Historic Office Building with Carriage
New
For Sale
$649,000
511 Travis Street, Sherman, TX 75090
C1-zoned property combines distinctive historic detailing with flexible office and ancillary space.
Property Size3,422 SF
Days on Market4
Property Features for 511 Travis Street
General Information
Standard status
Active
Size
3,422 SF
Property subtype
Commercial
Zoning
C1
Building Details
Building Size
3,422 SF
Year Built
1900
Stories
3
Units
1
Listing Agency:
MKT Realty Co
(214) 218-9190
Listed By:
Spencer McDuffy · License #0709706
(214) 218-9190
Source:
Cornerstonehomeandranch
Added: Aug 4
Changed: Aug 5
Last Checked: Aug 6 at 1:52PM
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 MKT Realty Co
Investment Insights
Based on property information with market context.
Constructed in 1900, this office property retains substantial period character, including a covered front porch, columns, stained glass, detailed woodwork, and high ceilings. The interior includes four bedrooms, three full baths, two half baths, two primary suites, a finished attic, and a basement. A separate carriage house with a two-car garage expands the usable footprint for office, studio, workshop, guest, or storage functions.
The property is located at 511 Travis Street in Sherman and carries C1 zoning, identified as the Retail Business District. The source information identifies potential uses that include professional and government offices, medical and dental clinics, health and wellness businesses, laboratories, restaurants, boutiques, retail shops, and other permitted operations. Buyers should independently confirm zoning, allowable uses, grandfathered residential status, and any proposed use with the City of Sherman.
The property is located at 511 Travis Street in Sherman and carries C1 zoning, identified as the Retail Business District. The source information identifies potential uses that include professional and government offices, medical and dental clinics, health and wellness businesses, laboratories, restaurants, boutiques, retail shops, and other permitted operations. Buyers should independently confirm zoning, allowable uses, grandfathered residential status, and any proposed use with the City of Sherman.
Key Highlights
- 1900 construction with stained glass, columns, detailed woodwork, and high ceilings
- C1 zoning identified as the Retail Business District
- Four bedrooms, three full baths, and two half baths
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
$57,240
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
8.82%
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%
$1,144,800
$1.1M
Cap Rate 7%
$817,714
$817.7K
Cap Rate 9%
$636,000
$636.0K
Market Conditions
NOI Build-Up for 3,422 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
$105.1K $30.72/SF
− Vacancy
−$28.8K −$8.42/SF
EGI
$76.3K $22.30/SF
− OpEx
−$19.1K −$5.58/SF
NOI
$57.2K $16.73/SF
Area
Grayson 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%
$1,144,800
Cap Rate 7%
$817,714
Cap Rate 9%
$636,000
Alternative Uses
Best Use
Office B
$817.7K
$715.5K – $954.0K
NOI $57,240 @ 7.0% cap · market cap 8.82%
Second Best
Healthcare Medical
$743.4K
$650.5K – $867.3K
NOI $52,036 @ 7.0% cap · market cap 8.02%
Theoretical Best
Hotel Hospitality
$1.76M
$1.54M – $2.05M
NOI $122,884 @ 7.0% cap · market cap 18.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
133
Businesses Nearby
Explore this area
Business Placement
Demographics for 75090, TX
25,002
Population
9,602
Households
2.6
Avg Household Size
35
Median Age
15%
College-Educated
84%
High-School Grad
78.5 sq mi
ZIP Area
318
Density / Sq Mi
$58,586
Median Household Income
$36,230
Median Earnings
$1,111
Median Rent
$163,500
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 building - C1-zoned property combines distinctive historic detailing with flexible office and ancillary space.
Where is this office building located?
The property is located at 511 Travis Street Sherman, TX.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 1900 construction with stained glass, columns, detailed woodwork, and high ceilings; C1 zoning identified as the Retail Business District; Four bedrooms, three full baths, and two half baths
