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    510 6Th St Mineral Wells, TX 76067
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    Property profile & analytics

    510 6Th St Mineral Wells, TX 76067

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    • Commercial real estate
    • 0.23 lot acres
    Off-Market
    Property ID
    US82-5544531
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 510 6Th St

    Year built
    1920
    Lot size
    0.23 lot acres
    Property type
    Commercial real estate
    APN
    27853

    Description

    This charming 1920s-era triplex in Mineral Wells, Texas, presents a unique investment opportunity. Located at 510 NW 6th St (also including 508 NW 6th St), this property sits on a 0.23-acre lot and consists of two buildings, each two stories high. The property features two spacious two-bedroom apartments and a one-bedroom apartment located in a converted garage. Recent updates include plumbing upgrades throughout, a kitchen renovation in the downstairs unit in 2022, and upstairs unit and garage apartment bathroom and plumbing updates completed in 2023. While some cosmetic work and electrical updates are needed, this property offers significant potential for rental income or multigenerational living. The asking price is $299,000, translating to $82 per square foot. The property's APN is 27853. This is an excellent opportunity to own a piece of Mineral Wells history and capitalize on the potential for future appreciation. The property is located in Palo Pinto County, Texas, zip code 76067. This multifamily investment is ideal for those seeking a hands-on project with high return potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Mineral Wells
    County
    Palo Pinto
    State
    Texas
    Longitude
    -98.1170668
    Latitude
    32.813963

    Comparable in this City

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      4.88 Acres on State Highway

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    Similar Nearby for Sale

    • $565,000
      0.84 Acres

      Charming 1911 Four Square Home

      Classic home with updated apartment, large lot, and shop.
      207a NW 4Th Ave, Mineral Wells, TX 76067
      View Details
    • $699,000
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      Versatile Warehouse with Office, Apartment

      2-acre property with shop, office, apartment, and solar panels.
      413 Lee Rd, Mineral Wells, TX 76067
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      0.24 Acres

      Land in Local Business District

      Unimproved land zoned for local business in Mineral Wells, TX.
      1402 SE 6Th Ave, Mineral Wells, TX 76067
      View Details
    • $289,000
      6.00 Acres

      6 Acre Riverfront Land

      Unimproved land in Brazos Mountain Ranch, Mineral Wells, TX.
      Shoals Lot 133 Riv, Mineral Wells, TX 76067
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    • $135,000
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      Palo Pinto County Land

      5+ acre tract in Palo Pinto County, Texas.
      36 Big Bend Rd, Mineral Wells, TX 76067
      View Details
    • $429,900
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      4.88 Acres on State Highway

      4.88 acres of improved land with highway frontage.
      2500 S Oak Ave, Mineral Wells, TX 76067
      View Details

    Similar Nearby for Lease

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      Versatile Medical/Office Building For Lease

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      Mineral Wells Retail Space Available

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    Mineral Wells, TX 76067
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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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    510 6Th St, Mineral Wells, TX, 76067
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