Historic Light Industrial Flex
331 Old Mill Road Rhome, TX 76078
331 Old Mill Road, Rhome, TX, 76078
$545,000
For Sale
$545,000
Light industrial building with former gristmill/residence history, offering flexible space for manufacturing, storage, or distribution.
Property Size4,015 SF
Price / SF$135.74
Days on Market47
Property Features for 331 Old Mill Road
General Information
- Standard status
- Active
- Size
- 4,015 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 9999
Listing Agency
Keller Williams Heritage West
(817) 771-3174
Listed by
Kate Hogan · License #0668947
(817) 771-3174
Source
Signaturere
Added: Jun 4 Updated: Jul 10 at 3:59 pm Checked: Jul 20 at 4:29 am
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 Heritage West
Investment Insights
Based on property information with market context.
This for-sale property is a historic gristmill building dating to the 1800s. The offering includes approval for commercial, light industrial use, with interior areas that can support a range of operating models, including manufacturing, storage, and distribution. The remarks note that half of the gristmill was previously used as a contemporary residence, and the remaining portion can function as working space with retail or reception elements depending on tenant needs.
The property is located at 331 Old Mill Road in Rhome, Texas. The remarks describe proximity of approximately 2 miles from Rolling V Ranch, a large master-planned community. The property is also reported to be about 29 miles from DFW and 26 miles from Downtown Fort Worth.
With its combination of historic structure and light industrial approval, this building may suit operators looking for a distinctive facility that can accommodate multiple functions on-site, such as a workspace plus customer-facing area, or a mix of light industrial use with flex office/event space. The seller indicates openness to leasing for the right terms, providing flexibility for qualified tenants or buyers evaluating near-term occupancy versus longer-term ownership.
The property is located at 331 Old Mill Road in Rhome, Texas. The remarks describe proximity of approximately 2 miles from Rolling V Ranch, a large master-planned community. The property is also reported to be about 29 miles from DFW and 26 miles from Downtown Fort Worth.
With its combination of historic structure and light industrial approval, this building may suit operators looking for a distinctive facility that can accommodate multiple functions on-site, such as a workspace plus customer-facing area, or a mix of light industrial use with flex office/event space. The seller indicates openness to leasing for the right terms, providing flexibility for qualified tenants or buyers evaluating near-term occupancy versus longer-term ownership.
Key Highlights
- Texas gristmill dating back to the 1800s with approval for commercial and light industrial use
- Half of the gristmill was previously used as a contemporary residence
- Light industrial building with space for manufacturing, storage, or distribution
Local Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $32.3k | $8.04 |
| − Vacancy | −$1.8k | −$0.44 |
| EGI | $30.5k | $7.60 |
| − OpEx | −$4.6k | −$1.14 |
| NOI | $25.9k | $6.46 |
4,015 SF · lease $8.04/SF/yr · vacancy 5.50% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$370.4K
$324.1K – $432.2K
NOI $25,929 @ 7.0% cap · market cap 4.76%
Second Best
Industrial
$305.1K
$266.9K – $355.9K
NOI $21,354 @ 7.0% cap · market cap 3.92%
Theoretical Best
Hotel Hospitality
$3.02M
$2.65M – $3.53M
NOI $211,691 @ 7.0% cap · market cap 38.84%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Flex space
Similar For Sale Nearby
FAQs
What type of property is this?
Flex space - Light industrial building with former gristmill/residence history, offering flexible space for manufacturing, storage, or distribution.
Where is this flex space located?
The property is located at 331 Old Mill Road Rhome, TX.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Texas gristmill dating back to the 1800s with approval for commercial and light industrial use; Half of the gristmill was previously used as a contemporary residence; Light industrial building with space for manufacturing, storage, or distribution
