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    Historic Gristmill Ready for Business Title is generated by Realmo AI

    331 Old Mill Road, Rhome, TX 76078

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    Claim this Listing
    New
    For Sale
    $545,000

    Business - Rhome, TX

    Type:Business
    Property size:
    4,015 SF
    Price / SF:
    $135/SF
    Added:
    May 24, 2026
    Days on Market:
    1
    Last Refresh:
    May 24 at 11:06 pm

    Property Features for 331 Old Mill Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Business
    Parking features
    On Street, Open
    Standard status
    Active
    APN
    S2595006201
    Size
    4,015 SF

    Utilities

    Heating system
    Other (Heating)
    Cooling system
    Ceiling Fan(s), Central Air

    Building Details

    Flooring type
    Concrete, Laminate
    Building materials
    Metal Siding, Steel Siding
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Kate Hogan

    Listing agent Kate Hogan License #0668947

    Listing office Keller Williams Heritage West 100 S. Oakridge Dr., Ste. 115, Weatherford, TX

    Listing date May 24, 2026

    MLS# 21276673 Listing URL

    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.

    HighLights

    • Historic Gristmill with Commercial/Light Industrial Approval: Unique property dating back to the 1800s, approved for various business uses.
    • Prime Location: Incredible development opportunity near Hwy 114 and 287, with many commercial and industrial businesses moving to the area.
    • Proximity to Major Developments: Approximately 2 miles from Rolling V Ranch, a 3600‑acre master‑planned community of 10,000 homes.
    • Versatile Space: Suitable for manufacturing, storage, distribution, mercantile, coffee shop, event space, or office.
    • Convenient Access to Major Cities: Located 29 miles from DFW and 26 miles from Downtown Fort Worth.
    • Flexible Options: Seller is open to leasing the property for the right terms.

    Overview

    This property features Texas's first Gristmill, dating back to the 1800s, and is approved for commercial and light industrial use. Half of the Gristmill was previously used as a contemporary residence. The 4015 square foot industrial building offers ample space for manufacturing, storage, or distribution. It could function as a mercantile with two main level bathrooms and a front reception area. One side could be a coffee shop with live music, and the upstairs area could serve as flex space for events or offices. With some clearing in the back for additional parking or a stage, the whole property would make a great venue. The property is located approximately 2 miles from Rolling V Ranch, a 3600-acre master plan of 10,000 homes, near Highway 114 and Highway 287. This location presents an incredible development opportunity in a prime area with many commercial and industrial businesses moving in. It is located 29 miles from DFW and 26 miles from Downtown Fort Worth.
    Property Profile Location Intelligence

    Current Use by Public Records

    Manufacturing properties

    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
    -97.4699691
    Latitude
    33.0510982

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

    What type of property is this?
    Manufacturing property - Unique commercial property near upcoming development, suitable for various ventures.
    Where is this manufacturing property 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: Historic Gristmill with Commercial/Light Industrial Approval: Unique property dating back to the 1800s, approved for various business uses.; Prime Location: Incredible development opportunity near Hwy 114 and 287, with many commercial and industrial businesses moving to the area.; Proximity to Major Developments: Approximately 2 miles from Rolling V Ranch, a 3600‑acre master‑planned community of 10,000 homes.
    (817) 441-4000
    We can help!
    Listing Contact
    Kate Hogan
    Real Estate License ID: 0668947
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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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