Downtown Office
New
For Sale
$745,000
251 S Mill Street 180, Lewisville, TX 75057
Flexible commercial condo with private offices, collaborative areas, and a fenced outdoor patio.
Property Size2,071 SF
Price / SF$359.73
Days on Market3
Property Features for 251 S Mill Street 180
General Information
Standard status
Active
Size
2,071 SF
Elevators
No
Property subtype
Office
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$6,574
Building Details
Building Size
2,071 SF
Year Built
2018
Listing Agency:
Real Broker, LLC
Listed By:
Jeanie Cline · License #0670223
(682) 225-3262
Source:
Baerealty
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 23 at 3:02AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This 2,071-square-foot commercial condominium is configured for office or retail use within a mixed-use development in Lewisville’s Old Town District. The interior includes 3–4 private offices, a generous reception or shared work area, a full-size kitchen, 2 ADA-compliant restrooms, a laundry room, and several storage areas. Modern finishes, quality construction, and a fenced patio add practical functionality for daily operations and customer-facing use.
The property is positioned near restaurants, entertainment, shopping, residential development, festivals, and recurring district events. Open parking and a Walk Score of approximately 72 support convenient access for employees, visitors, and customers. The property is also within the Old Town TRIZ, where potential property tax incentives may be available. Two residential condo flats above the commercial space are separately available for purchase.
The property is positioned near restaurants, entertainment, shopping, residential development, festivals, and recurring district events. Open parking and a Walk Score of approximately 72 support convenient access for employees, visitors, and customers. The property is also within the Old Town TRIZ, where potential property tax incentives may be available. Two residential condo flats above the commercial space are separately available for purchase.
Key Highlights
- 2,071 SF commercial condominium
- 3–4 private offices plus reception or collaborative workspace
- 2 ADA‑compliant restrooms, kitchen, laundry room, and storage areas
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
$38,340
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
5.15%
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%
$766,800
$766.8K
Cap Rate 7%
$547,714
$547.7K
Cap Rate 9%
$426,000
$426.0K
Market Conditions
NOI Build-Up for 2,071 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
$68.3K $33.00/SF
− Vacancy
−$17.2K −$8.32/SF
EGI
$51.1K $24.68/SF
− OpEx
−$12.8K −$6.17/SF
NOI
$38.3K $18.51/SF
Area
Lewisville, TX
Vacancy
25.20%
Lease Rate
$33.00 /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%
$766,800
Cap Rate 7%
$547,714
Cap Rate 9%
$426,000
Alternative Uses
Best Use
Office B
$547.7K
$479.3K – $639.0K
NOI $38,340 @ 7.0% cap · market cap 5.15%
Second Best
Retail
$475.5K
$416.1K – $554.8K
NOI $33,288 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$690.5K
$604.2K – $805.5K
NOI $48,332 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
1,300
Businesses Nearby
Explore this area
Business Placement
Demographics for 75057, TX
16,001
Population
7,171
Households
2.2
Avg Household Size
31
Median Age
29%
College-Educated
83%
High-School Grad
13.3 sq mi
ZIP Area
1,203
Density / Sq Mi
$76,128
Median Household Income
$43,253
Median Earnings
$1,589
Median Rent
$208,500
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?
Office units - Flexible commercial condo with private offices, collaborative areas, and a fenced outdoor patio.
Where is this office units located?
The property is located at 251 S Mill Street 180 Lewisville, TX.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: 2,071 SF commercial condominium; 3–4 private offices plus reception or collaborative workspace; 2 ADA‑compliant restrooms, kitchen, laundry room, and storage areas
