Historic Mixed-Use
For Sale
$649,000
511 Travis St, Sherman, TX 75090
C-1 zoning supports a range of stated commercial use categories.
Property Size3,422 SF
Price / SF$189.66
Days on Market56
Property Features for 511 Travis St
General Information
Standard status
Active
Size
3,422 SF
Total Parking Spaces
2
Property subtype
Commercial
Zoning
C-1
Building Details
Year Built
1900
Buildings
2
Listing Agency:
MKT Realty Co
(214) 218-9190
Listed By:
Spencer McDuffy · License #0709706
Source:
Northtexashomeguide
Added: Jul 6
Changed: Aug 29
Last Checked: Aug 25 at 7:27AM
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 MKT Realty Co
Investment Insights
Based on property information with market context.
Constructed in 1900, this Sherman property combines period architectural elements with a flexible mixed-use configuration. The residence includes 4 bedrooms, 3 full baths, and 2 half baths, along with two primary suites, a finished attic, and a basement. A covered front porch, columns, stained glass, wood detailing, and high ceilings contribute to the building’s historic character.
A separate carriage house includes a two-car garage and can accommodate uses such as an office, workshop, studio, guest quarters, or storage. The property is identified as C-1, Retail Business District, by the City of Sherman. Stated potential uses include professional offices, medical and dental clinics, wellness businesses, bakeries, florists, specialty food stores, restaurants, boutiques, and other permitted retail or service activities. Buyers should independently confirm zoning, permitted uses, grandfathered residential status, and intended use with the city.
A separate carriage house includes a two-car garage and can accommodate uses such as an office, workshop, studio, guest quarters, or storage. The property is identified as C-1, Retail Business District, by the City of Sherman. Stated potential uses include professional offices, medical and dental clinics, wellness businesses, bakeries, florists, specialty food stores, restaurants, boutiques, and other permitted retail or service activities. Buyers should independently confirm zoning, permitted uses, grandfathered residential status, and intended use with the city.
Key Highlights
- Built in 1900 with columns, stained glass, detailed woodwork, and soaring ceilings
- 4 bedrooms, 3 full baths, and 2 half baths
- Two primary suites, finished attic, and basement storage
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
$33,878
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
5.22%
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%
$677,560
$677.6K
Cap Rate 7%
$483,971
$484.0K
Cap Rate 9%
$376,422
$376.4K
Market Conditions
NOI Build-Up for 3,422 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
$61.6K $18.00/SF
− Vacancy
−$7.4K −$2.16/SF
EGI
$54.2K $15.84/SF
− OpEx
−$20.3K −$5.94/SF
NOI
$33.9K $9.90/SF
Area
Grayson County, TX
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$677,560
Cap Rate 7%
$483,971
Cap Rate 9%
$376,422
Alternative Uses
Best Use
Mixed Use
$484.0K
$423.5K – $564.6K
NOI $33,878 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$1.76M
$1.54M – $2.05M
NOI $122,884 @ 7.0% cap · market cap 18.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,064
Businesses Nearby
Explore this area
Business Placement
Demographics for 75090, TX
25,002
Population
9,602
Households
2.6
Avg Household Size
35
Median Age
15%
College-Educated
84%
High-School Grad
78.5 sq mi
ZIP Area
318
Density / Sq Mi
$58,586
Median Household Income
$36,230
Median Earnings
$1,111
Median Rent
$163,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - C-1 zoning supports a range of stated commercial use categories.
Where is this mixed-use property located?
The property is located at 511 Travis St Sherman, TX.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Built in 1900 with columns, stained glass, detailed woodwork, and soaring ceilings; 4 bedrooms, 3 full baths, and 2 half baths; Two primary suites, finished attic, and basement storage
