Historic Office Building with Two
501 N Third Street Longview, TX 75602
New
501 N Third Street, Longview, TX, 75602
$1,450,000
For Sale
$1,450,000
Fully renovated former library offers two separately entered office suites, including leased income on a three-year term.
Property Size7,800 SF
Price / SF$185.90
Days on Market3
Property Features for 501 N Third Street
General Information
- Standard status
- Active
- Size
- 7,800 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1930
Listing agency
Ramsey Realty Group
(903) 241-8955
Listed by
Janti Patel · License #0702321
(903) 241-8955
Source
Cornerstonehomeandranch
Added: Jul 20 Updated: Jul 21 at 8:04PM Checked: Jul 22 at 6:38AM
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 Ramsey Realty Group
Investment Insights
Based on property information with market context.
A character-rich, fully renovated office building that was formerly part of the original downtown Longview ISD campus library. The property features polished concrete floors, exposed brick walls, and custom iron doors opening to an oversized conference room. It is currently configured as two separate office suites, each with its own lobby, conference room, kitchen, workspace, and private offices.
The owner-occupied suite is accessed via an entrance on N. Third Street and includes an executive-style office with a private en-suite bath and shower, a large reception area, multiple additional offices, a kitchen and workroom, and several bathrooms. The leased suite is accessed via an entrance on E. Magrill Street and includes a lobby, conference room, kitchen, workspace, bathroom, and four offices.
Existing leased space provides immediate income, currently leased on a three-year term at $2,800 per month. The building’s design and layout allow for multiple operating configurations, including expansion, reconfiguration, or conversion back toward a single flagship office space.
The owner-occupied suite is accessed via an entrance on N. Third Street and includes an executive-style office with a private en-suite bath and shower, a large reception area, multiple additional offices, a kitchen and workroom, and several bathrooms. The leased suite is accessed via an entrance on E. Magrill Street and includes a lobby, conference room, kitchen, workspace, bathroom, and four offices.
Existing leased space provides immediate income, currently leased on a three-year term at $2,800 per month. The building’s design and layout allow for multiple operating configurations, including expansion, reconfiguration, or conversion back toward a single flagship office space.
Key Highlights
- Nearly 8,000 SF fully renovated former library on the original downtown Longview ISD campus
- Configured as two separately entered office suites with individual entrances on N. Third St. and E. Magrill St.
- Owner suite (approx. 5,000 SF) includes private bath, kitchen, workroom, conference room, lobby, 2 additional bathrooms, and 5 additional offices
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $239.6k | $30.72 |
| − Vacancy | −$65.7k | −$8.42 |
| EGI | $174.0k | $22.30 |
| − OpEx | −$43.5k | −$5.58 |
| NOI | $130.5k | $16.73 |
7,800 SF · lease $30.72/SF/yr · vacancy 27.40% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.86M
$1.63M – $2.17M
NOI $130,471 @ 7.0% cap · market cap 9.00%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$5.88M
$5.14M – $6.85M
NOI $411,255 @ 7.0% cap · market cap 28.36%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Matthew Hill Law, ...
Law Firm
Alt Behavioral Learning ...
High School
Cooper Law Firm ...
Law Firm
The Cooper Law Firm
Law Firm
Cooper Law Firm
Law Firm
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FAQs
What type of property is this?
Office building - Fully renovated former library offers two separately entered office suites, including leased income on a three-year term.
Where is this office building located?
The property is located at 501 N Third Street Longview, TX.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Nearly 8,000 SF fully renovated former library on the original downtown Longview ISD campus; Configured as two separately entered office suites with individual entrances on N. Third St. and E. Magrill St.; Owner suite (approx. 5,000 SF) includes private bath, kitchen, workroom, conference room, lobby, 2 additional bathrooms, and 5 additional offices
