Flex Space with
For Sale
$400,000
151 Morrow Rd, Springtown, TX 76082
Heated and cooled business areas pair with insulated storage and a covered porch for varied commercial operations.
Property Size3,200 SF
Price / SF$125
Days on Market14
Property Features for 151 Morrow Rd
General Information
Standard status
Active
Size
3,200 SF
Additional Details
Highway Access
Yes
Office Build-Out
1,800 SF
Building Details
Year Built
2004
Building Size
3,200 SF
Listing Agency:
CENTURY 21 Judge Fite Co.
(214) 920-9611
Listed By:
Cassy Nutt
Source:
Heritance
Added: Aug 16
Changed: Aug 28
Last Checked: Aug 28 at 8:08PM
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 CENTURY 21 Judge Fite Co.
Investment Insights
Based on property information with market context.
This 3,200-square-foot flex property, built in 2004, combines finished business space with dedicated warehouse and covered exterior areas. Approximately 1,800 square feet is heated and cooled for offices, cubicles, customer-facing retail, call center functions, or collaborative workspace. An additional 800+ square feet of insulated warehouse space accommodates inventory, equipment, storage, or light manufacturing. The property also includes an 800-square-foot covered porch that can support outdoor operations, customer pickup, or equipment storage.
Located at 151 Morrow Rd in Springtown, the property sits approximately 500 feet from SH-199 between Azle and Springtown. Its configuration supports retail, office, service-based, distribution, light industrial, or combined business operations.
Located at 151 Morrow Rd in Springtown, the property sits approximately 500 feet from SH-199 between Azle and Springtown. Its configuration supports retail, office, service-based, distribution, light industrial, or combined business operations.
Key Highlights
- 3,200‑square‑foot commercial flex property built in 2004
- Approximately 1,800 square feet of heated and cooled space
- Additional 800+ square feet of insulated warehouse area
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
$23,462
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
5.87%
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%
$469,240
$469.2K
Cap Rate 7%
$335,171
$335.2K
Cap Rate 9%
$260,689
$260.7K
Market Conditions
NOI Build-Up for 3,200 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
$38.4K $12.00/SF
− Vacancy
−$2.3K −$0.72/SF
EGI
$36.1K $11.28/SF
− OpEx
−$12.6K −$3.95/SF
NOI
$23.5K $7.33/SF
Area
Parker County, TX
Vacancy
6.00%
Lease Rate
$12.00 /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%
$469,240
Cap Rate 7%
$335,171
Cap Rate 9%
$260,689
Alternative Uses
Best Use
Industrial
$3.18M
$2.78M – $3.71M
NOI $222,580 @ 7.0% cap · market cap 55.65%
Second Best
Retail
$735.6K
$643.6K – $858.2K
NOI $51,489 @ 7.0% cap · market cap 12.87%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
92
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 76082, TX
21,514
Population
8,576
Households
2.5
Avg Household Size
40
Median Age
16%
College-Educated
87%
High-School Grad
102.8 sq mi
ZIP Area
209
Density / Sq Mi
$93,553
Median Household Income
$49,323
Median Earnings
$1,275
Median Rent
$277,900
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 - Heated and cooled business areas pair with insulated storage and a covered porch for varied commercial operations.
Where is this flex space located?
The property is located at 151 Morrow Rd Springtown, TX.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 3,200‑square‑foot commercial flex property built in 2004; Approximately 1,800 square feet of heated and cooled space; Additional 800+ square feet of insulated warehouse area
