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    Newly Built Retail Convenience Space Title is generated by Realmo AI

    902 Elliott Road, Southmayd, TX 75092

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    Claim this Listing
    For Lease
    $15 SF/Yr

    COMMERCIAL - Southmayd, TX

    Type:Retail
    Lot size:
    0.98 Acres
    Added:
    Apr 29, 2026
    Days on Market:
    36
    Last Refresh:
    Jun 3 at 2:06 am

    Property Features for 902 Elliott Road

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    122864
    Lot size
    0.98 Acres

    Taxes and HOA fees

    Tax Description
    G-0242 CALHOUN J C A-G0242, ACRES .978

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    2017
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Tile
    Building materials
    MetalSiding
    Roof type
    Metal

    We can help!

    Listing Contact
    Grant Gilbert

    Listing agent Grant Gilbert License #0798907

    Listing office C-21 DEAN GILBERT, REALTORS Sherman, TX

    Listing date Apr 29, 2026

    MLS# 21085287

    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.

    HighLights

    • Newer construction built in 2017 with metal siding, tile flooring, and a metal roof
    • Central heating and central air conditioning
    • Parking lot included
    • Built‑out interior for a convenient store, grocery store, or liquor store type use
    • Includes a walk‑in drink cooler, counters, and shelving with the lease
    • Located on Hwy 289 near Hwy 56

    Overview

    This newly built-out retail space is set up for a convenience store, grocery store, or liquor store type use. The improvements include a walk-in drink cooler, along with counters and shelving, providing an immediately operational foundation for the right operator. The layout is designed to support everyday retail needs, helping reduce the time and expense typically required to open and stock for business.

    Located on Hwy 289 near Hwy 56, the property benefits from a high-traffic setting. This visibility and access are key advantages for retailers seeking consistent drive-by exposure and convenient regional access. With a freestanding lot size of approximately 0.978 acres, the site offers room for a practical retail footprint aligned with neighborhood-serving uses.

    For tenants and investors, the real value here is the move-in-ready retail build-out. The included cooler, counters, and shelving support beverage and product merchandising, which can be particularly important for convenience-focused concepts. If you’re looking for a retail space already prepared for a retail grocery or liquor-style tenant, this offering provides a straightforward platform to launch and operate with less build-out friction.
    Property Profile Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Map

    City
    Southmayd
    County
    Grayson
    State
    Texas
    Longitude
    -96.698547
    Latitude
    33.626973

    FAQs

    What type of property is this?
    Grocery and convenience store - New build-out tailored for convenience, grocery, or liquor retail, with walk-in cooler, counters, and shelving included.
    Where is this grocery and convenience store located?
    The property is located at 902 Elliott Road Southmayd, TX.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: Newer construction built in 2017 with metal siding, tile flooring, and a metal roof; Central heating and central air conditioning; Parking lot included
    (903) 893-5188
    We can help!
    Listing Contact
    Grant Gilbert
    Real Estate License ID: 0798907
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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