Commercial Condo Office or
For Sale
$745,000
180-251 S Mill St, Lewisville, TX 75057
Commercial condo with multiple private offices, reception space, ADA restrooms, and a fenced patio within a mixed-use development.
Property Size2,071 SF
Price / SF$359.73
Days on Market56
Property Features for 180-251 S Mill St
General Information
Standard status
Active
Size
2,071 SF
Additional Details
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$6,574
Amenities
private offices
expansive reception or collaborative workspace
large kitchen
ADA-compliant restrooms
laundry room
storage areas
spacious fenced patio
Building Details
Year Built
2017
Listing Agency:
Real Broker, LLC
Listed By:
Jeanie Cline · License #0670223
(855) 450-0442
Source:
Exprealty
Added: Jul 13
Changed: Aug 21
Last Checked: Sep 5 at 12:45PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This 2,071 SF commercial condo is well-suited for office or retail use and features a thoughtfully designed interior layout with 3 to 4 private offices and an expansive reception or collaborative workspace. The space includes a large kitchen, two ADA-compliant restrooms, a laundry room, multiple storage areas, and modern finishes. Exterior improvements include a spacious fenced patio, and the property was completed in 2017.
Situated in Lewisville’s Old Town District within a mixed-use development, the location is described as walkable and supported by year-round festivals and weekly events. The development context includes surrounding thriving businesses, destination restaurants, entertainment, and residential development.
According to the seller, the property is located within the Old Town TRIZ, and the listing notes potential property tax incentives tied to the district’s Economic Development Corporation activity. The seller is also the original developer and builder of the mixed-use project and surrounding residential communities. Two residential condo flats located directly above the commercial space are available for purchase, with garages and an elevator shown on the floor plan serving the private residential units.
Situated in Lewisville’s Old Town District within a mixed-use development, the location is described as walkable and supported by year-round festivals and weekly events. The development context includes surrounding thriving businesses, destination restaurants, entertainment, and residential development.
According to the seller, the property is located within the Old Town TRIZ, and the listing notes potential property tax incentives tied to the district’s Economic Development Corporation activity. The seller is also the original developer and builder of the mixed-use project and surrounding residential communities. Two residential condo flats located directly above the commercial space are available for purchase, with garages and an elevator shown on the floor plan serving the private residential units.
Key Highlights
- 2,071 SF commercial condo in Lewisville’s Old Town District within a premier mixed‑use development
- Floorplan includes 3–4 private offices, expansive reception/collaborative workspace, and a large kitchen
- Two ADA‑compliant restrooms plus a laundry room and multiple storage areas
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
$38,340
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
5.15%
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%
$766,800
$766.8K
Cap Rate 7%
$547,714
$547.7K
Cap Rate 9%
$426,000
$426.0K
Market Conditions
NOI Build-Up for 2,071 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
$68.3K $33.00/SF
− Vacancy
−$17.2K −$8.32/SF
EGI
$51.1K $24.68/SF
− OpEx
−$12.8K −$6.17/SF
NOI
$38.3K $18.51/SF
Area
Lewisville, TX
Vacancy
25.20%
Lease Rate
$33.00 /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%
$766,800
Cap Rate 7%
$547,714
Cap Rate 9%
$426,000
Alternative Uses
Best Use
Office B
$547.7K
$479.3K – $639.0K
NOI $38,340 @ 7.0% cap · market cap 5.15%
Second Best
Retail
$475.5K
$416.1K – $554.8K
NOI $33,288 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$690.5K
$604.2K – $805.5K
NOI $48,332 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,196
Businesses Nearby
Explore this area
Business Placement
Demographics for 75057, TX
16,001
Population
7,171
Households
2.2
Avg Household Size
31
Median Age
29%
College-Educated
83%
High-School Grad
13.3 sq mi
ZIP Area
1,203
Density / Sq Mi
$76,128
Median Household Income
$43,253
Median Earnings
$1,589
Median Rent
$208,500
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 units - Commercial condo with multiple private offices, reception space, ADA restrooms, and a fenced patio within a mixed-use development.
Where is this office units located?
The property is located at 180-251 S Mill St Lewisville, TX.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: 2,071 SF commercial condo in Lewisville’s Old Town District within a premier mixed‑use development; Floorplan includes 3–4 private offices, expansive reception/collaborative workspace, and a large kitchen; Two ADA‑compliant restrooms plus a laundry room and multiple storage areas
