Freestanding Retail
For Sale
$3,550,000
2515 Montgomery East Pl, Wichita Falls, TX 76308
Standalone retail property with a secured rear yard and GC zoning near Midwestern State University.
Property Size21,375 SF
Lot Size1.28 Acres
Price / SF$166.08
Days on Market46
Property Features for 2515 Montgomery East Pl
General Information
Standard status
Active
Size
21,375 SF
Class
Unclassified
Lot size
1.28 Acres
Property subtype
retail
Zoning
GC
Building Details
Buildings
1
Listing Agency:
Dallas
(214) 684-5956
Listed By:
Michael Wheat
(214) 684-5956
Source:
Property.jll
Added: Jul 17
Changed: Aug 29
Last Checked: Aug 30 at 12:58PM
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 Dallas
Investment Insights
Based on property information with market context.
This freestanding retail building contains approximately 21,375 square feet on approximately 1.28 acres. The property includes a gated rear yard of approximately 7,900 square feet, adding secured outdoor area to the retail improvements. GC zoning supports the property’s commercial retail classification.
The site is located near Midwestern State University and within Wichita Falls’ established retail area. Its standalone building format, land area, and enclosed rear yard provide a defined commercial property profile for retail-oriented use.
The site is located near Midwestern State University and within Wichita Falls’ established retail area. Its standalone building format, land area, and enclosed rear yard provide a defined commercial property profile for retail-oriented use.
Key Highlights
- Approximately 21,375 SF freestanding retail building
- Approximately 1.28 acres
- Approximately 7,900 SF gated rear yard
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
$241,585
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
6.81%
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%
$4,831,700
$4.8M
Cap Rate 7%
$3,451,214
$3.5M
Cap Rate 9%
$2,684,278
$2.7M
Market Conditions
NOI Build-Up for 21,375 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
$384.8K $18.00/SF
− Vacancy
−$39.6K −$1.85/SF
EGI
$345.1K $16.15/SF
− OpEx
−$103.5K −$4.84/SF
NOI
$241.6K $11.30/SF
Area
Wichita Falls, TX
Vacancy
10.30%
Lease Rate
$18.00 /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%
$4,831,700
Cap Rate 7%
$3,451,214
Cap Rate 9%
$2,684,278
Alternative Uses
Best Use
Retail
$3.45M
$3.02M – $4.03M
NOI $241,585 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$25.51M
$22.32M – $29.76M
NOI $1,785,679 @ 7.0% cap · market cap 50.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,076
Businesses Nearby
449k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 36%
Superstores 18%
Shops & Services 16%
Groceries 15%
Target
Superstores
81,324 visits/mo
0.1 miles
United Supermarkets
Groceries
42,969 visits/mo
0.3 miles
On The Border Mexican Grill & Cantina
Dining
32,424 visits/mo
0.5 miles
Whataburger
Dining
27,362 visits/mo
0.4 miles
Best Buy
Electronics
26,816 visits/mo
0.4 miles
Demographics for 76308, TX
20,305
Population
9,601
Households
2.1
Avg Household Size
35
Median Age
35%
College-Educated
96%
High-School Grad
7.8 sq mi
ZIP Area
2,603
Density / Sq Mi
$70,789
Median Household Income
$40,433
Median Earnings
$1,083
Median Rent
$198,800
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.
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Frequently Asked Questions
What type of property is this?
Storefront property - Standalone retail property with a secured rear yard and GC zoning near Midwestern State University.
Where is this storefront property located?
The property is located at 2515 Montgomery East Pl Wichita Falls, TX.
What is the asking price?
The asking price for this property is $3,550,000.
What are key features of this property?
This property features: Approximately 21,375 SF freestanding retail building; Approximately 1.28 acres; Approximately 7,900 SF gated rear yard
