Four-Suite Office
New
For Sale
$950,000
202-221 N Walnut Street 202-21, Sherman, TX 75090
All suites are occupied, with three recently updated and private parking behind the building.
Property Size4,400 SF
Price / SF$215.91
Days on Market2
Property Features for 202-221 N Walnut Street 202-21
General Information
Standard status
Active
Size
4,400 SF
Total Parking Spaces
8
Occupancy
100%
Additional Details
Opportunity Zone
Yes
Office Units
4
Building Details
Year Built
1920
Buildings
1
Tenancy
Multi
Listing Agency:
CAPROCK Real Estate Advisors LLC
Listed By:
Josh Long · License #TX0694673
(888) 455-6040
Source:
Minteerteam
Added: Sep 24
Last Checked: Sep 24 at 2:34PM
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 CAPROCK Real Estate Advisors LLC
Investment Insights
Based on property information with market context.
Built in 1920, this 4,400-square-foot office property is configured as four separately leasable suites. All four are occupied, and three received renovations within the past three years. The building retains historic character and has eight private parking spaces at the rear.
The property fronts North Walnut Street, one block from Sherman’s Downtown Square, and lies within the Sherman Opportunity Zone.
The property fronts North Walnut Street, one block from Sherman’s Downtown Square, and lies within the Sherman Opportunity Zone.
Key Highlights
- Four separately leasable office suites; all are currently occupied
- 4,400 square feet; built in 1920
- Three suites renovated within the past three years
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
$73,599
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
7.75%
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%
$1,471,980
$1.5M
Cap Rate 7%
$1,051,414
$1.1M
Cap Rate 9%
$817,767
$817.8K
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
$135.2K $30.72/SF
− Vacancy
−$37.0K −$8.42/SF
EGI
$98.1K $22.30/SF
− OpEx
−$24.5K −$5.58/SF
NOI
$73.6K $16.73/SF
Area
Grayson County, TX
Vacancy
27.40%
Lease Rate
$30.72 /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%
$1,471,980
Cap Rate 7%
$1,051,414
Cap Rate 9%
$817,767
Alternative Uses
Best Use
Office B
$1.05M
$920.0K – $1.23M
NOI $73,599 @ 7.0% cap · market cap 7.75%
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
Current Use
Lease Details
4
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,260
Businesses Nearby
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - All suites are occupied, with three recently updated and private parking behind the building.
Where is this office building located?
The property is located at 202-221 N Walnut Street 202-21 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 office suites; all are currently occupied; 4,400 square feet; built in 1920; Three suites renovated within the past three years
