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    The Largest CRE Database in the US with Over 1 Million Listings

    331 Old Mill Rd Rhome, TX 76078

    Sponsored
    For Sale
    $745,000

    Historic Gristmill, prime Texas location.

    Property size:
    4,139 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    408
    This unique 4,139 square foot industrial property, situated on a 10,585 square foot lot in Rhome, Texas (76078), presents a compelling redevelopment opportunity. Currently vacant, this flex-space building, zoned for commercial use, offers significant potential for a variety of businesses. The property's history as Texas's first gristmill, dating back to the 1800s, adds character and charm. Previously configured as a contemporary residence and light industrial space, the building boasts two main-level bathrooms and a front reception area, ideal for a mercantile or similar venture. Imagine a coffee shop with live music on one side, and flexible event or office space upstairs. The expansive lot allows for potential expansion, additional parking, or even an outdoor stage. Located approximately two miles from the Rolling V Ranch, a large master-planned community, and conveniently situated near major highways (114 and Hwy 287), this property benefits from its proximity to significant growth and development. The property is only 29 miles from DFW International Airport and 26 miles from downtown Fort Worth, offering easy access to a large workforce and consumer base. The asking price is $745,000 ($180 per square foot). The seller is open to leasing options under the right terms. This is a value-add investment in a rapidly expanding area. The corporation-owned property is for sale by owner.

    Property Features for 331 Old Mill Rd

    General Information

    Property type
    Distribution properties
    Square Feet
    4,139 SF

    We can help!

    Listing Contact
    Link Karlen
    Link Karlen

    Learn more

    Property Insight Report

    HighLights

    • 4,139 SF industrial building on a 10,585 SF lot in Rhome, TX (76078).
    • Vacant flex‑space building, commercially zoned, ideal for redevelopment.
    • Historic gristmill (1800s), offering unique character.
    • Two bathrooms and a reception area.
    • Expansive lot allows for expansion and additional parking.
    • Located near major highways (114 & Hwy 287), Rolling V Ranch, DFW Airport, and Fort Worth.
    Property Profile Location Intelligence

    Current Use by Public Records

    Manufacturing properties

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Hair Salon Auto Repair Shop Nail Salon Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rhome
    County
    Wise
    State
    Texas
    Longitude
    -97.470176532648
    Latitude
    33.051073295676

    Nearby Comparable

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    Nearby Similar for Sale

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    • $645,000
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      331 Old Mill Rd, Rhome, TX 76078

      Commercial real estate • 4,139 SF
      331 Old Mill Rd, Rhome, TX 76078
      View Details

    FAQs

    What type of property is this?
    Distribution property - Historic Gristmill, prime Texas location.
    Where is this distribution property located?
    The property is located at 331 Old Mill Rd Rhome, TX.
    What is the asking price?
    The asking price for this property is $745,000.
    What are key features of this property?
    This property features: 4,139 SF industrial building on a 10,585 SF lot in Rhome, TX (76078).; Vacant flex-space building, commercially zoned, ideal for redevelopment.; Historic gristmill (1800s), offering unique character.
    Request Owner's contact information
    331 Old Mill Rd Rhome, TX 76078
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    Rhome, TX 76078
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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
    331 Old Mill Rd Rhome, TX 76078
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    We can help!
    Listing Contact
    Link Karlen
    Link Karlen
    Real Estate License ID: TX 0736507
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