Historic Two-Suite Office
For Sale
$1,450,000
501 N Third St, Longview, TX 75602
Separate entrances support flexible occupancy and multi-tenant use.
Property Size7,800 SF
Price / SF$185.90
Days on Market38
Property Features for 501 N Third St
General Information
Standard status
Active
Size
7,800 SF
Additional Details
Office Units
2
Building Details
Year Built
1930
Owner Occupied
Yes
Listing Agency:
Ramsey Realty Group
(903) 241-8955
Listed By:
Janti Patel · License #0702321
Source:
Minteerteam
Added: Jul 23
Changed: Aug 29
Last Checked: Aug 25 at 5:09AM
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.
Built in 1930, this approximately 7,800-square-foot office building combines former library character with a contemporary industrial interior. Polished concrete floors, exposed brick, custom iron doors, and an oversized conference room add distinctive architectural detail. The property is arranged as two office suites with separate entrances, allowing the spaces to function independently or be combined.
The main suite, accessed from N. Third Street, measures approximately 5,000 square feet and includes an executive office with a private bath and shower, kitchen, workroom, conference room, lobby, two additional bathrooms, and five offices. The approximately 2,800-square-foot suite entered from E. Magrill Street offers a lobby, conference room, kitchen, workspace, bathroom, and four offices. The building is located in downtown Longview’s arts district and includes sidewalks and electric service.
The main suite, accessed from N. Third Street, measures approximately 5,000 square feet and includes an executive office with a private bath and shower, kitchen, workroom, conference room, lobby, two additional bathrooms, and five offices. The approximately 2,800-square-foot suite entered from E. Magrill Street offers a lobby, conference room, kitchen, workspace, bathroom, and four offices. The building is located in downtown Longview’s arts district and includes sidewalks and electric service.
Key Highlights
- Approximately 7,800 SF office building on a downtown Longview arts district property
- Two independently accessed office suites with separate entrances
- Main suite includes approximately 5,000 sqft, executive office with private bath and shower, kitchen, workroom, and conference room
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
$130,471
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
9.00%
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%
$2,609,420
$2.6M
Cap Rate 7%
$1,863,871
$1.9M
Cap Rate 9%
$1,449,678
$1.4M
Market Conditions
NOI Build-Up for 7,800 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
$239.6K $30.72/SF
− Vacancy
−$65.7K −$8.42/SF
EGI
$174.0K $22.30/SF
− OpEx
−$43.5K −$5.58/SF
NOI
$130.5K $16.73/SF
Area
Gregg 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%
$2,609,420
Cap Rate 7%
$1,863,871
Cap Rate 9%
$1,449,678
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
2,039
Businesses Nearby
Explore this area
Business Placement
Demographics for 75602, TX
22,041
Population
8,131
Households
2.7
Avg Household Size
33
Median Age
14%
College-Educated
79%
High-School Grad
51.9 sq mi
ZIP Area
425
Density / Sq Mi
$56,659
Median Household Income
$30,199
Median Earnings
$970
Median Rent
$122,700
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?
Office building - Separate entrances support flexible occupancy and multi-tenant use.
Where is this office building located?
The property is located at 501 N Third St 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: Approximately 7,800 SF office building on a downtown Longview arts district property; Two independently accessed office suites with separate entrances; Main suite includes approximately 5,000 sqft, executive office with private bath and shower, kitchen, workroom, and conference room
