Historic Mixed-Use Commercial
For Sale
$679,000
115 N 1 St Street, Midlothian, TX 76065
Renovated 1902 Craftsman with flexible interior, covered patio, ample parking, and a detached 50' x 25' metal building.
Property Size3,038 SF
Lot Size0.50 Acres
Price / SF$223.50
Days on Market125
Property Features for 115 N 1 St Street
General Information
Standard status
Active
Size
3,038 SF
Lot size
0.50 Acres
Property subtype
Commercial
Zoning
Currently residential but can easily be
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Amenities
covered patio
built-in gas grill
workshop space
loft storage
Building Details
Building Size
3,038 SF
Year Built
1902
Year Renovated
2022
Stories
2
Units
1
Construction
Craftsman
Listing Agency:
Better Homes & Gardens, Winans
(817) 564-5901
Listed By:
Linda Olson
(817) 564-5901
Source:
Signaturere
Added: Apr 22
Changed: Aug 21
Last Checked: Aug 23 at 12:06PM
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 Better Homes & Gardens, Winans
Investment Insights
Based on property information with market context.
A renovated historic 1902 Craftsman property updated in 2022 while preserving original character. The interior is flexible for professional office use, boutique retail, or other compatible business concepts. Improvements include a new roof, replacement of all windows, updated lighting, plumbing fixture upgrades, and an energy-efficient tankless water heater to help minimize upfront capital expenditure. A covered patio with a built-in gas grill provides an outdoor option for client-facing use. The lot is fully fenced for added security.
The property is located one lot off Main Street in downtown Midlothian with direct views of Kimmel Park, offering strong exposure and accessibility, and is also positioned near US Hwy 287. The site spans nearly half an acre with ample on-site parking.
A detached 50' x 25' Mueller metal building with electric and water service includes workshop space and loft storage, adding useful capacity for operations, storage, or additional workspace.
The property is located one lot off Main Street in downtown Midlothian with direct views of Kimmel Park, offering strong exposure and accessibility, and is also positioned near US Hwy 287. The site spans nearly half an acre with ample on-site parking.
A detached 50' x 25' Mueller metal building with electric and water service includes workshop space and loft storage, adding useful capacity for operations, storage, or additional workspace.
Key Highlights
- Renovated 1902 Craftsman property updated in 2022 while preserving original character
- Flexible interior space adaptable for office, retail, or bed & breakfast use
- Recent improvements: new roof, all windows replaced, updated lighting, and plumbing fixtures
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
$50,817
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
7.48%
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%
$1,016,340
$1.0M
Cap Rate 7%
$725,957
$726.0K
Cap Rate 9%
$564,633
$564.6K
Market Conditions
NOI Build-Up for 3,038 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
$93.3K $30.72/SF
− Vacancy
−$25.6K −$8.42/SF
EGI
$67.8K $22.30/SF
− OpEx
−$16.9K −$5.58/SF
NOI
$50.8K $16.73/SF
Area
Ellis County, TX
Vacancy
27.40%
Lease Rate
$30.72 /SF/Yr
Expense Ratio
25.00%
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%
$1,016,340
Cap Rate 7%
$725,957
Cap Rate 9%
$564,633
Alternative Uses
Best Use
Office B
$726.0K
$635.2K – $847.0K
NOI $50,817 @ 7.0% cap · market cap 7.48%
Second Best
Retail
$720.4K
$630.3K – $840.4K
NOI $50,426 @ 7.0% cap · market cap 7.43%
Theoretical Best
Multifamily LT 5
$33.15M
$29.01M – $38.67M
NOI $2,320,471 @ 7.0% cap · market cap 341.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
599
Businesses Nearby
Explore this area
Business Placement
Demographics for 76065, TX
42,827
Population
15,081
Households
2.8
Avg Household Size
37
Median Age
36%
College-Educated
92%
High-School Grad
100.9 sq mi
ZIP Area
424
Density / Sq Mi
$123,664
Median Household Income
$61,420
Median Earnings
$1,873
Median Rent
$378,600
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?
Office units - Renovated 1902 Craftsman with flexible interior, covered patio, ample parking, and a detached 50' x 25' metal building.
Where is this office units located?
The property is located at 115 N 1 St Street Midlothian, TX.
What is the asking price?
The asking price for this property is $679,000.
What are key features of this property?
This property features: Renovated 1902 Craftsman property updated in 2022 while preserving original character; Flexible interior space adaptable for office, retail, or bed & breakfast use; Recent improvements: new roof, all windows replaced, updated lighting, and plumbing fixtures
