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    Commercial Land with Building Opportunity Title is generated by Realmo AI

    2611 Ovilla Road, Red Oak, TX 75154

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    For Sale
    $960,000

    SINGLE_FAMILY - Red Oak, TX

    Type:Office
    Lot size:
    1.51 Acres
    Added:
    Feb 7, 2025
    Days on Market:
    481
    Last Refresh:
    Jun 3 at 1:06 pm

    Property Features for 2611 Ovilla Road

    General Information

    Property type
    Residential
    Property subtype
    Office
    Parking features
    Driveway
    Standard status
    Active
    APN
    148033
    Lot size
    1.51 Acres

    Taxes and HOA fees

    Tax Description
    LOT 14R BLK B BOWMAR ACRES 1.509 AC
    Tax Annual Amount
    17176

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Electric (Heating), Central
    Cooling system
    Electric, Central Air, Ceiling Fan(s)

    Building Details

    Year built
    1985
    Floors in Building
    1
    Building materials
    Brick, VinylSiding, WoodSiding
    Roof type
    Composition

    We can help!

    Listing Contact
    Jeremy Norman

    Listing agent Jeremy Norman License #0684066

    Listing office Keller Williams Realty Waxahachie, TX

    Listing date Feb 7, 2025

    MLS# 20837428

    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.

    HighLights

    • 1985‑built building with brick, vinyl siding, and wood siding construction
    • 1+ acre lot with a building located just off newly renovated Ovilla Rd (Red Oak area)
    • Central heating and central air conditioning with ceiling fans
    • Roof is composition shingle
    • Septic tank sewer system
    • On‑site parking available via a driveway

    Overview

    This for-sale offering pairs a substantial commercial lot with an existing building, providing a flexible foundation for buyers seeking redevelopment or an operating site. The property includes approximately 1.509 acres, offering outdoor area that can support a range of commercial concepts, subject to applicable approvals.

    Located in Red Oak, Texas within Ellis County, the property sits just off newly renovated Ovilla Road. Its positioning along a recently improved corridor can be advantageous for businesses looking for straightforward regional access, with the benefit of visibility from the surrounding roadway network.

    With both land and an included structure, the site may appeal to buyers who want to customize their commercial plan rather than start from raw land. Potential uses could include projects that require a dedicated parcel with on-site building space, and the overall layout supports planning for future tenant needs, parking, and site design in line with local requirements.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Red Oak
    County
    Ellis
    State
    Texas
    Longitude
    -96.834199
    Latitude
    32.531193

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    FAQs

    What type of property is this?
    Office building - For sale in Red Oak: a 1+ acre lot and building positioned just off newly renovated Ovilla Rd.
    Where is this office building located?
    The property is located at 2611 Ovilla Road Red Oak, TX.
    What is the asking price?
    The asking price for this property is $960,000.
    What are key features of this property?
    This property features: 1985‑built building with brick, vinyl siding, and wood siding construction; 1+ acre lot with a building located just off newly renovated Ovilla Rd (Red Oak area); Central heating and central air conditioning with ceiling fans
    (972) 935-5251
    We can help!
    Listing Contact
    Jeremy Norman
    Real Estate License ID: 0684066
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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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