Flex Building Shell with Patio
For Sale
$625,000
1500 S Smith Rd, Rockwall, TX 75032
Partially completed commercial structure outside city limits with plumbing, septic, insulation, and utility infrastructure in place.
Property Size3,600 SF
Price / SF$173.61
Days on Market28
Property Features for 1500 S Smith Rd
General Information
Standard status
Active
Size
3,600 SF
Building Details
Year Built
2024
Listing Agency:
Keller Williams Rockwall
(972) 772-7000
Listed By:
Cindy Miller · License #0481033
Source:
Minteerteam
Added: Aug 2
Changed: Aug 29
Last Checked: Aug 25 at 5:09AM
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 Keller Williams Rockwall
Investment Insights
Based on property information with market context.
This 2024 flex property includes a 60 x 60 building shell on 5 acres, offering a substantial unfinished footprint for customized completion. Interior framing is in place, with 2x4 and 4x6 construction ready for sheetrock. Plumbing has been installed for 2 baths, with capacity for 2 additional baths in the loft. Three quarters of the structure has sprayed foam insulation, while the remaining areas have metal walls. Double doors serve the front and side patio, which includes a 60 x 18 overhang.
The property is outside city limits at 1500 S Smith Road in Rockwall, Texas, and carries commercial and residential zoning. A water meter is installed, with the connecting pipe still requiring attachment, and a septic system is already in place. Electrical capacity includes 400 amp service, with 200 amp currently in place. Heating and air conditioning remain to be installed. The property also includes a cell tower easement.
The property is outside city limits at 1500 S Smith Road in Rockwall, Texas, and carries commercial and residential zoning. A water meter is installed, with the connecting pipe still requiring attachment, and a septic system is already in place. Electrical capacity includes 400 amp service, with 200 amp currently in place. Heating and air conditioning remain to be installed. The property also includes a cell tower easement.
Key Highlights
- 60 x 60 building shell on 5 acres
- 2024 construction with interior framing ready for sheetrock
- Plumbing installed for 2 baths, with room for 2 more in the loft
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
$41,199
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
6.59%
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%
$823,980
$824.0K
Cap Rate 7%
$588,557
$588.6K
Cap Rate 9%
$457,767
$457.8K
Market Conditions
NOI Build-Up for 3,600 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
$69.1K $19.20/SF
− Vacancy
−$5.7K −$1.59/SF
EGI
$63.4K $17.61/SF
− OpEx
−$22.2K −$6.16/SF
NOI
$41.2K $11.44/SF
Area
Rockwall County, TX
Vacancy
8.30%
Lease Rate
$19.20 /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%
$823,980
Cap Rate 7%
$588,557
Cap Rate 9%
$457,767
Alternative Uses
Best Use
Flex RnD
$588.6K
$515.0K – $686.7K
NOI $41,199 @ 7.0% cap · market cap 6.59%
Second Best
Warehouse
$325.3K
$284.7K – $379.5K
NOI $22,772 @ 7.0% cap · market cap 3.64%
Theoretical Best
Hotel Hospitality
$2.71M
$2.37M – $3.16M
NOI $189,810 @ 7.0% cap · market cap 30.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75032, TX
34,590
Population
13,453
Households
2.6
Avg Household Size
40
Median Age
50%
College-Educated
95%
High-School Grad
48.1 sq mi
ZIP Area
719
Density / Sq Mi
$128,465
Median Household Income
$60,480
Median Earnings
$1,918
Median Rent
$462,000
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Partially completed commercial structure outside city limits with plumbing, septic, insulation, and utility infrastructure in place.
Where is this flex space located?
The property is located at 1500 S Smith Rd Rockwall, TX.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 60 x 60 building shell on 5 acres; 2024 construction with interior framing ready for sheetrock; Plumbing installed for 2 baths, with room for 2 more in the loft
