Building Details

Building Size 3,712 SF

Year Built 1941

Buildings 1

Stories 2

Units 3

Listing Agency: BOURQUIN REALTY

Listed By: David Bourquin · License #0596715 Show Phone

Source: Bourquinrealty

Added: Oct 19 Changed: Oct 22 Last Checked: Oct 22 at 2:36PM

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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 BOURQUIN REALTY

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Investment Insights

Based on property information with market context.

This 3,712-square-foot mixed-use property in Alvord combines commercial space with two apartments. The commercial portion previously operated as a hair salon. Residential space includes a two-bedroom, one-bathroom apartment and a three-bedroom, two-bathroom apartment; both units are leased. The property was built in 1941 and carries commercial and residential zoning.

Key Highlights

• 3,712‑square‑foot mixed‑use property
• Two leased apartments: one 2‑bedroom, 1‑bathroom unit and one 3‑bedroom, 2‑bathroom unit
• Commercial and residential zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$37,584

Cap Rate

8.95%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$751,680 $751.7K

Cap Rate 7%

$536,914 $536.9K

Cap Rate 9%

$417,600 $417.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,712 SF

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 Rate 5%

$751,680

Cap Rate 7%

$536,914

Cap Rate 9%

$417,600

Alternative Uses

Best Use

Retail

$880.2K

$770.2K – $1.03M (±1% cap)

NOI $61,613 @ 7.0% cap · market cap 14.67%

Second Best

Mixed Use

$536.9K

$469.8K – $626.4K (±1% cap)

NOI $37,584 @ 7.0% cap · market cap 8.95%

Theoretical Best

Hotel Hospitality

$2.80M

$2.45M – $3.26M (±1% cap)

NOI $195,715 @ 7.0% cap · market cap 46.60%

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

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick HVAC Service Electrical Service Plumbing Service Auto Parts Store Storage Facility Bakery

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

2

Residential units

Location Intelligence

Trade Area within ½ mile

108

Businesses Nearby

32k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 89% Groceries 11%

Allsups Shops & Services

17,559 visits/mo 0.4 miles

Dollar General Shops & Services

4,334 visits/mo 0.4 miles

Valero Energy Shops & Services

3,754 visits/mo 0.4 miles

Lowe's Market Groceries

3,340 visits/mo 0.0 miles

Shell Shops & Services

2,643 visits/mo 0.3 miles

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 Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Commercial and residential zoning supports a property combining business space with two leased residential 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: 3,712‑square‑foot mixed‑use property; Two leased apartments: one 2‑bedroom, 1‑bathroom unit and one 3‑bedroom, 2‑bathroom unit; Commercial and residential zoning