Flex Warehouse with Office
For Sale
$649,000
2921 CENTRAL FREEWAY, Wichita Falls, TX 76306
Move-in-ready flex building with office, large warehouse, upstairs storage loft, and two overhead loading doors.
Property Size6,050 SF
Days on Market63
Property Features for 2921 CENTRAL FREEWAY
General Information
Standard status
Active
Size
6,050 SF
Property subtype
Warehouse
Building Details
Building Size
6,050 SF
Listing Agency:
BISHOP REALTOR GROUP
Listed By:
ASHTON GUSTAFSON · License #540858
(940) 691-7355
Source:
Bishoprealtors
Added: Jul 6
Changed: Sep 5
Last Checked: Sep 5 at 8:29AM
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 BISHOP REALTOR GROUP
Investment Insights
Based on property information with market context.
This move-in-ready flex property includes office, large warehouse/shop space, and upstairs storage loft. The office area features granite counters and durable vinyl plank flooring, along with smaller offices finished with Berber carpet. The warehouse/shop is supported by two overhead loading doors, including one dock level door and one ground level door. Additional space includes an outdoor area with a completely fenced gravel back yard and a grass side yard, with ample parking on site.
The property offers visibility off I-44 via Frontage Rd, supporting practical access for daily operations and customer-facing use.
The overall layout combines dedicated office space with warehouse and shop functionality, complemented by upstairs storage and fenced outdoor space on nearly one acre of site.
The property offers visibility off I-44 via Frontage Rd, supporting practical access for daily operations and customer-facing use.
The overall layout combines dedicated office space with warehouse and shop functionality, complemented by upstairs storage and fenced outdoor space on nearly one acre of site.
Key Highlights
- Move‑in‑ready flex building with office, large warehouse/shop, and upstairs storage loft
- Office space approx. 1,878 SF and warehouse space approx. 4,172 SF
- Two overhead loading doors: one dock level and one ground level
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
$55,212
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
8.51%
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%
$1,104,240
$1.1M
Cap Rate 7%
$788,743
$788.7K
Cap Rate 9%
$613,467
$613.5K
Market Conditions
NOI Build-Up for 6,050 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
$94.4K $15.60/SF
− Vacancy
−$9.4K −$1.56/SF
EGI
$84.9K $14.04/SF
− OpEx
−$29.7K −$4.91/SF
NOI
$55.2K $9.13/SF
Area
Wichita Falls, TX
Vacancy
10.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$1,104,240
Cap Rate 7%
$788,743
Cap Rate 9%
$613,467
Alternative Uses
Best Use
Warehouse
$7.22M
$6.32M – $8.42M
NOI $505,420 @ 7.0% cap · market cap 77.88%
Second Best
Industrial
$6.50M
$5.69M – $7.59M
NOI $455,322 @ 7.0% cap · market cap 70.16%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 76306, TX
14,664
Population
6,529
Households
2.2
Avg Household Size
37
Median Age
21%
College-Educated
87%
High-School Grad
17.1 sq mi
ZIP Area
858
Density / Sq Mi
$47,004
Median Household Income
$35,005
Median Earnings
$884
Median Rent
$105,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Move-in-ready flex building with office, large warehouse, upstairs storage loft, and two overhead loading doors.
Where is this flex space located?
The property is located at 2921 CENTRAL FREEWAY Wichita Falls, TX.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Move‑in‑ready flex building with office, large warehouse/shop, and upstairs storage loft; Office space approx. 1,878 SF and warehouse space approx. 4,172 SF; Two overhead loading doors: one dock level and one ground level
