Sherman Medical Office Building For
For Sale
Contact for pricing
3415 N Loy Lake Rd, Sherman, TX 75090
3,400 SF medical office building in Sherman's medical corridor.
Property Size3,400 SF
Price / SF$250
Days on Market196
Property Features for 3415 N Loy Lake Rd
General Information
Standard status
Active
Size
3,400 SF
Class
B
Property subtype
Office
Zoning
C-1 (Commercial)
Investment Type
Redevelopment
Building Details
Year Built
1984
Buildings
1
Stories
1
Units
2
Listing Agency:
Bertholf Commercial Real Estate
(903) 267-1573
Listed By:
Terrin Bertholf · License #9014873
Source:
Crexi
Added: Feb 14
Changed: Aug 21
Last Checked: Aug 10 at 8:27AM
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 Bertholf Commercial Real Estate
Investment Insights
Based on property information with market context.
This 3,400 SF office building, constructed in 1984, is situated in Sherman’s expanding medical corridor, providing convenient access to nearby healthcare providers and major roads. Currently configured for a single medical practice, the property is separately metered for two suites. The layout includes 10 exam rooms, multiple plumbed closets, several common areas, and ample storage space. A four-zone HVAC system and an external mechanical room facilitate servicing. The majority of the west suite walls are non-weight bearing, allowing for flexible reconfiguration, while the east side features a clear-span attic designed for a potential second floor. The parking lot, repaved in 2024, offers 23 spaces. Additional land to the east was originally planned for expansion. The site is suitable for an owner-occupied medical practice, specialty clinic, or multi-tenant office configuration. Surrounded by established healthcare providers and new medical developments, this property presents a strong option for an owner-user or multi-tenant investment.
Key Highlights
- Prime location in Sherman's growing medical corridor with excellent access to healthcare providers and major roadways.
- Currently configured for a medical practice with 10 exam rooms and multiple plumbed closets, suitable for owner‑occupancy.
- Separately metered for two suites with flexible reconfiguration options.
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
$56,872
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
6.69%
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%
$1,137,440
$1.1M
Cap Rate 7%
$812,457
$812.5K
Cap Rate 9%
$631,911
$631.9K
Market Conditions
NOI Build-Up for 3,400 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
$104.4K $30.72/SF
− Vacancy
−$28.6K −$8.42/SF
EGI
$75.8K $22.30/SF
− OpEx
−$19.0K −$5.58/SF
NOI
$56.9K $16.73/SF
Area
Grayson County, TX
Vacancy
27.40%
Lease Rate
$30.72 /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%
$1,137,440
Cap Rate 7%
$812,457
Cap Rate 9%
$631,911
Alternative Uses
Best Use
Office B
$812.5K
$710.9K – $947.9K
NOI $56,872 @ 7.0% cap · market cap 6.69%
Second Best
Healthcare Medical
$738.6K
$646.3K – $861.7K
NOI $51,702 @ 7.0% cap · market cap 6.08%
Theoretical Best
Hotel Hospitality
$1.74M
$1.53M – $2.03M
NOI $122,094 @ 7.0% cap · market cap 14.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
634
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75090, TX
25,002
Population
9,602
Households
2.6
Avg Household Size
35
Median Age
15%
College-Educated
84%
High-School Grad
78.5 sq mi
ZIP Area
318
Density / Sq Mi
$58,586
Median Household Income
$36,230
Median Earnings
$1,111
Median Rent
$163,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 3,400 SF medical office building in Sherman's medical corridor.
Where is this medical office space located?
The property is located at 3415 N Loy Lake Rd Sherman, TX.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Prime location in Sherman's growing medical corridor with excellent access to healthcare providers and major roadways.; Currently configured for a medical practice with **10 exam rooms and multiple plumbed closets**, suitable for owner‑occupancy.; Separately metered for two suites with flexible reconfiguration options.
