Flex Space with Two Bay
For Sale
$349,000
700 South Interstate Highway 45, Ennis, TX 75119
Ennis, TX
Property Size2,540 SF
Lot Size0.21 Acres
Price / SF$137.40
Days on Market17
Property Features for 700 South Interstate Highway 45
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Lot size
0.21 Acres
Amenities
central heating and cooling
durable concrete flooring
fully finished office space
two bathrooms
Building Details
Year built
1986
Listing Agency:
NextHome Property Advisors
(972) 246-8297
Listed By:
Dillon Newman · License #822700,PersonLicenseNumber
(972) 679-5886
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 29 at 1:06AM
MLS# 21175114
Copyright © 2026 NextHome, 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 2,540-square-foot shop and workshop warehouse with two bay doors, durable concrete flooring, a finished office, and two bathrooms. The metal building was constructed in 1986 and has central heating and cooling. Its adaptable interior can accommodate workshop, storage, office, showroom, automotive, fabrication, or service-oriented operations, subject to applicable requirements.
Located at 700 South Interstate Highway 45 in Ennis, the property fronts the I-45 corridor and sits next to the Buc-ee's travel center. The site benefits from exposure to an estimated 7,800+ vehicles passing daily, providing a visible setting for a range of commercial activities.
Located at 700 South Interstate Highway 45 in Ennis, the property fronts the I-45 corridor and sits next to the Buc-ee's travel center. The site benefits from exposure to an estimated 7,800+ vehicles passing daily, providing a visible setting for a range of commercial activities.
Key Highlights
- 2,540‑square‑foot shop and workshop warehouse
- Two bay doors with durable concrete flooring
- Finished office space and two bathrooms
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
$17,663
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
5.06%
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%
$353,260
$353.3K
Cap Rate 7%
$252,329
$252.3K
Cap Rate 9%
$196,256
$196.3K
Market Conditions
NOI Build-Up for 2,540 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
$22.9K $9.00/SF
− Vacancy
−$2.1K −$0.82/SF
EGI
$20.8K $8.18/SF
− OpEx
−$3.1K −$1.23/SF
NOI
$17.7K $6.95/SF
Area
Ellis County, TX
Vacancy
9.10%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$353,260
Cap Rate 7%
$252,329
Cap Rate 9%
$196,256
Alternative Uses
Best Use
Retail
$602.3K
$527.0K – $702.7K
NOI $42,160 @ 7.0% cap · market cap 12.08%
Second Best
Warehouse
$252.3K
$220.8K – $294.4K
NOI $17,663 @ 7.0% cap · market cap 5.06%
Theoretical Best
Multifamily LT 5
$27.72M
$24.25M – $32.33M
NOI $1,940,091 @ 7.0% cap · market cap 555.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7,800 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
371
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75119, TX
28,973
Population
11,738
Households
2.5
Avg Household Size
35
Median Age
20%
College-Educated
80%
High-School Grad
264.2 sq mi
ZIP Area
110
Density / Sq Mi
$76,983
Median Household Income
$41,861
Median Earnings
$1,230
Median Rent
$238,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Catered Delights LLC — 307 E Lampasas St, Ennis, TX 75119
Frequently Asked Questions
What type of property is this?
Flex space - Commercial flex property with office space, work areas, central HVAC, and direct access to I-45.
Where is this flex space located?
The property is located at 700 South Interstate Highway 45 Ennis, TX.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 2,540‑square‑foot shop and workshop warehouse; Two bay doors with durable concrete flooring; Finished office space and two bathrooms
