Office Condo with Fenced
For Sale
$745,000
251 S Mill Street, Lewisville, TX 75057
CommercialSale, Lewisville, TX
Property Size2,071 SF
Lot Size0.64 Acres
Price / SF$359.73
Days on Market49
Property Features for 251 S Mill Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Mixed Use Commercial & Residential. Old Town Multi-Use (OTMU-2)
Parking features
Parking Lot
Subdivision
Lewisville Awesome Condo
Directions
Use GPS. Main Street exit on I-35E is closed & under construction. GPS is your best way to navigate to property.
Standard status
Active
APN
R741378
Lot size
0.64 Acres
Taxes and HOA fees
Tax Description
LEWISVILLE AWESOME CONDOMINIUMS UNT 180
Tax Annual Amount
6574
Legal Description
LEWISVILLE AWESOME CONDOMINIUMS UNT 180
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
large kitchen
2 ADA-compliant restrooms
laundry room
multiple storage areas
spacious fenced patio
Building Details
Year built
2018
Floors in Building
1
Number of units
1
Flooring type
Tile
Building materials
Brick
Roof type
Composition
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Jeanie Cline · License #0670223
(214) 202-7615
Added: Jul 13
Changed: Aug 21
Last Checked: Aug 30 at 6:06AM
MLS# 21318569
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 2,071-square-foot commercial condo is configured for office or retail occupancy. The layout includes three to four private offices, a reception or collaborative area, a large kitchen, two ADA-compliant restrooms, a laundry room, storage areas, and a fenced patio. Tile flooring, central heating and central air are in place, with brick construction and a composition roof.
The property is located at 251 S Mill Street in Lewisville’s Old Town District, within a mixed-use development near restaurants, entertainment, businesses, and residential projects. The site provides parking-lot access, public water, and public sewer. A Walk Score of approximately 72 reflects nearby dining, shopping, and entertainment within walking distance.
The property is located at 251 S Mill Street in Lewisville’s Old Town District, within a mixed-use development near restaurants, entertainment, businesses, and residential projects. The site provides parking-lot access, public water, and public sewer. A Walk Score of approximately 72 reflects nearby dining, shopping, and entertainment within walking distance.
Key Highlights
- 2,071 SF commercial condo at 251 S Mill Street
- Office or retail configuration with 3‑4 private offices
- Reception or collaborative workspace plus large kitchen
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
$38,340
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
5.15%
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%
$766,800
$766.8K
Cap Rate 7%
$547,714
$547.7K
Cap Rate 9%
$426,000
$426.0K
Market Conditions
NOI Build-Up for 2,071 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
$68.3K $33.00/SF
− Vacancy
−$17.2K −$8.32/SF
EGI
$51.1K $24.68/SF
− OpEx
−$12.8K −$6.17/SF
NOI
$38.3K $18.51/SF
Area
Lewisville, TX
Vacancy
25.20%
Lease Rate
$33.00 /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%
$766,800
Cap Rate 7%
$547,714
Cap Rate 9%
$426,000
Alternative Uses
Best Use
Office B
$547.7K
$479.3K – $639.0K
NOI $38,340 @ 7.0% cap · market cap 5.15%
Second Best
Retail
$475.5K
$416.1K – $554.8K
NOI $33,288 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$690.5K
$604.2K – $805.5K
NOI $48,332 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,289
Businesses Nearby
Explore this area
Business Placement
Demographics for 75057, TX
16,001
Population
7,171
Households
2.2
Avg Household Size
31
Median Age
29%
College-Educated
83%
High-School Grad
13.3 sq mi
ZIP Area
1,203
Density / Sq Mi
$76,128
Median Household Income
$43,253
Median Earnings
$1,589
Median Rent
$208,500
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 units - Commercial condo configured for office or retail use, with private rooms, shared workspace, and customer-facing amenities.
Where is this office units located?
The property is located at 251 S Mill Street Lewisville, TX.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: 2,071 SF commercial condo at 251 S Mill Street; Office or retail configuration with 3‑4 private offices; Reception or collaborative workspace plus large kitchen
