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    Flexible Retail Space on Main Thoroughfare Title is generated by Realmo AI

    402 N 3rd Street, Wortham, TX 76693

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    Claim this Listing
    For Sale
    $175,000

    SINGLE_FAMILY - Wortham, TX

    Type:Retail
    Property size:
    1,320 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $132/SF
    Added:
    Sep 3, 2025
    Days on Market:
    274
    Last Refresh:
    Jun 3 at 2:06 am

    Property Features for 402 N 3rd Street

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Standard status
    Active
    APN
    24702
    Lot size
    0.12 Acres

    Taxes and HOA fees

    Tax Description
    OTS WORTHAM PT LOTS 4 & 5 BLK 54
    Tax Annual Amount
    1169

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central
    Cooling system
    Electric, Central Air
    Water source
    Public

    Building Details

    Year built
    1965
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Tile
    Building materials
    WoodSiding
    Roof type
    Metal

    We can help!

    Listing Contact
    Janie Hendrix
    Janie Hendrix

    Listing agent Janie Hendrix License #0532708

    Listing office City Real Estate Red Oak, TX

    Listing date Sep 3, 2025

    MLS# 21006802

    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

    • 1320 SF commercial space with mostly open layout
    • Built in 1965 with wood siding exterior and a metal roof
    • Central heating and central air with electric HVAC
    • Tile flooring throughout
    • Served by public water and public sewer

    Overview

    This property offers a mostly open layout with room to shape the interior to your concept. At approximately 1,320 square feet, it presents a straightforward, adaptable space for a range of uses, including retail, service, and select office-oriented operations, depending on your intended buildout needs.

    The location sits on N 3rd Street in Wortham, positioning the space right on a main thoroughfare for strong day-to-day visibility. The public remarks note the site as a convenient fit for neighborhood foot traffic and retail-oriented browsing, with access aligned to the surrounding commercial drive.

    For buyers and operators, the flexible floor plan supports multiple start-up and established concepts such as a beauty salon, daycare, dog grooming, vape store, bakery, coffee or donut shop, boutique, or office use. If you’re evaluating a site for your next tenant or business, this property’s open configuration can help you reduce the complexity of custom improvements—while still allowing personalization for your brand and workflow. Buyers are encouraged to confirm all property information before purchase.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Boba Bar Restaurant

    Suggested Use

    Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Big Box & Wholesale Store Auto Repair Shop Grocery & Convenience Store Food Market

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wortham
    County
    Freestone
    State
    Texas
    Longitude
    -96.462923
    Latitude
    31.791009

    Nearby Similar for Sale

    • $520,663

      Wortham Ranch with Pasture Land

      80-acre ranch suitable for recreation, livestock, or building a home.
      837 FCR 995, Wortham, TX 76693
      View Details
    • $175,000
      1,320 SF

      Versatile Retail/Office Space Available

      1320 sqft space suitable for various businesses.
      402 N 3rd Street, Wortham, TX 76693
      View Details

    FAQs

    What type of property is this?
    Retail space - Mostly open retail layout on a main thoroughfare, offering flexibility for a variety of neighborhood businesses.
    Where is this retail space located?
    The property is located at 402 N 3rd Street Wortham, TX.
    What is the asking price?
    The asking price for this property is $175,000.
    What are key features of this property?
    This property features: 1320 SF commercial space with mostly open layout; Built in 1965 with wood siding exterior and a metal roof; Central heating and central air with electric HVAC
    (972) 935-0048
    We can help!
    Listing Contact
    Janie Hendrix
    Janie Hendrix
    Real Estate License ID: 0532708
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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.

    More about this property
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