Wooded Flex
For Sale
$275,000
6400 Midway Road, Springtown, TX 76082
CommercialSale, Springtown, TX
Property Size2,400 SF
Lot Size1.41 Acres
Price / SF$114.58
Days on Market50
Property Features for 6400 Midway Road
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Midway Church Estates
Directions
From Azle: West on Highway 199 approx. 5 miles. Left on Midway Road. 6400 on the left in 0.8 miles. From Springtown: East on Highway 199 approx. 6 miles. Right on Midway Road. 6400 on the left in 0.8 miles.
Standard status
Active
APN
R000090032
Lot size
1.41 Acres
Taxes and HOA fees
Tax Description
ACRES: 1.410 LOT: 1 BLK: 1 SUBD: MIDWAY CHURC
Tax Annual Amount
1503
Legal Description
ACRES: 1.410 LOT: 1 BLK: 1 SUBD: MIDWAY CHURC
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Building Details
Floors in Building
1
Number of units
1
Flooring type
Carpet
Building materials
MetalSiding
Roof type
Metal
Listing Agency:
Keller Williams Heritage West · Keller Williams Realty
(817) 441-4000
Listed By:
Shane Woods · License #0660315
(817) 475-5261
Added: Jul 28
Changed: Sep 10
Last Checked: Sep 15 at 5:06PM
MLS# 21343224
Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property includes a 2,400-square-foot metal building on 1.41 wooded acres. The interior combines open workspace with a private office, classrooms, and storage areas, while restroom plumbing is already installed. The building has carpet flooring, central electric heating and cooling, a metal roof, and electric service connected to the property.
Located in unincorporated Parker County with no zoning, the property uses co-op water and a septic tank. Concrete parking is provided on site, and the setting includes mature trees with room to expand. Highway 199 is only minutes away. Potential applications identified for the layout include workshop, machine shop, studio, retail, office, daycare, and community uses.
Located in unincorporated Parker County with no zoning, the property uses co-op water and a septic tank. Concrete parking is provided on site, and the setting includes mature trees with room to expand. Highway 199 is only minutes away. Potential applications identified for the layout include workshop, machine shop, studio, retail, office, daycare, and community uses.
Key Highlights
- 2,400 SF metal building on 1.41 wooded acres
- Open flex layout with private office, classrooms, and storage
- Restroom plumbing already in place
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
$17,597
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
6.40%
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%
$351,940
$351.9K
Cap Rate 7%
$251,386
$251.4K
Cap Rate 9%
$195,522
$195.5K
Market Conditions
NOI Build-Up for 2,400 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
$28.8K $12.00/SF
− Vacancy
−$1.7K −$0.72/SF
EGI
$27.1K $11.28/SF
− OpEx
−$9.5K −$3.95/SF
NOI
$17.6K $7.33/SF
Area
Parker County, TX
Vacancy
6.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$351,940
Cap Rate 7%
$251,386
Cap Rate 9%
$195,522
Alternative Uses
Best Use
Industrial
$2.38M
$2.09M – $2.78M
NOI $166,935 @ 7.0% cap · market cap 60.70%
Second Best
Flex RnD
$251.4K
$220.0K – $293.3K
NOI $17,597 @ 7.0% cap · market cap 6.40%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
56
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 76082, TX
21,514
Population
8,576
Households
2.5
Avg Household Size
40
Median Age
16%
College-Educated
87%
High-School Grad
102.8 sq mi
ZIP Area
209
Density / Sq Mi
$93,553
Median Household Income
$49,323
Median Earnings
$1,275
Median Rent
$277,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Metal commercial building with office, classroom, storage, and restroom plumbing in place.
Where is this flex space located?
The property is located at 6400 Midway Road Springtown, TX.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 2,400 SF metal building on 1.41 wooded acres; Open flex layout with private office, classrooms, and storage; Restroom plumbing already in place
