Flex Space Light Industrial
For Sale
$545,000
331 Old Mill Road, Rhome, TX 76078
CommercialSale, Rhome, TX
Property Size4,015 SF
Price / SF$135.74
Days on Market93
Property Features for 331 Old Mill Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Once was zoned for residential and commercial. Now it is zoned for only commercial.
Parking features
Paved or Surfaced, On Street, Open
Subdivision
Original Town Rhome
Lot features
Level, Few Trees
Directions
From 114 to US 81 service road and go Right on Main, right on Logan and left on Old Mill, property is on the right.
Standard status
Active
APN
S2595006201
Size
4,015 SF
Utilities
Sewer type
Public Sewer
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Building Details
Floors in Building
2
Number of units
1
Flooring type
Concrete, Laminate, Combination
Building materials
MetalSiding, SteelSiding
Roof type
Metal
Listing Agency:
Keller Williams Heritage West · Keller Williams Realty
(817) 441-4000
Listed By:
Kate Hogan · License #0668947
(817) 441-4000
Added: May 24
Changed: Aug 19
Last Checked: Aug 24 at 7:06AM
MLS# 21276673
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.
Flex space building approved for commercial, light industrial, with metal siding and a metal roof. The property is described as a gristmill dating back to the 1800s, with half previously used as a contemporary residence. Interior materials noted include concrete, combination, and laminate flooring, along with central air and ceiling fans.
Parking is listed as open with paved or surfaced areas and on-street parking. Public utilities include public water and public sewer.
The property is located about 29 miles from DFW and about 26 miles from Downtown Fort Worth. The seller indicates openness to lease the property for the right terms.
Parking is listed as open with paved or surfaced areas and on-street parking. Public utilities include public water and public sewer.
The property is located about 29 miles from DFW and about 26 miles from Downtown Fort Worth. The seller indicates openness to lease the property for the right terms.
Key Highlights
- Approved for commercial, light industrial
- 4015 SF flex space building
- Metal siding and metal roof
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
$21,354
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
3.92%
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%
$427,080
$427.1K
Cap Rate 7%
$305,057
$305.1K
Cap Rate 9%
$237,267
$237.3K
Market Conditions
NOI Build-Up for 4,015 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
$32.3K $8.04/SF
− Vacancy
−$1.8K −$0.44/SF
EGI
$30.5K $7.60/SF
− OpEx
−$9.2K −$2.28/SF
NOI
$21.4K $5.32/SF
Area
Wise County, TX
Vacancy
5.50%
Lease Rate
$8.04 /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%
$427,080
Cap Rate 7%
$305,057
Cap Rate 9%
$237,267
Alternative Uses
Best Use
Industrial
$305.1K
$266.9K – $355.9K
NOI $21,354 @ 7.0% cap · market cap 3.92%
Second Best
Flex RnD
$275.8K
$241.3K – $321.7K
NOI $19,304 @ 7.0% cap · market cap 3.54%
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 76078, TX
9,979
Population
3,540
Households
2.8
Avg Household Size
37
Median Age
21%
College-Educated
87%
High-School Grad
64.2 sq mi
ZIP Area
155
Density / Sq Mi
$94,379
Median Household Income
$42,853
Median Earnings
$1,574
Median Rent
$278,800
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space building approved for commercial light industrial, with public utilities and metal roof construction.
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: Approved for commercial, light industrial; 4015 SF flex space building; Metal siding and metal roof
