Mixed-Use Retail and Residential
For Sale
$1,100,000
613 615 & 617 Highway 75 N, Willis, TX 77378
Retail frontage is paired with multiple leased residential dwellings, creating a mixed-use configuration.
Property Size7,765 SF
Price / SF$141.66
Days on Market219
Property Features for 613 615 & 617 Highway 75 N
General Information
Standard status
Active
Size
7,765 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,395
Listing Agency:
Arrowstar Realty
(936) 672-2087
Listed By:
Robert Graham · License #466722
(936) 672-2087
Source:
Exprealty
Added: Jan 23
Changed: Aug 30
Last Checked: Aug 30 at 4:16AM
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 Arrowstar Realty
Investment Insights
Based on property information with market context.
This mixed-use property combines retail-facing improvements with a residential component on 1.87 acres. The offering includes 7,765 square feet of property improvements, a house, three mobile homes, and an additional smaller home positioned behind the retail buildings. The layout separates the residential dwellings from the highway-facing commercial frontage.
Located at 613, 615 & 617 Highway 75 N in Willis, the property sits along Highway 75 with access to I-45 and Conroe a few minutes away. All residential homes are currently leased, providing an existing occupancy component alongside the retail frontage buildings.
Located at 613, 615 & 617 Highway 75 N in Willis, the property sits along Highway 75 with access to I-45 and Conroe a few minutes away. All residential homes are currently leased, providing an existing occupancy component alongside the retail frontage buildings.
Key Highlights
- 1.87‑acre mixed‑use property with retail frontage and residential dwellings
- Includes a house, three mobile homes, and one additional small home
- 7,765 square feet of property improvements
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
619
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 frontage is paired with multiple leased residential dwellings, creating a mixed-use configuration.
Where is this mixed-use property located?
The property is located at 613 615 & 617 Highway 75 N 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 with retail frontage and residential dwellings; Includes a house, three mobile homes, and one additional small home; 7,765 square feet of property improvements
