Flex Space
For Sale
$162,900
Pending
205 Highway 35, Gregory, TX 78359
COMMERCIAL - Gregory, TX
Property Size1,800 SF
Lot Size0.23 Acres
Days on Market173
Property Features for 205 Highway 35
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Off Street
Subdivision
Gregory-Macaze Park
Standard status
Pending
APN
55823
Size
1,800 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
MACAZE PARK BLK 1 LOT 7, 8
Legal Description
MACAZE PARK BLK 1 LOT 7, 8
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1982
Floors in Building
1
Building materials
Brick, Block
Roof type
Tar/Gravel
Listing Agency:
Cass Real Estate
(361) 643-2662
Listed By:
Missy Grimsinger · License #0473075
(361) 537-9899
Added: Mar 2
Changed: Aug 18
Last Checked: Aug 22 at 10:06PM
MLS# 472475
Copyright © 2026 South Texas Multiple Listing Service, LLC. 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 for-sale flex/industrial commercial building offers approximately 1,800 square feet of space within a 0.23-acre lot. The building is described as suitable for a range of business uses and provides the footprint to support an owner-operator or tenant buildout depending on requirements.
Located at 205 Highway 35 in Gregory, Texas, the property is off Highway 35 and positioned to provide access to major industrial employers in San Patricio County. Its highway-adjacent setting supports convenient drive-up access for day-to-day operations.
For viewings and questions, contact your preferred REALTOR to schedule an appointment.
Located at 205 Highway 35 in Gregory, Texas, the property is off Highway 35 and positioned to provide access to major industrial employers in San Patricio County. Its highway-adjacent setting supports convenient drive-up access for day-to-day operations.
For viewings and questions, contact your preferred REALTOR to schedule an appointment.
Key Highlights
- Approximately 1,800 SF commercial building suitable for various business uses
- Year built: 1982
- Construction materials: brick and block
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
$8,965
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
5.50%
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%
$179,300
$179.3K
Cap Rate 7%
$128,071
$128.1K
Cap Rate 9%
$99,611
$99.6K
Market Conditions
NOI Build-Up for 1,800 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
$14.5K $8.04/SF
− Vacancy
−$1.7K −$0.92/SF
EGI
$12.8K $7.12/SF
− OpEx
−$3.8K −$2.13/SF
NOI
$9.0K $4.98/SF
Area
San Patricio County, TX
Vacancy
11.50%
Lease Rate
$8.04 /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%
$179,300
Cap Rate 7%
$128,071
Cap Rate 9%
$99,611
Alternative Uses
Best Use
Industrial
$128.1K
$112.1K – $149.4K
NOI $8,965 @ 7.0% cap · market cap 5.50%
Second Best
Flex RnD
$118.9K
$104.1K – $138.8K
NOI $8,325 @ 7.0% cap · market cap 5.11%
Theoretical Best
Hotel Hospitality
$923.4K
$808.0K – $1.08M
NOI $64,638 @ 7.0% cap · market cap 39.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
28
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78359, TX
1,920
Population
682
Households
2.8
Avg Household Size
38
Median Age
2%
College-Educated
60%
High-School Grad
9.6 sq mi
ZIP Area
200
Density / Sq Mi
$35,750
Median Household Income
$21,083
Median Earnings
$868
Median Rent
$97,200
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Flex/industrial building on a 0.23-acre lot off Highway 35 with access to major industrial employers in San Patricio County.
Where is this flex space located?
The property is located at 205 Highway 35 Gregory, TX.
What is the asking price?
The asking price for this property is $162,900.
What are key features of this property?
This property features: Approximately 1,800 SF commercial building suitable for various business uses; Year built: 1982; Construction materials: brick and block
