Flex Space with Warehouse
For Sale
$749,900
341 Highway 35, Gregory, TX 78359
Metal office and warehouse improvements provide administrative, service, storage, and equipment-oriented space.
Property Size2,420 SF
Price / SF$309.88
Days on Market34
Property Features for 341 Highway 35
General Information
Standard status
Active
Size
2,420 SF
Total Parking Spaces
30
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
2
Amenities
customer lobby
restroom
storage loft
Building Details
Year Built
2013
Buildings
2
Construction
metal
Listing Agency:
KM Premier Real Estate
(361) 876-0312
Listed By:
Romy Brewer · License #0640299
Source:
Thebranchinc
Added: Jul 29
Changed: Aug 31
Last Checked: Aug 31 at 4:15AM
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 KM Premier Real Estate
Investment Insights
Based on property information with market context.
This flex-space property combines metal office, warehouse, and garage improvements at 341 Highway 35 in Gregory. The main building places two administrative offices alongside a central service and storage area, with a customer lobby, restroom, and separate office entrances. Three 12-foot bay doors serve the warehouse, which also includes an elevated walk-up storage loft. A detached metal building adds enclosed space for equipment or trailer storage.
The site includes nearly ¾ of an acre of paved parking and vehicle storage, with capacity for approximately 20–30 vehicles. Two driveway connections from the frontage road provide access. The property sits at the junction of Highways 35 and 181, connecting the area’s rail, manufacturing, and Port of Corpus Christi activity.
The site includes nearly ¾ of an acre of paved parking and vehicle storage, with capacity for approximately 20–30 vehicles. Two driveway connections from the frontage road provide access. The property sits at the junction of Highways 35 and 181, connecting the area’s rail, manufacturing, and Port of Corpus Christi activity.
Key Highlights
- Nearly ¾ of an acre of paved parking and vehicle storage
- Capacity for approximately 20–30 vehicles
- Three 12‑foot bay doors in the warehouse
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 administrative, service, storage, and equipment-oriented space.
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: Nearly ¾ of an acre of paved parking and vehicle storage; Capacity for approximately 20–30 vehicles; Three 12‑foot bay doors in the warehouse
