Office/Retail Condo with Fenced
For Sale
$745,000
251 S Mill Street #180, Lewisville, TX 75057
2,071 SF condo includes private offices, reception space, a kitchen, two ADA-compliant restrooms, and a fenced patio.
Property Size2,071 SF
Price / SF$359.73
Days on Market49
Property Features for 251 S Mill Street #180
General Information
Standard status
Active
Size
2,071 SF
Property subtype
Office
Building Details
Year Built
2018
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Jeanie Cline · License #0670223
(682) 225-3262
Source:
Lonestarluxuryrealty
Added: Jul 19
Changed: Sep 4
Last Checked: Sep 4 at 6:38AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
A 2,071 SF office/retail condo within a premier mixed-use development, completed in 2017. The space features 3–4 private offices, an expansive reception and/or collaborative area, a large kitchen, two ADA-compliant restrooms, a laundry room, and multiple storage areas. A spacious fenced patio is included, with modern finishes and quality construction throughout.
Located in Lewisville’s Old Town District, the property is positioned for visibility and pedestrian activity associated with year-round festivals and weekly events. Open parking and a walkable location support convenient access for employees and visitors. The listing also notes a Walk Score of approximately 72, with dining, shopping, and entertainment within steps.
The condo is within the Old Town TRIZ (Tax Increment Reinvestment Zone), with potential property tax incentives tied to the City’s active Economic Development Corporation and ongoing district investment. Two luxury residential condo flats are available for purchase directly above the commercial space; garages and an elevator shown for the private residential units are intended to be separated from the commercial space unless purchased together.
Located in Lewisville’s Old Town District, the property is positioned for visibility and pedestrian activity associated with year-round festivals and weekly events. Open parking and a walkable location support convenient access for employees and visitors. The listing also notes a Walk Score of approximately 72, with dining, shopping, and entertainment within steps.
The condo is within the Old Town TRIZ (Tax Increment Reinvestment Zone), with potential property tax incentives tied to the City’s active Economic Development Corporation and ongoing district investment. Two luxury residential condo flats are available for purchase directly above the commercial space; garages and an elevator shown for the private residential units are intended to be separated from the commercial space unless purchased together.
Key Highlights
- 2,071 SF commercial condo built in 2018 in Lewisville’s Old Town District
- Floorplan includes 3–4 private offices, expansive reception/collaborative workspace, and a large kitchen
- Two ADA‑compliant restrooms plus a laundry room and multiple storage areas
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
1,300
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
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Frequently Asked Questions
What type of property is this?
Office units - 2,071 SF condo includes private offices, reception space, a kitchen, two ADA-compliant restrooms, and a fenced patio.
Where is this office units located?
The property is located at 251 S Mill Street #180 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 built in 2018 in Lewisville’s Old Town District; Floorplan includes 3–4 private offices, expansive reception/collaborative workspace, and a large kitchen; Two ADA‑compliant restrooms plus a laundry room and multiple storage areas
