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    Cleared Flat Commercial Land Parcel Title is generated by Realmo AI

    502 OHIO AVENUE, Wichita Falls, TX 76301

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    For Sale
    $119,900

    COMMERCIAL - Wichita Falls, TX

    Lot size:
    0.51 Acres
    Added:
    Jun 28, 2024
    Days on Market:
    707
    Last Refresh:
    Jun 4 at 9:06 am

    Property Features for 502 OHIO AVENUE

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.51 Acres

    We can help!

    Listing Contact
    CARLA ROGERS
    CARLA ROGERS

    Listing agent CARLA ROGERS License #0538455

    Listing office HIRSCHI REALTORS 3631 MAPLEWOOD SUITE 1, WICHITA FALLS, TX

    Listing date Jun 28, 2024

    MLS# 174178 Listing URL

    Copyright © 2026 Wichita Falls Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • .5165‑acre lot in historical downtown WF
    • Recently cleared with the lot described as almost completely flat
    • About 5 blocks from Kay Yeager Coliseum and the convention center
    • About 5 blocks from the new Delta Hotel
    • Lot is directly behind Backdoor Theatre
    • Buyer to check with City of WF for potential uses

    Overview

    This recently cleared commercial land parcel is almost completely flat and ready for development. The property is offered as a single lot totaling 0.5165 acres, providing a workable footprint for a variety of concepts, subject to city approvals.

    Located in historical downtown Wichita Falls, the lot is approximately five blocks from Kay Yeager Coliseum and the Convention Center, and near the new Delta Hotel. The parcel sits directly behind Backdoor Theatre, offering a distinct behind-the-theatre location that may appeal to users seeking convenient downtown proximity. Prospective buyers should check with the City of Wichita Falls regarding potential uses and permitting requirements.

    For investors and developers, the combination of cleared condition and an almost flat grade can reduce early-site obstacles compared with more constrained parcels. Because the specific permitted uses are not provided in the information here, the practical next step is confirming what can be built or operated on the site through the City. This makes the property best suited for buyers who want to evaluate a downtown concept and move forward once feasibility and approvals are established.
    Property Profile Location Intelligence

    Current Use by Public Records

    Wood Ruby engineering Tour Operator

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Building Supply Dental Office Law Firm Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Wichita Falls
    County
    Wichita
    State
    Texas
    Longitude
    -98.492309
    Latitude
    33.915761

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    FAQs

    What type of property is this?
    Commercial land - Recently cleared, nearly flat downtown lot with location behind Backdoor Theatre; verify potential uses with the City of Wichita Falls.
    Where is this commercial land located?
    The property is located at 502 OHIO AVENUE Wichita Falls, TX.
    What is the asking price?
    The asking price for this property is $119,900.
    What are key features of this property?
    This property features: .5165‑acre lot in historical downtown WF; Recently cleared with the lot described as almost completely flat; About 5 blocks from Kay Yeager Coliseum and the convention center
    (940) 733-0404
    We can help!
    Listing Contact
    CARLA ROGERS
    CARLA ROGERS
    Real Estate License ID: 0538455
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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.

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    502 OHIO AVENUE, Wichita Falls, TX 76301
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