Flex Space with Shop
For Sale
$675,000
4429 W State Highway 31, Corsicana, TX 75110
CommercialSale, Corsicana, TX
Property Size5,500 SF
Lot Size1.97 Acres
Price / SF$122.73
Days on Market9
Property Features for 4429 W State Highway 31
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
Garage, Driveway, Oversize, Parking Lot, Gated
Subdivision
Corsicana
Directions
From Dallas, take I-45 South toward Corsicana. Exit 235B for I-45 Business toward Corsicana & continue south on Business 45-N 7th Street. Turn right onto W 7th Avenue-State Highway 31 W & continue west approx 4 miles, passing Walmart & ALDI. Property will be on the left, on the south side of Hwy 31.
Standard status
Active
APN
46605
Lot size
1.97 Acres
Taxes and HOA fees
Tax Description
C0000 CORSICANA BLK 1601 LOT 6 1.97 ACRES
Tax Annual Amount
3706
Legal Description
C0000 CORSICANA BLK 1601 LOT 6 1.97 ACRES
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Amenities
multiple shop and work areas
overhead access
concrete flooring
office space
separate living quarters
generous parking
city water and sewer
Building Details
Year built
2004
Floors in Building
1
Number of units
3
Flooring type
Concrete
Building materials
MetalSiding
Roof type
Metal
Listing Agency:
Real Broker, LLC
(855) 450-0442
Listed By:
Katie Miller · License #0711670
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 22 at 1:06PM
MLS# 21359417
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.
Investment Insights
Based on property information with market context.
This flex-space property includes a metal building with multiple shop and work areas, overhead access, concrete flooring, office space, and separate living quarters. The improvements are positioned on approximately 1.97 acres and include generous parking with gated, oversized, driveway, garage, and parking-lot areas. Public water and public sewer serve the property, while central and electric heating and cooling are installed. The building was constructed in 2004 and has a metal roof and metal siding.
The property fronts State Highway 31 in Corsicana with direct access and highway exposure. Nearby national retailers and businesses provide surrounding commercial activity. A long-term tenant is in place and handles utilities, maintenance, and repairs, supporting an ownership structure with limited day-to-day property obligations. Additional land provides flexibility for future use or expansion.
The property fronts State Highway 31 in Corsicana with direct access and highway exposure. Nearby national retailers and businesses provide surrounding commercial activity. A long-term tenant is in place and handles utilities, maintenance, and repairs, supporting an ownership structure with limited day-to-day property obligations. Additional land provides flexibility for future use or expansion.
Key Highlights
- Approximately 1.97 acres along State Highway 31
- Metal building constructed in 2004 with metal roof and metal siding
- Multiple shop and work areas with overhead access and concrete flooring
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
$42,317
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
6.27%
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%
$846,340
$846.3K
Cap Rate 7%
$604,529
$604.5K
Cap Rate 9%
$470,189
$470.2K
Market Conditions
NOI Build-Up for 5,500 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
$55.4K $10.08/SF
− Vacancy
−$5.7K −$1.03/SF
EGI
$49.8K $9.05/SF
− OpEx
−$7.5K −$1.36/SF
NOI
$42.3K $7.69/SF
Area
Navarro County, TX
Vacancy
10.20%
Lease Rate
$10.08 /SF/Yr
Expense Ratio
15.00%
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%
$846,340
Cap Rate 7%
$604,529
Cap Rate 9%
$470,189
Alternative Uses
Best Use
Retail
$1.30M
$1.14M – $1.52M
NOI $91,291 @ 7.0% cap · market cap 13.52%
Second Best
Warehouse
$604.5K
$529.0K – $705.3K
NOI $42,317 @ 7.0% cap · market cap 6.27%
Theoretical Best
Multifamily LT 5
$60.42M
$52.87M – $70.49M
NOI $4,229,628 @ 7.0% cap · market cap 626.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
117
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75110, TX
30,336
Population
11,980
Households
2.5
Avg Household Size
35
Median Age
17%
College-Educated
77%
High-School Grad
137.5 sq mi
ZIP Area
221
Density / Sq Mi
$53,053
Median Household Income
$29,804
Median Earnings
$1,043
Median Rent
$169,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Metal commercial building with offices, separate living quarters, overhead access, concrete floors, and public utilities.
Where is this flex space located?
The property is located at 4429 W State Highway 31 Corsicana, TX.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Approximately 1.97 acres along State Highway 31; Metal building constructed in 2004 with metal roof and metal siding; Multiple shop and work areas with overhead access and concrete flooring
