Remodeled Office Buildings with
For Sale
$1,550,000
1515 W Southwest Loop 323, Tyler, TX 75701
Two fully remodeled office buildings offer strong frontage and visibility, plus an additional lot for flexible site use.
Property Size7,209 SF
Lot Size1.24 Acres
Price / SF$215.01
Days on Market191
Property Features for 1515 W Southwest Loop 323
General Information
Standard status
Active
Size
7,209 SF
Lot size
1.24 Acres
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$11,275
Listing Agency:
Ihrig Properties
(903) 714-2041
Listed By:
Cole Ihrig
(903) 714-2041
Source:
Exprealty
Added: Feb 19
Changed: Aug 22
Last Checked: Aug 29 at 12:04PM
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 Ihrig Properties
Investment Insights
Based on property information with market context.
1515 and 1517 W. Southwest Loop 323 present two fully remodeled office buildings totaling 7,209 SF on 1.244 acres. The property has been comprehensively updated with a new roof, new HVAC, new siding, and fresh interior finishes, including new paint and flooring. The buildings are currently owner occupied, and the seller will consider a short-term leaseback of one office for approximately one year.
The buildings are positioned along W. Southwest Loop 323, offering strong frontage and visibility. An additional lot is included with the offering, creating flexibility for future development and potential site reconfiguration. The additional lot may also support improved ingress/egress to Professional Drive for better access and circulation.
With turnkey updates already in place, the property suits owner-users seeking move-in-ready office space and investors looking for a renovated office asset. The inclusion of an extra lot provides an added option for buyers who want to preserve future development flexibility while acquiring updated office improvements today.
The buildings are positioned along W. Southwest Loop 323, offering strong frontage and visibility. An additional lot is included with the offering, creating flexibility for future development and potential site reconfiguration. The additional lot may also support improved ingress/egress to Professional Drive for better access and circulation.
With turnkey updates already in place, the property suits owner-users seeking move-in-ready office space and investors looking for a renovated office asset. The inclusion of an extra lot provides an added option for buyers who want to preserve future development flexibility while acquiring updated office improvements today.
Key Highlights
- Two fully remodeled office buildings at 1515 and 1517 W. Southwest Loop 323 totaling 7,209 SF
- Comprehensively updated with new roof, new HVAC, new siding, and fresh interior finishes including new paint and flooring
- On 1.244 acres with strong frontage and excellent visibility along W. Southwest Loop 323
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
$87,064
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
5.62%
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%
$1,741,280
$1.7M
Cap Rate 7%
$1,243,771
$1.2M
Cap Rate 9%
$967,378
$967.4K
Market Conditions
NOI Build-Up for 7,209 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
$122.8K $17.04/SF
− Vacancy
−$6.8K −$0.94/SF
EGI
$116.1K $16.10/SF
− OpEx
−$29.0K −$4.03/SF
NOI
$87.1K $12.08/SF
Area
Tyler, TX
Vacancy
5.50%
Lease Rate
$17.04 /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%
$1,741,280
Cap Rate 7%
$1,243,771
Cap Rate 9%
$967,378
Alternative Uses
Best Use
Office B
$1.24M
$1.09M – $1.45M
NOI $87,064 @ 7.0% cap · market cap 5.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,631 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
175
Businesses Nearby
Explore this area
Business Placement
Demographics for 75701, TX
34,502
Population
14,630
Households
2.4
Avg Household Size
35
Median Age
29%
College-Educated
89%
High-School Grad
14.1 sq mi
ZIP Area
2,447
Density / Sq Mi
$62,091
Median Household Income
$29,448
Median Earnings
$1,250
Median Rent
$190,500
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 building - Two fully remodeled office buildings offer strong frontage and visibility, plus an additional lot for flexible site use.
Where is this office building located?
The property is located at 1515 W Southwest Loop 323 Tyler, TX.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Two fully remodeled office buildings at 1515 and 1517 W. Southwest Loop 323 totaling 7,209 SF; Comprehensively updated with new roof, new HVAC, new siding, and fresh interior finishes including new paint and flooring; On 1.244 acres with strong frontage and excellent visibility along W. Southwest Loop 323
