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    1727 Fannin St Vernon, TX 76384

    • Commercial real estate
    • 19,800 SF
    • 0.11 lot acres
    For Sale
    View listing
    $350,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-6407919
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 1727 Fannin St

    Year built
    1928
    Lot size
    0.11 lot acres
    Property size
    19,800 SF
    Property type
    Commercial real estate
    APN
    2
    APU
    2

    Description

    This remarkable 14,580-square-foot commercial building, situated on a 0.11-acre lot at 1727 Fannin Street in Vernon, Texas, presents a rare investment opportunity. Constructed in 1928 by renowned Texas rancher C.T. Herring, the building boasts a stunning, meticulously preserved terra-cotta facade featuring the original Montgomery Ward & Company logo – "The Spirit of Progress." The architectural details are breathtaking, including urn statuary, foliage swags, and various medallions, all contributing to its historical significance. Originally serving as a Montgomery Ward store, this four-story structure offers a versatile layout suitable for a variety of commercial uses. The interior includes a blend of retail and warehouse space, providing ample room for diverse business needs. Adding to its unique appeal, the building also contains a residential apartment and a kitchen. While the original freight elevator was operational until 2023, its current status requires further investigation. This property offers a chance to own a piece of Texas history and capitalize on its significant potential in the vibrant Vernon market. Priced at $350,000, this is an exceptional opportunity for a discerning investor seeking a unique and historically significant commercial property. The building's prominent location and iconic facade ensure high visibility and potential for strong returns.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $295,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Vernon
    County
    Wilbarger
    State
    Texas
    Longitude
    -99.2852
    Latitude
    34.153
    CBSA code
    46900
    CBSA name
    VERNON, TX MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $873
    $6,550
    $28,840
    $35,390
    -
    $6,550
    $28,840
    $35,390

    Comparable in this City

    • Value Estimation
      $255,000
      0.29 Acres

      3711 Wilbarger St

      COMMERCIAL (GENERAL) • 0.29 Acres
      3711 Wilbarger St, Vernon, TX 76384-3260
      View Details
    • Value Estimation
      $255,000
      9,544 SF

      12188 23rd St

      COMMERCIAL (GENERAL) • 9,544 SF
      12188 23rd St, Vernon, TX 76384-8330
      View Details
    • Value Estimation
      $260,000
      1,800 SF

      1200 Bowie St

      COMMERCIAL (GENERAL) • 1,800 SF
      1200 Bowie St, Vernon, TX 76384
      View Details
    • Value Estimation
      $725,000
      54,831 SF

      4401 College Dr

      COMMERCIAL (GENERAL) • 54,831 SF
      4401 College Dr, Vernon, TX 76384-4004
      View Details
    • Value Estimation
      $340,000
      4,200 SF

      9340 County Rd 128th W

      COMMERCIAL (GENERAL) • 4,200 SF
      9340 County Rd 128th W, Vernon, TX 76384-8044
      View Details
    • Value Estimation
      $265,000
      1,768 SF

      1209 Cumberland St

      COMMERCIAL (GENERAL) • 1,768 SF
      1209 Cumberland St, Vernon, TX 76384
      View Details

    Similar Nearby for Sale

    • $350,000
      14,580 SF

      Historic Vernon Commercial Building

      Iconic Montgomery Ward Building, Huge Potential
      1727 Fannin St, Vernon, TX 76384
      View Details
    • $475,000
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      Updated Commercial Building with Parking

      Versatile commercial building in Vernon, TX with convenient parking.
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    • $265,000
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      Remodeled Home on 5+ Acres

      Move-in ready home with modern updates on 5.22 acres.
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    • Contact for pricing
      0.17 Acres

      Residential Lot in Vernon, TX

      Residential lot available in Vernon, Texas.
      1201 Houston St, Vernon, TX 76384
      View Details
    • $165,000

      Commercial Building in Vernon, Texas

      Versatile commercial building with retail space and large shops.
      1331 Cumberland St, Vernon, TX 76384
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    • $499,900
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      Vernon Industrial Property - 6 Acres

      Spacious industrial buildings, owner financing available.
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      View Details
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    1727 Fannin St
    Vernon, TX 76384
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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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