Multi-Tenant Retail
For Sale
$2,695,000
Pending
2121 N Fm 1417, Sherman, TX 75092
CommercialSale, Sherman, TX
Property Size18,885 SF
Lot Size3.56 Acres
Days on Market55
Property Features for 2121 N Fm 1417
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Retail
Parking features
Parking Lot, Open
Subdivision
Western Hills Add Sec 5
Directions
Go towards north in US 75 , go towards west in Lamberth Rd until N heritage Pkwy, the property is on the left.
Standard status
Pending
APN
155709
Lot size
3.56 Acres
Taxes and HOA fees
Tax Description
WESTERN HILLS ADDN SEC 5, BLOCK PT 4, ADDL VA
Tax Annual Amount
53684
Legal Description
WESTERN HILLS ADDN SEC 5, BLOCK PT 4, ADDL VA
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1983
Floors in Building
1
Number of units
9
Flooring type
Concrete
Building materials
Brick, Frame, Stucco
Roof type
Flat
Listing Agency:
Redbud Offices LLC
(469) 434-7300
Listed By:
Anoo Sathappun · License #0635204
(214) 763-0411
Added: Jul 15
Changed: Sep 4
Last Checked: Sep 7 at 7:06PM
MLS# 21294842
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 multi-tenant retail center includes 18,885 square feet of building area on a commercially zoned site. Existing occupancy includes massage, bookkeeping, a gas station, a gold and silver shop, a donut shop, pizza shops, and an ice cream shop. Additional buildable land is available behind the current improvements.
The property is anchored by Casey’s General Stores convenience store and gas station and is near Walmart Neighborhood Market in Sherman. Permitted commercial uses include professional offices, salon suites, recreational facilities, gyms, retail shops excluding smoking or vape shops, shopping, cafes, restaurants, and other businesses.
Constructed in 1983, the property features brick, frame, and stucco construction, concrete flooring, a flat roof, central electric heating, central air conditioning, an open parking lot, public water, and public sewer.
The property is anchored by Casey’s General Stores convenience store and gas station and is near Walmart Neighborhood Market in Sherman. Permitted commercial uses include professional offices, salon suites, recreational facilities, gyms, retail shops excluding smoking or vape shops, shopping, cafes, restaurants, and other businesses.
Constructed in 1983, the property features brick, frame, and stucco construction, concrete flooring, a flat roof, central electric heating, central air conditioning, an open parking lot, public water, and public sewer.
Key Highlights
- 18,885 SF multi‑tenant retail center
- Existing tenant mix includes retail, food service, personal service, and automotive‑related uses
- Casey’s General Stores convenience store and gas station serves as the property anchor
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
$98,378
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
3.65%
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%
$1,967,560
$2.0M
Cap Rate 7%
$1,405,400
$1.4M
Cap Rate 9%
$1,093,089
$1.1M
Market Conditions
NOI Build-Up for 18,885 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
$154.1K $8.16/SF
− Vacancy
−$13.6K −$0.72/SF
EGI
$140.5K $7.44/SF
− OpEx
−$42.2K −$2.23/SF
NOI
$98.4K $5.21/SF
Area
Grayson County, TX
Vacancy
8.80%
Lease Rate
$8.16 /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%
$1,967,560
Cap Rate 7%
$1,405,400
Cap Rate 9%
$1,093,089
Alternative Uses
Best Use
Specialty Retail
$4.80M
$4.20M – $5.60M
NOI $335,851 @ 7.0% cap · market cap 12.46%
Second Best
Retail
$4.48M
$3.92M – $5.22M
NOI $313,461 @ 7.0% cap · market cap 11.63%
Theoretical Best
Hotel Hospitality
$9.69M
$8.48M – $11.30M
NOI $678,160 @ 7.0% cap · market cap 25.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75092, TX
27,186
Population
13,117
Households
2.1
Avg Household Size
39
Median Age
30%
College-Educated
94%
High-School Grad
113.9 sq mi
ZIP Area
239
Density / Sq Mi
$67,160
Median Household Income
$41,683
Median Earnings
$1,205
Median Rent
$260,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Canyon Creek Shopping Center — 155709, Sherman, TX 75092
Frequently Asked Questions
What type of property is this?
Shopping center - Commercially zoned center with existing retail occupancy, additional buildable land, and public water and sewer service.
Where is this shopping center located?
The property is located at 2121 N Fm 1417 Sherman, TX.
What is the asking price?
The asking price for this property is $2,695,000.
What are key features of this property?
This property features: 18,885 SF multi‑tenant retail center; Existing tenant mix includes retail, food service, personal service, and automotive‑related uses; Casey’s General Stores convenience store and gas station serves as the property anchor
