Building Details

Floors in Building 2

Number of units 1

Flooring type Laminate, Concrete, Combination

Building materials MetalSiding, SteelSiding

Roof type Metal

Listing Agency: Keller Williams Heritage West · Keller Williams Realty k***@kw.com Show Phone

Listed By: Kate Hogan · License #0668947 Show Phone

Added: May 24 Changed: Sep 12 Last Checked: Oct 8 at 2:06PM

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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.

This 4,015-square-foot flex property occupies a gristmill dating to the 1800s, with metal siding and a metal roof. The building includes concrete and laminate flooring, central air, ceiling fans, two main-level bathrooms, and a front reception area. One-half of the structure was previously configured as a contemporary residence, adding flexibility to the existing layout.

The property is located at 331 Old Mill Road in Rhome, approximately 2 miles from Rolling V Ranch and near highways 114 and 287. Public water and sewer serve the site, while paved, open, and on-street parking options are identified. The building carries approval for commercial and light-industrial use, with space that may accommodate manufacturing, storage, distribution, office, retail, or event-oriented operations.

Key Highlights

• 4,015‑square‑foot flex building dating to the 1800s
• Approved for Commercial and Light Industrial use
• Two main‑level bathrooms and a front reception area

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$21,354

Cap Rate

3.92%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $21,354 @ 7.0% cap · market cap 3.92%

Second Best

Flex RnD

$275.8K

$241.3K – $321.7K (±1% cap)

NOI $19,304 @ 7.0% cap · market cap 3.54%

Theoretical Best

Hotel Hospitality

$3.02M

$2.65M – $3.53M (±1% cap)

NOI $211,691 @ 7.0% cap · market cap 38.84%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Building Supply Dental Office Parking Lot & Garage HVAC Service Plumbing Service 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

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

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Commercial and light-industrial approval supports operational, storage, distribution, retail, and office configurations.

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: 4,015‑square‑foot flex building dating to the 1800s; Approved for Commercial and Light Industrial use; Two main‑level bathrooms and a front reception area