Flexible Building with Multiple
For Sale
$345,000
1915 N Wilhite Street, Cleburne, TX 76031
Two wings combine private rooms, office areas, storage spaces, and commercial kitchen infrastructure within a flexible building layout.
Property Size6,174 SF
Days on Market18
Property Features for 1915 N Wilhite Street
General Information
Standard status
Active
Size
6,174 SF
Property subtype
Commercial
Zoning
misc
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Sprinkler System
Yes
Building Details
Building Size
6,174 SF
Year Built
9999
Stories
1
Units
2
Listing Agency:
Wethington Agency
(817) 929-8998
Listed By:
Karan Wethington · License #0460818
(817) 929-8998
Source:
1111brokerage
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 10:17AM
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 Wethington Agency
Investment Insights
Based on property information with market context.
This flex building is currently configured as a nonprofit shelter with two distinct wings. One wing contains 12 rooms, each with an adjoining bathroom, and includes an arrangement that can accommodate families. The other includes 11 office and storage spaces, with interior walls reportedly capable of relocation because they are not believed to be load bearing. A large central kitchen includes a commercial vent hood and capacity for a commercial range, while an overhead fire sprinkler system is installed throughout the property. A common area and playground occupy part of the lot, complemented by a substantial parking area.
The property is located at 1915 N Wilhite St in northern Cleburne, just off 174 and Highway 67. Approximately 300 feet of road frontage provides a notable presence along the property’s access route.
The property is located at 1915 N Wilhite St in northern Cleburne, just off 174 and Highway 67. Approximately 300 feet of road frontage provides a notable presence along the property’s access route.
Key Highlights
- 12 rooms, each with an adjoining bathroom
- 11 office and storage spaces with reportedly movable interior walls
- Kitchen includes a commercial vent hood and capacity for a commercial range
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
$30,233
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
8.76%
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%
$604,660
$604.7K
Cap Rate 7%
$431,900
$431.9K
Cap Rate 9%
$335,922
$335.9K
Market Conditions
NOI Build-Up for 6,174 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
$49.6K $8.04/SF
− Vacancy
−$3.1K −$0.51/SF
EGI
$46.5K $7.53/SF
− OpEx
−$16.3K −$2.64/SF
NOI
$30.2K $4.90/SF
Area
Johnson County, TX
Vacancy
6.30%
Lease Rate
$8.04 /SF/Yr
Expense Ratio
35.00%
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%
$604,660
Cap Rate 7%
$431,900
Cap Rate 9%
$335,922
Alternative Uses
Best Use
Industrial
$455.7K
$398.8K – $531.7K
NOI $31,900 @ 7.0% cap · market cap 9.25%
Second Best
Flex RnD
$431.9K
$377.9K – $503.9K
NOI $30,233 @ 7.0% cap · market cap 8.76%
Theoretical Best
Multifamily LT 5
$74.01M
$64.75M – $86.34M
NOI $5,180,390 @ 7.0% cap · market cap 1,501.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
321
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 76031, TX
18,398
Population
6,596
Households
2.8
Avg Household Size
38
Median Age
15%
College-Educated
81%
High-School Grad
72.7 sq mi
ZIP Area
253
Density / Sq Mi
$70,672
Median Household Income
$39,335
Median Earnings
$1,274
Median Rent
$203,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Two wings combine private rooms, office areas, storage spaces, and commercial kitchen infrastructure within a flexible building layout.
Where is this flex space located?
The property is located at 1915 N Wilhite Street Cleburne, TX.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 12 rooms, each with an adjoining bathroom; 11 office and storage spaces with reportedly movable interior walls; Kitchen includes a commercial vent hood and capacity for a commercial range
