1.15 Acres Lot
1.15 Acres Lot
Key Details
Property Type Commercial
Sub Type Business
Listing Status Active
Purchase Type For Sale
Subdivision Sherman
MLS Listing ID 21237501
Total Fin. Sqft 1288
Year Built 1948
Annual Tax Amount $10,966
Lot Size 1.150 Acres
Acres 1.15
Property Sub-Type Business
Property Description
Position your next commercial project in one of North Texas' fastest-growing markets. This 1.15-acre Opportunity Zone property offers exceptional flexibility for investors, developers, and owner-users looking to capitalize on Sherman's continued expansion.
Formerly operated as a 33-unit drive-up motel, the property is no longer permitted to operate as a motel under City of Sherman regulations, creating an ideal blank canvas for redevelopment. The site is zoned C-2 General Commercial, allowing for a broad range of commercial uses including retail, office, medical, restaurant, hospitality, service businesses, and much more.
Whether your vision is to renovate the existing structures into multi-tenant retail or professional office space, or completely redevelop the property, this site provides outstanding potential. The City of Sherman has agreed to demolish all three existing buildings should a buyer elect to build from the ground up, significantly reducing redevelopment costs. The site is also suitable for new construction, including a new hotel, subject to applicable city approvals and permitting.
Located on highly visible Texoma Parkway, one of Sherman's primary commercial corridors, the property benefits from strong traffic counts, excellent accessibility, and proximity to major employers, retail centers, and the rapidly expanding North Texas economy.
As an Opportunity Zone investment, qualified buyers may also benefit from significant capital gains tax incentives. Buyers should consult their tax advisor regarding eligibility and program requirements.
Whether you're planning a retail center, office complex, hospitality development, or a custom commercial project, 2424 Texoma Pkwy offers the location, zoning, and flexibility to bring your vision to life.
Location
State TX
County Grayson
Zoning C2-Retail Zone
Direction From Dallas, head North on US 75, and exit 63. Right onto E US 82 Frontage Road. Take 82 East and exit 643, to HWY 91 and Texoma Pkwy. Right onto N Texoma Pkwy. Property is on the Right. 2424 Texoma Pkwy, Sherman.
Interior
Heating Central
Cooling Central Air
Flooring Combination
Heat Source Central
Exterior
Utilities Available City Sewer, City Water, Electricity Connected
Roof Type Composition
Garage No
Building
Foundation Slab
Structure Type Brick
Others
Acceptable Financing 1031 Exchange, Cash, Conventional
Listing Terms 1031 Exchange, Cash, Conventional
Virtual Tour https://www.propertypanorama.com/instaview/ntreis/21237501
Nearby Locations
18333 Preston Rd # 100, Dallas, TX 75252, United States