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    1506 S State Highway 121 Lewisville, TX 75067

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    Claim this Listing
    New
    For Sale
    $1,199,995

    Retail - Lewisville, TX

    Type:Retail
    Lot size:
    0.39 Acres
    Added:
    May 1, 2026
    Days on Market:
    2
    Last Refresh:
    May 2 at 9:06 pm

    Property Features for 1506 S State Highway 121

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Parking features
    Carport
    Standard status
    Active
    APN
    R18778
    Lot size
    0.39 Acres

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Electric

    Building Details

    Year built
    1979
    Flooring type
    Concrete
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Horatio Newman

    Listing agent Horatio Newman License #0829483

    Listing office The Michael Group Real Estate 1845 Precinct Line Rd., Dallas, TX

    Listing date May 1, 2026

    MLS# 21231914 Listing URL

    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.

    Overview

    High-Visibility Automotive Retail Location

    Position your business for maximum visibility and accessibility at 1506 S State Highway 121 in Lewisville, a high-exposure commercial opportunity in the heart of Denton County. This site offers prime State Highway 121 frontage, delivering consistent traffic flow and strong daily impressions, ideal for operators seeking a strategic retail presence. The property is zoned and approved for automotive dealership use, making it well-suited for independent dealers, specialty auto sales, or expansion locations. The site accommodates an estimated 35 retail vehicle display spaces, providing ample room for inventory presentation while maintaining efficient customer access and circulation. The existing improvements support a functional retail environment, allowing for immediate or near-term occupancy with minimal downtime. Its location along a major thoroughfare ensures excellent connectivity to surrounding residential neighborhoods, commercial corridors, and regional traffic patterns throughout the greater DFW market. This is a rare opportunity to secure a high-visibility automotive retail location in a supply-constrained area where approved dealer sites are increasingly limited. Ideal for owner-operators or investors seeking a well-positioned asset with strong exposure and long-term growth potential. The lot size is 0.385 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    My New Used ... Car Dealership Stanley and Atkinson Car ... Law Firm

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lewisville
    County
    Denton
    State
    Texas
    Longitude
    -96.992446
    Latitude
    33.023789

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    FAQs

    What type of property is this?
    Automotive property - Prime location for automotive retail with excellent highway frontage.
    Where is this automotive property located?
    The property is located at 1506 S State Highway 121 Lewisville, TX.
    What is the asking price?
    The asking price for this property is $1,199,995.
    What are key features of this property?
    This property features: Prime State Highway 121 frontage with high traffic flow and strong daily impressions.; Zoned and approved for automotive dealership use with an estimated 35 retail vehicle display spaces.; Excellent connectivity to surrounding residential neighborhoods, commercial corridors, and the greater DFW market.
    (214) 692-6400
    We can help!
    Listing Contact
    Horatio Newman
    Real Estate License ID: 0829483
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    1506 S State Highway 121, Lewisville, TX 75067

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