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    Dock-High Industrial Building Title is generated by Realmo AI

    304 Progress Drive, Sherman, TX 75092

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    For Lease
    $17 SF/Yr $28,028/Mo (calc)

    COMMERCIAL - Sherman, TX

    Property size:
    19,785 SF
    Lot size:
    8.00 Acres
    Added:
    Jan 13, 2026
    Days on Market:
    141
    Last Refresh:
    Jun 3 at 10:06 am

    Property Features for 304 Progress Drive

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Property condition
    Under Construction
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    125314
    Lot size
    8.00 Acres

    Utilities

    Sewer type
    Public Sewer
    Water source
    Public

    Building Details

    Year built
    2025
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Concrete
    Building materials
    Block, Stucco
    Roof type
    Flat, Synthetic

    We can help!

    Listing Contact
    Barry Boothe

    Listing agent Barry Boothe License #0604645

    Listing office Bluestone Partners, LLC Sherman, TX

    Listing date Jan 13, 2026

    MLS# 21152455

    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

    • New construction dock‑high industrial building (built 2025) available for lease in South Sherman, TX
    • Each unit includes four 14' grade‑level overhead doors
    • Building can be subdivided from approximately 9,893 SF up to 19,785 SF for flexible space needs
    • Flat synthetic roof and concrete flooring
    • Block and stucco construction with parking lot onsite
    • Served by public water and public sewer

    Overview

    New construction dock-high industrial building designed for efficient loading and practical operations. Each unit includes four 14' grade-level overhead doors, making the space well suited for light industrial, warehouse, or service-related tenants. The building offers flexibility to fit changing business needs, with the ability to subdivide from approximately 9,893 SF up to 19,785 SF.

    Located in South Sherman just off Highway 75 and FM 1417, the property benefits from strong regional accessibility and visibility along a growing industrial corridor. It sits between major employers to the north and south, supporting the area’s continued momentum and demand for modern facilities.

    This offering is a strong match for contractors, suppliers, distributors, and other service-oriented businesses that need functional loading capacity and the option to scale within a modern industrial footprint. With subdividable space and multiple overhead doors per unit, operators can better align their footprint with current and future requirements.
    Property Profile Location Intelligence

    Current Use by Public Records

    Warehouses

    Suggested Use

    Building Supply Discount Store Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Sherman
    County
    Grayson
    State
    Texas
    Longitude
    -96.610108
    Latitude
    33.583023

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    FAQs

    What type of property is this?
    Warehouse - New construction dock-high space with multiple grade-level overhead doors and flexible unit sizes for light industrial use.
    Where is this warehouse located?
    The property is located at 304 Progress Drive Sherman, TX.
    What is the lease rate?
    The lease rate is $17 SF/Yr.
    What are key features of this property?
    This property features: New construction dock‑high industrial building (built 2025) available for lease in South Sherman, TX; Each unit includes four 14' grade‑level overhead doors; Building can be subdivided from approximately 9,893 SF up to 19,785 SF for flexible space needs
    (903) 813-1415
    We can help!
    Listing Contact
    Barry Boothe
    Real Estate License ID: 0604645
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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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