Mixed-Use Building With
New
For Sale
$420,000
311 E Franklin Street, Alvord, TX 76225
Commercial and residential zoning supports a flexible property combining business space with two leased apartment units.
Property Size3,712 SF
Days on Market3
Property Features for 311 E Franklin Street
General Information
Standard status
Active
Size
3,712 SF
Property subtype
Commercial
Zoning
Commercial & Residential
Building Details
Building Size
3,712 SF
Year Built
1941
Stories
2
Units
3
Listing Agency:
Tomie Fox Real Estate Group
(940) 210-8088
Listed By:
Tomie Fox
(940) 210-8088
Source:
1111brokerage
Added: Aug 4
Changed: Aug 5
Last Checked: Aug 6 at 12:28PM
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 Tomie Fox Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1941, this mixed-use property combines commercial space with two residential units at 311 E Franklin Street in Alvord. The commercial area was previously configured as a hair salon and offers an adaptable layout for continued salon use, boutique retail, or office occupancy, as supported by the existing description. Commercial and residential zoning accommodates both components.
The residential portion includes one 2-bedroom, 1-bath apartment with a contemporary kitchen, living area, and bedrooms, along with a larger 3-bedroom, 2-bath unit featuring an updated kitchen. Both apartments are currently leased, providing an established income component within the property.
The residential portion includes one 2-bedroom, 1-bath apartment with a contemporary kitchen, living area, and bedrooms, along with a larger 3-bedroom, 2-bath unit featuring an updated kitchen. Both apartments are currently leased, providing an established income component within the property.
Key Highlights
- Mixed‑use property with commercial and residential components
- Commercial and residential zoning
- Commercial space previously configured for a hair salon
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
$37,584
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
8.95%
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%
$751,680
$751.7K
Cap Rate 7%
$536,914
$536.9K
Cap Rate 9%
$417,600
$417.6K
Market Conditions
NOI Build-Up for 3,712 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
$66.8K $18.00/SF
− Vacancy
−$6.7K −$1.80/SF
EGI
$60.1K $16.20/SF
− OpEx
−$22.6K −$6.07/SF
NOI
$37.6K $10.13/SF
Area
Wise County, TX
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$751,680
Cap Rate 7%
$536,914
Cap Rate 9%
$417,600
Alternative Uses
Best Use
Office B
$887.0K
$776.1K – $1.03M
NOI $62,091 @ 7.0% cap · market cap 14.78%
Second Best
Retail
$880.2K
$770.2K – $1.03M
NOI $61,613 @ 7.0% cap · market cap 14.67%
Theoretical Best
Hotel Hospitality
$2.80M
$2.45M – $3.26M
NOI $195,715 @ 7.0% cap · market cap 46.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
89
Businesses Nearby
Explore this area
Business Placement
Demographics for 76225, TX
3,789
Population
1,460
Households
2.6
Avg Household Size
39
Median Age
25%
College-Educated
93%
High-School Grad
105.4 sq mi
ZIP Area
36
Density / Sq Mi
$71,625
Median Household Income
$50,044
Median Earnings
$951
Median Rent
$281,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial and residential zoning supports a flexible property combining business space with two leased apartment units.
Where is this mixed-use property located?
The property is located at 311 E Franklin Street Alvord, TX.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: Mixed‑use property with commercial and residential components; Commercial and residential zoning; Commercial space previously configured for a hair salon
