Commercial Land with
New
For Sale
$825,000
315 Hemphill St, Fort Worth, TX 76104
The property includes a 1949 schoolhouse structure in Fort Worth’s medical and business district.
Property Size2,480 SF
Price / SF$332.66
Days on Market7
Property Features for 315 Hemphill St
General Information
Standard status
Active
Size
2,480 SF
Building Details
Year Built
1949
Listing Agency:
Keller Williams Brazos West
(817) 279-6996
Listed By:
Carri Tuggle
Source:
Heritance
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 29 at 11:53AM
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 Keller Williams Brazos West
Investment Insights
Based on property information with market context.
This commercial land offering encompasses almost half an acre and includes an old schoolhouse constructed in 1949. The structure previously housed a local bookstore and contributes an established physical presence to the site.
Located at 315 Hemphill St in Fort Worth, the property sits in the city’s medical and business district. The existing improvements may be retained for continued business operations, renovated for a new purpose, or replaced through redevelopment, subject to applicable approvals. Its setting places the property within a downtown commercial environment with access to Fort Worth’s medical and business activity.
Located at 315 Hemphill St in Fort Worth, the property sits in the city’s medical and business district. The existing improvements may be retained for continued business operations, renovated for a new purpose, or replaced through redevelopment, subject to applicable approvals. Its setting places the property within a downtown commercial environment with access to Fort Worth’s medical and business activity.
Key Highlights
- Almost half an acre of commercial land
- Includes a 1949 schoolhouse structure
- Former local bookstore location
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
$39,862
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
4.83%
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%
$797,240
$797.2K
Cap Rate 7%
$569,457
$569.5K
Cap Rate 9%
$442,911
$442.9K
Market Conditions
NOI Build-Up for 2,480 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
$59.8K $24.12/SF
− Vacancy
−$2.9K −$1.16/SF
EGI
$56.9K $22.96/SF
− OpEx
−$17.1K −$6.89/SF
NOI
$39.9K $16.07/SF
Area
Fort Worth, TX
Vacancy
4.80%
Lease Rate
$24.12 /SF/Yr
Expense Ratio
30.00%
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%
$797,240
Cap Rate 7%
$569,457
Cap Rate 9%
$442,911
Alternative Uses
Best Use
Retail
$569.5K
$498.3K – $664.4K
NOI $39,862 @ 7.0% cap · market cap 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$900.9K
$788.3K – $1.05M
NOI $63,061 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,315
Businesses Nearby
Explore this area
Business Placement
Demographics for 76104, TX
21,571
Population
9,605
Households
2.2
Avg Household Size
32
Median Age
21%
College-Educated
74%
High-School Grad
5.9 sq mi
ZIP Area
3,656
Density / Sq Mi
$56,848
Median Household Income
$38,131
Median Earnings
$1,385
Median Rent
$145,000
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?
Commercial land - The property includes a 1949 schoolhouse structure in Fort Worth’s medical and business district.
Where is this commercial land located?
The property is located at 315 Hemphill St Fort Worth, TX.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Almost half an acre of commercial land; Includes a 1949 schoolhouse structure; Former local bookstore location
