Mixed-Use Property with Office
New
For Sale
$780,000
407 W Main Street, Waxahachie, TX 75165
Half of the building is leased through June 2028, with on-site parking and pylon signage.
Property Size2,166 SF
Lot Size0.23 Acres
Price / SF$360.11
Days on Market1
Property Features for 407 W Main Street
General Information
Standard status
Active
Size
2,166 SF
Lot size
0.23 Acres
Property subtype
Business
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$9,326
Building Details
Building Size
2,166 SF
Year Built
1970
Buildings
1
Listing Agency:
Hi View Real Estate
Listed By:
Jimmy Poarch · License #0684786
(214) 801-1740
Source:
Baerealty
Added: Sep 26
Last Checked: Sep 26 at 2:56PM
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 Hi View Real Estate
Investment Insights
Based on property information with market context.
This 2,166-SF freestanding mixed-use property occupies a 0.23-acre parcel on W Main Street in Waxahachie, with approximately 102 feet of frontage. Interior improvements include office space remodeled in 2021 and a 500-SF apartment-office area completed in 2020, with a full bathroom, shower, washer-dryer, and kitchenette. A kitchen buildout with a dishwasher and refrigerator was completed in 2018. The building has a rooftop HVAC unit installed in 2021 and a roof replaced in 2022.
Site features include a security fence and mechanical gate added in 2019, a paved parking area that was resealed three times since 2019, pylon signage, and a basketball goal with netting installed in 2020. Half of the building is leased through the end of June 2028. The property is presented for a range of commercial uses, subject to zoning and applicable regulations.
Site features include a security fence and mechanical gate added in 2019, a paved parking area that was resealed three times since 2019, pylon signage, and a basketball goal with netting installed in 2020. Half of the building is leased through the end of June 2028. The property is presented for a range of commercial uses, subject to zoning and applicable regulations.
Key Highlights
- 2,166 SF freestanding property on a +-0.23‑acre lot
- Approximately 102 feet of frontage on W Main Street in Waxahachie
- 500 SF apartment‑office buildout completed in 2020, with bathroom, shower, washer‑dryer, and kitchenette
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
$36,231
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
4.65%
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%
$724,620
$724.6K
Cap Rate 7%
$517,586
$517.6K
Cap Rate 9%
$402,567
$402.6K
Market Conditions
NOI Build-Up for 2,166 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
$66.5K $30.72/SF
− Vacancy
−$18.2K −$8.42/SF
EGI
$48.3K $22.30/SF
− OpEx
−$12.1K −$5.58/SF
NOI
$36.2K $16.73/SF
Area
Ellis 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%
$724,620
Cap Rate 7%
$517,586
Cap Rate 9%
$402,567
Alternative Uses
Best Use
Office B
$517.6K
$452.9K – $603.9K
NOI $36,231 @ 7.0% cap · market cap 4.65%
Second Best
Mixed Use
$355.1K
$310.7K – $414.3K
NOI $24,855 @ 7.0% cap · market cap 3.19%
Theoretical Best
Multifamily LT 5
$23.63M
$20.68M – $27.57M
NOI $1,654,424 @ 7.0% cap · market cap 212.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,153
Businesses Nearby
Explore this area
Business Placement
Demographics for 75165, TX
49,805
Population
18,940
Households
2.6
Avg Household Size
36
Median Age
28%
College-Educated
90%
High-School Grad
118.0 sq mi
ZIP Area
422
Density / Sq Mi
$84,780
Median Household Income
$45,677
Median Earnings
$1,473
Median Rent
$308,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Half of the building is leased through June 2028, with on-site parking and pylon signage.
Where is this mixed-use property located?
The property is located at 407 W Main Street Waxahachie, TX.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: 2,166 SF freestanding property on a +-0.23‑acre lot; Approximately 102 feet of frontage on W Main Street in Waxahachie; 500 SF apartment‑office buildout completed in 2020, with bathroom, shower, washer‑dryer, and kitchenette
