Remodeled Dental Medical
New
For Sale
$499,000
189 Historic Town Square, Lancaster, TX 75146
CommercialSale, Lancaster, TX
Property Size1,400 SF
Lot Size0.04 Acres
Price / SF$356.43
Days on Market3
Property Features for 189 Historic Town Square
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
On Street
Security features
Security
Subdivision
Original Town Of Lancaster
Lot features
Historic District
Directions
From 1H-20 W take exit 472 toward Bonnie View Rd. Left onto Bonnie View Rd, Right onto E Second Street. Left onto N Henry Street, Right onto E Main Street, Enter the roundabout Historic Square The destination is on your Right 189.
Standard status
Active
APN
36000500030060000
Lot size
0.04 Acres
Taxes and HOA fees
Tax Description
ORIG TOWN LANCASTER BLK 3 PT LOTS 9 & 10 32X4
Tax Annual Amount
1131
Legal Description
ORIG TOWN LANCASTER BLK 3 PT LOTS 9 & 10 32X4
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Ceiling Fan(s), Electric, Central Air
Water source
Public
Building Details
Year built
1920
Floors in Building
1
Number of units
1
Flooring type
Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
Caprice Michelle, LLC
Listed By:
Caprice Michelle · License #9004701
(214) 789-7364
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 13 at 9:06AM
MLS# 21384612
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 freestanding brick medical office at 189 Historic Town Square includes a 1,400 SF remodeled dental facility with a reception and waiting area, 4 operatories, lab space, a private office, storage, and an additional bathroom. Tile flooring, central heating and cooling, electric service, and ceiling fans are present throughout the property. Built in 1920, the building has supported continuous dental practice at this site for 100 years.
The property is located on Lancaster’s historic square in Lancaster, TX. On-street parking surrounds the building, and the property is served by public water and public sewer. Its flat roof and brick construction complete the existing commercial improvements.
The property is located on Lancaster’s historic square in Lancaster, TX. On-street parking surrounds the building, and the property is served by public water and public sewer. Its flat roof and brick construction complete the existing commercial improvements.
Key Highlights
- 1,400 SF remodeled dental facility
- 4 operatories with lab space and private office
- Freestanding brick building constructed in 1920
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
$19,905
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
3.99%
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%
$398,100
$398.1K
Cap Rate 7%
$284,357
$284.4K
Cap Rate 9%
$221,167
$221.2K
Market Conditions
NOI Build-Up for 1,400 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
$36.5K $26.04/SF
− Vacancy
−$3.3K −$2.34/SF
EGI
$33.2K $23.70/SF
− OpEx
−$13.3K −$9.48/SF
NOI
$19.9K $14.22/SF
Area
Dallas County, TX
Vacancy
9.00%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
40.00%
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%
$398,100
Cap Rate 7%
$284,357
Cap Rate 9%
$221,167
Alternative Uses
Best Use
Healthcare Medical
$284.4K
$248.8K – $331.8K
NOI $19,905 @ 7.0% cap · market cap 3.99%
Second Best
Office B
$283.5K
$248.1K – $330.8K
NOI $19,845 @ 7.0% cap · market cap 3.98%
Theoretical Best
Multifamily LT 5
$16.78M
$14.68M – $19.58M
NOI $1,174,692 @ 7.0% cap · market cap 235.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
315
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 75146, TX
23,837
Population
9,575
Households
2.5
Avg Household Size
35
Median Age
27%
College-Educated
87%
High-School Grad
34.7 sq mi
ZIP Area
687
Density / Sq Mi
$70,143
Median Household Income
$42,889
Median Earnings
$1,560
Median Rent
$249,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Remodeled medical office with operatories, lab space, private office, storage, and an additional bathroom.
Where is this medical office space located?
The property is located at 189 Historic Town Square Lancaster, TX.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 1,400 SF remodeled dental facility; 4 operatories with lab space and private office; Freestanding brick building constructed in 1920
