Mixed-Use Property with Retail
For Sale
$1,100,000
613 615 & 617 N Highway 75, Willis, TX 77378
Retail buildings and four residential improvements create a multi-component property with existing leases across the site.
Property Size7,765 SF
Lot Size1.87 Acres
Price / SF$141.66
Days on Market219
Property Features for 613 615 & 617 N Highway 75
General Information
Standard status
Active
Size
7,765 SF
Lot size
1.87 Acres
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,395
Amenities
Yes
Washer Hookup,Dryer Hookup
Appraiser
Cleared
81631
Survey
7765
Building Details
Building Size
7,765 SF
Year Built
1961
Stories
1
Tenancy
Multi
Listing Agency:
Blake & Associates Realty
(936) 494-9999
Listed By:
Sarah Conway · License #466722
(936) 494-9999
Source:
Garygreene
Added: Jan 23
Changed: Aug 30
Last Checked: Aug 30 at 1:49PM
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 Blake & Associates Realty
Investment Insights
Based on property information with market context.
This mixed-use property combines retail frontage buildings with four residential improvements on 1.87 acres. The residential component includes a house, three mobile homes, and one additional small home, while the retail structures face N Highway 75. The property totals 7,765 square feet and was built in 1961.
Located in Willis along Highway 75, the site is near I-45 and Conroe. All residential homes are currently leased, providing an existing occupancy component alongside the retail improvements. The address includes 613, 615 & 617 N Highway 75.
Located in Willis along Highway 75, the site is near I-45 and Conroe. All residential homes are currently leased, providing an existing occupancy component alongside the retail improvements. The address includes 613, 615 & 617 N Highway 75.
Key Highlights
- 1.87‑acre mixed‑use property in Willis
- 7,765 square feet of total property size
- Retail frontage buildings positioned along Highway 75
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
$81,587
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
7.42%
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%
$1,631,740
$1.6M
Cap Rate 7%
$1,165,529
$1.2M
Cap Rate 9%
$906,522
$906.5K
Market Conditions
NOI Build-Up for 7,765 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
$157.5K $20.28/SF
− Vacancy
−$9.1K −$1.18/SF
EGI
$148.3K $19.10/SF
− OpEx
−$66.8K −$8.60/SF
NOI
$81.6K $10.51/SF
Area
Montgomery County, TX
Vacancy
5.80%
Lease Rate
$20.28 /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%
$1,631,740
Cap Rate 7%
$1,165,529
Cap Rate 9%
$906,522
Alternative Uses
Best Use
Retail
$1.50M
$1.32M – $1.75M
NOI $105,290 @ 7.0% cap · market cap 9.57%
Second Best
Apartment 5plus
$1.17M
$1.02M – $1.36M
NOI $81,587 @ 7.0% cap · market cap 7.42%
Theoretical Best
Specialty Retail
$1.96M
$1.72M – $2.29M
NOI $137,221 @ 7.0% cap · market cap 12.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
31
Businesses Nearby
Explore this area
Business Placement
Demographics for 77378, TX
17,417
Population
6,503
Households
2.7
Avg Household Size
35
Median Age
18%
College-Educated
81%
High-School Grad
89.1 sq mi
ZIP Area
195
Density / Sq Mi
$68,595
Median Household Income
$38,221
Median Earnings
$1,408
Median Rent
$177,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Retail buildings and four residential improvements create a multi-component property with existing leases across the site.
Where is this mixed-use property located?
The property is located at 613 615 & 617 N Highway 75 Willis, TX.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 1.87‑acre mixed‑use property in Willis; 7,765 square feet of total property size; Retail frontage buildings positioned along Highway 75
