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    Historic Gristmill in Growing Area Title is generated by Realmo AI

    331 Old Mill Rd, Rhome, TX 76078

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    Commercial opportunity in Rhome's exploding growth area near major developments.

    Type:Industrial, Mixed Use, Special Purpose
    Added:
    Mar 26, 2026
    Days on Market:
    60
    Last Refresh:
    Mar 17 at 1:25 pm

    Property Features for 331 Old Mill Rd

    General Information

    Standard status
    Active
    Property subtype
    Industrial, Mixed Use, Special Purpose

    We can help!

    Listing Contact
    Link Karlen

    Listing agent Link Karlen License #TX 0736507

    Listing office KW Commercial Texas

    Listing date Mar 26, 2026

    Source Crexi

    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 KW Commercial Texas

    HighLights

    • Prime commercial location near Hwy 114 and Hwy 287 in an exploding growth area.
    • Approved for Commercial Light Industrial use.
    • Located approximately two miles from Rolling V Ranch, a 3600‑acre master‑planned community with 10,000 homes.
    • Historic property: Texas's first Gristmill dating back to the 1800s.
    • Versatile space suitable for various business operations, including manufacturing, storage, distribution, mercantile, coffee shop, venue, or office.
    • Conveniently located 29 miles from DFW and 26 miles from Downtown Fort Worth.

    Overview

    This property features Texas's first Gristmill, dating back to the 1800s, and is approved for Commercial Light Industrial use. Half of the Gristmill was previously used as a contemporary residence. The industrial building offers ample space suitable for manufacturing, storage, or distribution. Potential uses include a mercantile with two main level bathrooms and a front reception area. One side could function as a coffee shop with live music, while the upstairs area could serve as flex space for events or offices. The entire property could be transformed into a venue, with the possibility of clearing the back area to create additional parking or a stage. The property is located approximately two miles from Rolling V Ranch, a 3600-acre master plan of 10,000 homes, near Highway 114 and Highway 287. It presents an incredible development opportunity in a prime location, with many commercial and industrial businesses moving to the area. The property is located 29 miles from DFW and 26 miles from Downtown Fort Worth.
    Property Profile Location Intelligence

    Current Use by Public Records

    Coffee shops

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Hair Salon Auto Repair Shop Nail Salon Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rhome
    County
    Wise
    State
    Texas
    Longitude
    -97.470138
    Latitude
    33.050044

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    FAQs

    What type of property is this?
    Mixed-use property - Commercial opportunity in Rhome's exploding growth area near major developments.
    Where is this mixed-use property located?
    The property is located at 331 Old Mill Rd Rhome, TX.
    What are key features of this property?
    This property features: Prime commercial location near Hwy 114 and Hwy 287 in an exploding growth area.; Approved for Commercial Light Industrial use.; Located approximately two miles from Rolling V Ranch, a 3600‑acre master‑planned community with 10,000 homes.
    (817) 441-4000 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Link Karlen
    Real Estate License ID: TX 0736507
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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