Listing Agency: Keller Williams Heritage West Show Phone

Listed By: Kate Hogan · License #0668947 Show Phone

Source: Prodeorealty

Added: Mar 26 Changed: Oct 25 Last Checked: Nov 1 at 5:10AM

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Investment Insights

Based on property information with market context.

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.

Key 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.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$40,652

Cap Rate

7.46%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$813,040 $813.0K

Cap Rate 7%

$580,743 $580.7K

Cap Rate 9%

$451,689 $451.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,015 SF

Gross rent

$72.3K $18.00/SF

− Vacancy

−$7.2K −$1.80/SF

EGI

$65.0K $16.20/SF

− OpEx

−$24.4K −$6.07/SF

NOI

$40.7K $10.13/SF

Area

Wise County, TX

Vacancy

10.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$813,040

Cap Rate 7%

$580,743

Cap Rate 9%

$451,689

Alternative Uses

Best Use

Mixed Use

$580.7K

$508.2K – $677.5K (±1% cap)

NOI $40,652 @ 7.0% cap · market cap 7.46%

Second Best

—

—

no second resolved use

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. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Mixed-use properties

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.

Location Intelligence

Trade Area within ½ mile

163

Businesses Nearby

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

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Frequently Asked Questions

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 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: 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.