open parking. The roof was replaced in 2022, and some windows have been replaced. The building is equipped with 4 HVAC systems and 2 electric meters. The owner will finance.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Hillsboro
    County
    Hill
    State
    Texas
    Longitude
    -97.134693
    Latitude
    32.010179

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    FAQs

    What type of property is this?
    Mixed-use property - Versatile 15,000 sqft building in downtown Hillsboro, Texas.
    Where is this mixed-use property located?
    The property is located at 207 E Elm Street Hillsboro, TX.
    What is the asking price?
    The asking price for this property is $400,000.
    What are key features of this property?
    This property features: Owner will finance the purchase of this large, versatile building.; Located in downtown Hillsboro, an area experiencing growth.; Approximately 15,000 sqft building with a **6,000 sqft customizable main level** and a **6,000 sqft upper level apartment** that can be divided.
    (214) 493-8085
    We can help!
    Listing Contact
    Lacey Whitehouse
    Lacey Whitehouse
    Real Estate License ID: 0698643
    Request Owner's contact information
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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.

    More about this property
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