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    231 Central Freeway E, Wichita Falls, TX 76301

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    For Lease
    $5,000/Mo $60,000 SF/Yr (calc)

    General Commercial land with fenced gravel yard, office, and sign, offering highway access via a frontage road.

    Property size:
    1 SF
    Lot size:
    1.09 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 5 at 2:24 am

    Property Features for 231 Central Freeway E

    General Information

    Standard status
    Active
    Size
    1 SF
    Lot size
    1.09 Acres

    Building Details

    Year Built
    1996

    We can help!

    Listing Contact
    Beau Byars

    Listing agent Beau Byars License #0580737

    Listing office Legacy Properties

    Listing date Jun 3, 2026

    Source Signaturere

    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 Legacy Properties

    HighLights

    • Commercially zoned general commercial land in Wichita Falls with direct access to Highway 287 via south‑side frontage road
    • Two city lots total approximately 1.09 acres (per appraisal district) with 7 ft chainlink security fencing and top barbed wire
    • Gravel yard with concrete parking pad and double gates on three sides for access to multiple surrounding streets
    • On‑site office building (approx. 15 ft x 25 ft) with two separate offices, tiled entry, and small bathroom; metal building with CH‑A unit plus city utilities
    • Back 25 ft x 25 ft metal carport with water and electricity in place
    • 20 ft tall metal sign by the road with estimated 10 ft x 12 ft sign face; lease price $5,000 per month

    Overview

    For lease is a commercially zoned General Commercial property in Wichita Falls, TX, consisting of two city lots totaling approximately 1.09 acres, per the appraisal district. The perimeter is secured with a 7-ft tall chainlink fence with top barbed wire, and the back half includes a metal privacy fence. Much of the site is gravel, with a concrete parking pad by the office. An office building (approximately 15 ft by 25 ft) includes two separate offices, a tiled entryway, and a small bathroom with a sink and shower. The metal office building has a CH-A unit and city water, sewer, and electricity installed. In addition, a 25 ft by 25 ft metal carport at the rear includes water and electricity. A 20-ft tall metal sign along the road is installed, with its face estimated at 10 ft by 12 ft. Along the inside of the fence near the front, there is pipe railing and six raised 110 outlets.

    The property has direct access to Highway 287-Central Expressway via the south side frontage road. It is bordered by two other city streets in addition to the highway frontage road, with double gates on three sides providing access to all of these streets.

    This site is positioned for tenants seeking secure outdoor storage and vehicle parking, supported by an on-site office and utilities. The property also notes no flood plain, no deed restrictions, and no HOA.
    Location Intelligence

    Current Use by Public Records

    Panhandle Recovery Medical Clinic Top Notch Construction General Contractor

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wichita Falls
    County
    Wichita
    State
    Texas
    Longitude
    -98.489613
    Latitude
    33.893259

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    FAQs

    What type of property is this?
    Commercial land - General Commercial land with fenced gravel yard, office, and sign, offering highway access via a frontage road.
    Where is this commercial land located?
    The property is located at 231 Central Freeway E Wichita Falls, TX.
    What is the lease rate?
    The lease rate is $5,000 /Mo.
    What are key features of this property?
    This property features: Commercially zoned general commercial land in Wichita Falls with direct access to Highway 287 via south‑side frontage road; Two city lots total approximately 1.09 acres (per appraisal district) with 7 ft chainlink security fencing and top barbed wire; Gravel yard with concrete parking pad and double gates on three sides for access to multiple surrounding streets
    (940) 224-3183
    We can help!
    Listing Contact
    Beau Byars
    Real Estate License ID: 0580737
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    231 Central Freeway E, Wichita Falls, TX 76301
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