Historic Four-Suite
For Sale
$950,000
202-221 N Walnut Street, Sherman, TX 75090
CommercialSale, Sherman, TX
Property Size4,400 SF
Lot Size0.24 Acres
Price / SF$215.91
Days on Market8
Property Features for 202-221 N Walnut Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial
Parking features
Parking Lot
Subdivision
Shannon T J Suppl
Directions
SEE GPS
Standard status
Active
APN
161971
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
SHANNON T J SUPPLEMENT, BLOCK D, LOT PT 7, 8
Tax Annual Amount
11266
Legal Description
SHANNON T J SUPPLEMENT, BLOCK D, LOT PT 7, 8
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
private parking
Building Details
Year built
1920
Floors in Building
1
Number of units
4
Flooring type
Concrete
Building materials
Brick, Block
Roof type
Shingle
Listing Agency:
CAPROCK Real Estate Advisors LLC
(469) 834-8063
Listed By:
Josh Long · License #TX0694673
(888) 455-6040
Added: Sep 20
Changed: Sep 21
Last Checked: Sep 27 at 1:06PM
MLS# 21391584
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 brick and block commercial building dates to 1920 and contains four separately leasable suites, all currently occupied. Three suites have been renovated within the past three years, while concrete flooring, central heating, ceiling fan cooling, a shingle roof, and public water and sewer serve the property. The layout supports continued professional office or commercial use, subject to applicable requirements.
The property occupies 0.243 acres at 202-221 N Walnut Street in Sherman, Texas, one block from the city’s historic Downtown Square. Eight private parking spaces are located behind the building. The property is also within the Sherman Opportunity Zone, and the source information identifies potential city incentives for qualifying downtown redevelopment projects.
The property occupies 0.243 acres at 202-221 N Walnut Street in Sherman, Texas, one block from the city’s historic Downtown Square. Eight private parking spaces are located behind the building. The property is also within the Sherman Opportunity Zone, and the source information identifies potential city incentives for qualifying downtown redevelopment projects.
Key Highlights
- Four separately leasable commercial suites, all currently occupied
- Three of four suites renovated within the past three years
- Eight private parking spaces at the rear
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
$73,033
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
7.69%
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%
$1,460,660
$1.5M
Cap Rate 7%
$1,043,329
$1.0M
Cap Rate 9%
$811,478
$811.5K
Market Conditions
NOI Build-Up for 4,400 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
$109.8K $24.96/SF
− Vacancy
−$5.5K −$1.25/SF
EGI
$104.3K $23.71/SF
− OpEx
−$31.3K −$7.11/SF
NOI
$73.0K $16.60/SF
Area
Grayson County, TX
Vacancy
5.00%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,460,660
Cap Rate 7%
$1,043,329
Cap Rate 9%
$811,478
Alternative Uses
Best Use
Retail
$1.04M
$912.9K – $1.22M
NOI $73,033 @ 7.0% cap · market cap 7.69%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$2.26M
$1.98M – $2.63M
NOI $158,004 @ 7.0% cap · market cap 16.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,260
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 75090, TX
25,002
Population
9,602
Households
2.6
Avg Household Size
35
Median Age
15%
College-Educated
84%
High-School Grad
78.5 sq mi
ZIP Area
318
Density / Sq Mi
$58,586
Median Household Income
$36,230
Median Earnings
$1,111
Median Rent
$163,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Storefront property - Occupied multi-suite commercial building with recent renovations, private rear parking, and Opportunity Zone designation.
Where is this storefront property located?
The property is located at 202-221 N Walnut Street Sherman, TX.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Four separately leasable commercial suites, all currently occupied; Three of four suites renovated within the past three years; Eight private parking spaces at the rear
