Mixed-Use Property with Adaptive
New
For Sale
$475,000
602 S Broadway, Tyler, TX 75701
Corner property with flexible interior features and Adaptive Reuse zoning near Downtown Tyler.
Property Size5,091 SF
Price / SF$93.30
Days on Market7
Property Features for 602 S Broadway
General Information
Standard status
Active
Size
5,091 SF
Property subtype
Multi-Family
Zoning
Adaptive Reuse
Additional Details
Road Access
Yes
Building Details
Year Built
1965
Buildings
1
Building Size
5,091 SF
Listing Agency:
RE/MAX Professionals
(903) 780-8015
Listed By:
Brad Newberry
(903) 780-8015
Source:
Newberryre
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 26 at 12:48PM
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 RE/MAX Professionals
Investment Insights
Based on property information with market context.
Built in 1965, this 5,091-square-foot property is a former multifamily residence with a configuration suited to adaptive reuse. The interior includes multiple bathrooms, two kitchens, several access points, and original details such as hardwood flooring, a pressed-tin ceiling, and an open staircase. On-site parking is also provided. Adaptive Reuse zoning supports potential office, multifamily, single-family residential, or retail applications.
The property occupies the corner of Houston Street and S. Broadway Avenue at 602 S Broadway in Tyler. It is near Downtown Tyler, CHRISTUS Trinity Mother Frances Health System, and UT Health East Texas, placing the building within an active urban corridor. The combination of its existing residential layout, commercial-use flexibility, and prominent corner setting creates a practical platform for an owner-user, investor, or redevelopment project.
The property occupies the corner of Houston Street and S. Broadway Avenue at 602 S Broadway in Tyler. It is near Downtown Tyler, CHRISTUS Trinity Mother Frances Health System, and UT Health East Texas, placing the building within an active urban corridor. The combination of its existing residential layout, commercial-use flexibility, and prominent corner setting creates a practical platform for an owner-user, investor, or redevelopment project.
Key Highlights
- 5,091 SF property built in 1965
- Adaptive Reuse zoning supports office, multifamily, single‑family residential, or retail uses
- Corner location at Houston Street and S. Broadway Avenue
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
$43,093
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
9.07%
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%
$861,860
$861.9K
Cap Rate 7%
$615,614
$615.6K
Cap Rate 9%
$478,811
$478.8K
Market Conditions
NOI Build-Up for 5,091 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
$82.5K $16.20/SF
− Vacancy
−$4.1K −$0.81/SF
EGI
$78.4K $15.39/SF
− OpEx
−$35.3K −$6.93/SF
NOI
$43.1K $8.46/SF
Area
Tyler, TX
Vacancy
5.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$861,860
Cap Rate 7%
$615,614
Cap Rate 9%
$478,811
Alternative Uses
Best Use
Mixed Use
$769.1K
$673.0K – $897.3K
NOI $53,837 @ 7.0% cap · market cap 11.33%
Second Best
Apartment 5plus
$615.6K
$538.7K – $718.2K
NOI $43,093 @ 7.0% cap · market cap 9.07%
Theoretical Best
Office A
$1.14M
$994.3K – $1.33M
NOI $79,540 @ 7.0% cap · market cap 16.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,297
Businesses Nearby
Explore this area
Business Placement
Demographics for 75701, TX
34,502
Population
14,630
Households
2.4
Avg Household Size
35
Median Age
29%
College-Educated
89%
High-School Grad
14.1 sq mi
ZIP Area
2,447
Density / Sq Mi
$62,091
Median Household Income
$29,448
Median Earnings
$1,250
Median Rent
$190,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner property with flexible interior features and Adaptive Reuse zoning near Downtown Tyler.
Where is this mixed-use property located?
The property is located at 602 S Broadway Tyler, TX.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 5,091 SF property built in 1965; Adaptive Reuse zoning supports office, multifamily, single‑family residential, or retail uses; Corner location at Houston Street and S. Broadway Avenue
