Flex Space with Office
For Sale
$345,000
1915 N Wilhite St, Cleburne, TX 76031
Adaptable interiors include private rooms, office and storage areas, and a commercial kitchen with vent hood infrastructure.
Property Size6,174 SF
Price / SF$55.88
Days on Market586
Property Features for 1915 N Wilhite St
General Information
Standard status
Active
Size
6,174 SF
Property subtype
Commercial
Zoning
commercial-industrial flex district
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Sprinkler System
Yes
Amenities
playground
kitchen with commercial vent hood
Building Details
Buildings
1
Tenancy
Single
Listing Agency:
Wethington Agency
Listed By:
Karan Wethington · License #0460818
(817) 720-6300
Source:
Findtexashomesforsale
Added: Jan 29, 2025
Changed: Sep 5
Last Checked: Sep 6 at 9:17AM
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-space building in Cleburne’s commercial-industrial flex district includes 12 rooms with adjoining bathrooms, along with a second wing containing 11 office and storage spaces. Interior walls in the second wing may be movable and are understood by the seller not to be load bearing. A large kitchen features a commercial vent hood and is configured for a commercial range. The property also has an overhead fire sprinkler system, a common area with a playground, and a substantial parking area.
Approximately 300 feet of road frontage supports the site, which is located just off of 174 and Highway 67 in northern Cleburne. The current layout includes separate wings and can accommodate varied interior configurations within the existing improvements.
Approximately 300 feet of road frontage supports the site, which is located just off of 174 and Highway 67 in northern Cleburne. The current layout includes separate wings and can accommodate varied interior configurations within the existing improvements.
Key Highlights
- 12 rooms with adjoining bathrooms
- 11 office and storage spaces in a separate wing
- Movable interior walls are understood by the seller to be non‑load bearing
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
Office B
$1.48M
$1.29M – $1.72M
NOI $103,273 @ 7.0% cap · market cap 29.93%
Second Best
Industrial
$455.7K
$398.8K – $531.7K
NOI $31,900 @ 7.0% cap · market cap 9.25%
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
Single-tenant
Tenancy
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Adaptable interiors include private rooms, office and storage areas, and a commercial kitchen with vent hood infrastructure.
Where is this flex space located?
The property is located at 1915 N Wilhite St 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 with adjoining bathrooms; 11 office and storage spaces in a separate wing; Movable interior walls are understood by the seller to be non‑load bearing
