Building Details

Year built 1996

Floors in Building 1

Number of units 1

Flooring type Laminate, Concrete, Tile, Hardwood

Building materials Stucco

Roof type Metal

Listing Agency: Bluestone Partners, LLC

Listed By: Barry Boothe Show Phone

Added: Jul 10 Changed: Oct 18 Last Checked: Oct 23 at 3:06AM

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MLS# 21303976

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Investment Insights

Based on property information with market context.

This flex property occupies 2.5 acres in Sherman and includes a clear-span building configured with office space, a dock-high loading door, substantial power distribution, and generous ceiling heights. The layout supports manufacturing, storage, and logistics uses. Interior finishes include tile, laminate, concrete, and hardwood flooring, while central heating and central air provide building climate control. A metal roof, stucco construction, and an on-site parking lot are also in place.

The property is positioned along US Highway 75, with proximity to Texas Instruments, GlobiTech, Coherent, and other supporting industries. Public water and public sewer serve the site. Built in 1996, the property offers a combination of industrial functionality, office accommodation, loading access, and outdoor land area for an owner-user or investor.

Key Highlights

• 2.5‑acre flex property in Sherman, TX
• 3,000 SF of office space within the industrial building
• Clear‑span construction with generous ceiling heights

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$82,233

Cap Rate

4.39%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,644,660 $1.6M

Cap Rate 7%

$1,174,757 $1.2M

Cap Rate 9%

$913,700 $913.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,000 SF

Gross rent

$106.1K $8.16/SF

− Vacancy

−$9.3K −$0.72/SF

EGI

$96.7K $7.44/SF

− OpEx

−$14.5K −$1.12/SF

NOI

$82.2K $6.33/SF

Area

Grayson County, TX

Vacancy

8.80%

Lease Rate

$8.16 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,644,660

Cap Rate 7%

$1,174,757

Cap Rate 9%

$913,700

Alternative Uses

Best Use

Warehouse

$1.17M

$1.03M – $1.37M (±1% cap)

NOI $82,233 @ 7.0% cap · market cap 4.39%

Second Best

Industrial

$967.4K

$846.5K – $1.13M (±1% cap)

NOI $67,721 @ 7.0% cap · market cap 3.61%

Theoretical Best

Hotel Hospitality

$6.67M

$5.84M – $7.78M (±1% cap)

NOI $466,830 @ 7.0% cap · market cap 24.90%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Auto Repair Shop Building Supply Butcher Kitchen & Bath Showroom Grocery & Convenience Store Food Market

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

1

Dock-high doors

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

28

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 75092, TX

27,186

Population

13,117

Households

2.1

Avg Household Size

39

Median Age

30%

College-Educated

94%

High-School Grad

113.9 sq mi

ZIP Area

239

Density / Sq Mi

$67,160

Median Household Income

$41,683

Median Earnings

$1,205

Median Rent

$260,100

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Clear-span flex facility with office space, substantial power distribution, and room for manufacturing, storage, or logistics operations.

Where is this flex space located?

The property is located at 304 Progress Drive Sherman, TX.

What is the asking price?

The asking price for this property is $1,875,000.

What are key features of this property?

This property features: 2.5‑acre flex property in Sherman, TX; 3,000 SF of office space within the industrial building; Clear‑span construction with generous ceiling heights