Flex Space with Warehouse
For Sale
$749,900
341 Highway 35, Gregory, TX 78359
CommercialSale, Gregory, TX
Property Size2,420 SF
Lot Size0.70 Acres
Price / SF$309.88
Days on Market91
Property Features for 341 Highway 35
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Garage, Off Street
Security features
Security
Exterior features
Storage
Subdivision
Gregory-Macaze Park
Lot features
Interior Lot, Level
Directions
Frontage road HWY 35 South Bound from Aransas Pass to Portland.
Standard status
Active
APN
41143
Size
2,420 SF
Lot size
0.70 Acres
Taxes and HOA fees
Tax Description
MACAZE PARK BLK A, SOUTHEAST CORNER OF LOT 3 (0.701 ACRES)
Legal Description
MACAZE PARK BLK A, SOUTHEAST CORNER OF LOT 3 (0.701 ACRES)
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating), Ductless (Heating)
Cooling system
Ductless, Electric, Central Air
Water source
Public
Building Details
Year built
2013
Floors in Building
1
Building materials
MetalSiding, Stone
Roof type
Metal
Additional Structures
Storage
Listing Agency:
KM Premier Real Estate
(361) 991-5263
Listed By:
Romy Brewer · License #0640299
(361) 876-0312
Added: May 24
Changed: Aug 19
Last Checked: Aug 22 at 11:06PM
MLS# 476937
Copyright © 2026 South Texas Multiple Listing Service, LLC. 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 2,420-square-foot flex property combines metal office, warehouse, and garage improvements on a 0.7-acre site. The main building includes two administrative offices, a central service and storage area, a customer lobby, restroom, three 12-foot bay doors, and an elevated walk-up storage loft. Separate office entrances and two parking areas support a layout that can accommodate distinct business operations. A detached metal building adds space for equipment, trailers, or additional storage.
Approximately 20–30 vehicles can be accommodated across nearly 3/4 acre of paved parking and vehicle storage. Dual driveway connections from the frontage road provide access, while the property is positioned at the junction of Highways 35 and 181. Public water and public sewer serve the site, which was built in 2013 and has central, electric, and ductless heating and cooling systems.
Approximately 20–30 vehicles can be accommodated across nearly 3/4 acre of paved parking and vehicle storage. Dual driveway connections from the frontage road provide access, while the property is positioned at the junction of Highways 35 and 181. Public water and public sewer serve the site, which was built in 2013 and has central, electric, and ductless heating and cooling systems.
Key Highlights
- 2,420 SF flex property on 0.7 acres
- Three 12‑foot warehouse bay doors with elevated walk‑up storage loft
- Two administrative offices, customer lobby, restroom, and central service area
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
$31,308
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
4.17%
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%
$626,160
$626.2K
Cap Rate 7%
$447,257
$447.3K
Cap Rate 9%
$347,867
$347.9K
Market Conditions
NOI Build-Up for 2,420 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
$57.5K $23.76/SF
− Vacancy
−$15.8K −$6.51/SF
EGI
$41.7K $17.25/SF
− OpEx
−$10.4K −$4.31/SF
NOI
$31.3K $12.94/SF
Area
San Patricio County, TX
Vacancy
27.40%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
25.00%
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%
$626,160
Cap Rate 7%
$447,257
Cap Rate 9%
$347,867
Alternative Uses
Best Use
Office B
$447.3K
$391.4K – $521.8K
NOI $31,308 @ 7.0% cap · market cap 4.17%
Second Best
Warehouse
$229.6K
$200.9K – $267.8K
NOI $16,069 @ 7.0% cap · market cap 2.14%
Theoretical Best
Hotel Hospitality
$1.24M
$1.09M – $1.45M
NOI $86,902 @ 7.0% cap · market cap 11.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
28
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 78359, TX
1,920
Population
682
Households
2.8
Avg Household Size
38
Median Age
2%
College-Educated
60%
High-School Grad
9.6 sq mi
ZIP Area
200
Density / Sq Mi
$35,750
Median Household Income
$21,083
Median Earnings
$868
Median Rent
$97,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Metal office and warehouse improvements provide separate administrative areas, service space, storage, customer reception, and multiple operational access points.
Where is this flex space located?
The property is located at 341 Highway 35 Gregory, TX.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: 2,420 SF flex property on 0.7 acres; Three 12‑foot warehouse bay doors with elevated walk‑up storage loft; Two administrative offices, customer lobby, restroom, and central service area
