New Construction Storefront
For Sale
Under Contract
$725,000
306 S Waco Street, Van Alstyne, TX 75495
SINGLE_FAMILY - Van Alstyne, TX
Property Size2,597 SF
Lot Size0.20 Acres
Price / SF$279.17
Days on Market52
Property Features for 306 S Waco Street
General Information
Property type
Residential
Property subtype
Retail
Zoning description
Commercial
Subdivision
Otp Van Alstyne Add
Lot features
Corner Lot
Directions
South Waco Street (State Hwy 5) Just South of downtown Van Alstyne
Standard status
Active Under Contract
APN
168821
Size
2,597 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
OTP VAN ALSTYNE ADDN, BLOCK 33, LOT 1 & PT 2
Tax Annual Amount
16949
Legal Description
OTP VAN ALSTYNE ADDN, BLOCK 33, LOT 1 & PT 2
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
2023
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
Block, MetalSiding, StoneVeneer
Roof type
Metal
Listing Agency:
Benton-Luttrell Real Estate Co
(903) 482-8400
Listed By:
William Benton · License #0254366
(903) 482-8400
Added: Jul 1
Changed: Aug 2
Last Checked: Aug 21 at 6:06AM
MLS# 21041726
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.
Investment Insights
Based on property information with market context.
306 S Waco Street in Van Alstyne is a new construction storefront building built in 2023. The structure features structural steel construction with block, metal siding, and stone veneer, along with a metal roof and concrete flooring. The original Texaco Station vintage 1930–1940s is attached to the new construction, creating a distinctive historic element while keeping the interior positioned for tenant finish out.
The property offers excellent frontage and visibility just south of Historic Downtown Van Alstyne, supporting a variety of retail, restaurant, or office uses. An additional lot to the west may be purchased with the property to allow for extra parking. Public water and public sewer services are in place, and the building is equipped with central electric heating and central air cooling.
The interior is ready for finish out to support a planned use, with HVAC and utilities already established for tenant buildout.
The property offers excellent frontage and visibility just south of Historic Downtown Van Alstyne, supporting a variety of retail, restaurant, or office uses. An additional lot to the west may be purchased with the property to allow for extra parking. Public water and public sewer services are in place, and the building is equipped with central electric heating and central air cooling.
The interior is ready for finish out to support a planned use, with HVAC and utilities already established for tenant buildout.
Key Highlights
- 2,597 SF storefront building on a 0.2‑acre lot
- Built in 2023 with structural steel construction
- Original Texaco Station vintage 1930–1940s attached to the new construction
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
$46,185
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
6.37%
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%
$923,700
$923.7K
Cap Rate 7%
$659,786
$659.8K
Cap Rate 9%
$513,167
$513.2K
Market Conditions
NOI Build-Up for 2,597 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
$64.8K $24.96/SF
− Vacancy
−$3.2K −$1.25/SF
EGI
$61.6K $23.71/SF
− OpEx
−$15.4K −$5.93/SF
NOI
$46.2K $17.78/SF
Area
Grayson County, TX
Vacancy
5.00%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$923,700
Cap Rate 7%
$659,786
Cap Rate 9%
$513,167
Alternative Uses
Best Use
Specialty Retail
$659.8K
$577.3K – $769.8K
NOI $46,185 @ 7.0% cap · market cap 6.37%
Second Best
Retail
$615.8K
$538.8K – $718.4K
NOI $43,106 @ 7.0% cap · market cap 5.95%
Theoretical Best
Hotel Hospitality
$1.33M
$1.17M – $1.55M
NOI $93,258 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
393
Businesses Nearby
14k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 63%
Home Improvements & Furnishings 23%
Groceries 14%
Exxon
Shops & Services
6,764 visits/mo
0.3 miles
True Value Hardware
Home Improvements & Furnishings
3,233 visits/mo
0.4 miles
Cadence Bank
Shops & Services
1,954 visits/mo
0.2 miles
Diamond Food Market IGA Van Alstyne TX
Groceries
1,891 visits/mo
0.1 miles
Demographics for 75495, TX
9,061
Population
4,082
Households
2.2
Avg Household Size
40
Median Age
39%
College-Educated
94%
High-School Grad
67.7 sq mi
ZIP Area
134
Density / Sq Mi
$105,520
Median Household Income
$49,603
Median Earnings
$1,239
Median Rent
$353,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - New 2023 storefront building with central electric HVAC and public water and sewer, ready for finish out in Van Alstyne.
Where is this storefront property located?
The property is located at 306 S Waco Street Van Alstyne, TX.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 2,597 SF storefront building on a 0.2‑acre lot; Built in 2023 with structural steel construction; Original Texaco Station vintage 1930–1940s attached to the new construction
