Flex Space with Patio
For Sale
$480,000
1500 S Smith Road, Rockwall, TX 75032
CommercialSale, Rockwall, TX
Property Size3,600 SF
Lot Size2.50 Acres
Price / SF$133.33
Days on Market20
Property Features for 1500 S Smith Road
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
commercial and residential
Parking features
Driveway, Open, Gated
Subdivision
R Peckham
Lot features
Acreage, Cleared, Few Trees
Directions
I-30 East to Hwy 205 South to right on FM 550 to left on Smith Road
Standard status
Active
APN
12135
Lot size
2.50 Acres
Taxes and HOA fees
Tax Description
A0175 R Peckham Tract 1-02 4.993 acres
Legal Description
A0175 R Peckham Tract 1-02 4.993 acres
Utilities
Sewer type
Septic Tank, Aerobic Septic
Cooling system
ENERGY STAR Qualified Equipment
Building Details
Year built
2024
Floors in Building
2
Number of units
1
Flooring type
Concrete
Building materials
MetalSiding
Roof type
Metal
Listing Agency:
Keller Williams Rockwall · Keller Williams Realty
(972) 772-7000
Listed By:
Cindy Miller · License #0481033
(972) 772-7000
Added: Aug 2
Changed: Aug 21
Last Checked: Aug 21 at 8:06PM
MLS# 21142789
Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2024 flex-space property includes a completed 60-by-60 shell on 2.5 acres, with concrete flooring, a metal roof, and metal siding. Approximately three-quarters of the building has sprayed foam insulation, while the remaining area has exposed metal walls. Interior framing is in place for rooms, with plumbing installed for two bathrooms and capacity for two additional bathrooms in the loft. Heating and air conditioning remain to be installed.
Double doors serve the front of the building, and a side entrance opens to a covered patio with a 60-by-18 overhang. Water piping has been installed and awaits connection to the existing meter. The property also has a septic system, 400 amp service with 200 amp in place, and gated open parking accessed by a driveway. A cell tower road easement crosses the property and may be used by the buyer.
Double doors serve the front of the building, and a side entrance opens to a covered patio with a 60-by-18 overhang. Water piping has been installed and awaits connection to the existing meter. The property also has a septic system, 400 amp service with 200 amp in place, and gated open parking accessed by a driveway. A cell tower road easement crosses the property and may be used by the buyer.
Key Highlights
- Completed 60‑by‑60 building shell on 2.5 acres
- Approximately three‑quarters of the building has sprayed foam insulation
- Interior framed for rooms with plumbing for 2 baths and space for 2 more baths in 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
8.58%
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 8.58%
Second Best
Industrial
$267.9K
$234.4K – $312.6K
NOI $18,754 @ 7.0% cap · market cap 3.91%
Theoretical Best
Hotel Hospitality
$2.71M
$2.37M – $3.16M
NOI $189,810 @ 7.0% cap · market cap 39.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Partially completed flex space with metal construction, septic service, and gated open parking.
Where is this flex space located?
The property is located at 1500 S Smith Road Rockwall, TX.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Completed 60‑by‑60 building shell on 2.5 acres; Approximately three‑quarters of the building has sprayed foam insulation; Interior framed for rooms with plumbing for 2 baths and space for 2 more baths in loft
