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    Princeton Commercial Property For Sale Title is generated by Realmo AI

    213 Mckinney Avenue, Princeton, TX 75407

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    For Sale
    $550,000

    Office - Princeton, TX

    Type:Office
    Property size:
    1,800 SF
    Lot size:
    0.22 Acres
    Price / SF:
    $305/SF
    Added:
    Apr 13, 2026
    Days on Market:
    49
    Last Refresh:
    May 31 at 5:06 am

    Property Features for 213 Mckinney Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Standard status
    Active
    APN
    R0952013001R1
    Size
    1,800 SF
    Lot size
    0.22 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Central Air, Electric

    Building Details

    Year built
    1952
    Flooring type
    Vinyl
    Building materials
    Frame
    Roof type
    Composition, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Angela Harwell

    Listing agent Angela Harwell License #0681213

    Listing office Coldwell Banker Apex, REALTORS 1778 W. McDermott #100, Allen, TX

    Listing date Apr 13, 2026

    MLS# 21237080 Listing URL

    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

    • Fully Permitted Commercial Use: Offers immediate occupancy or investment opportunities.
    • Completely Rebuilt: Features all‑new foundation, framing, walls, bathrooms, electrical, and plumbing.
    • Strategic Downtown Location: High‑visibility corner in the downtown district.
    • Ready for Immediate Occupancy: Minimizing downtime and upfront capital expenditures.
    • Versatile Use Potential: Ideal for a salon spa, retail boutique, café, office, short‑term residential, or future redevelopment.
    • Existing Infrastructure: Includes a kitchen, two restrooms, tankless gas water heater, washer and dryer connections, two shampoo bowl connections, a partially completed shower, ample storage areas, and waiting area.

    Overview

    Located on almost a half acre, this property offers approximately 1800 SF of space. It has been fully permitted and transitioned from residential to commercial use. The interior features a new foundation, framing, walls, bathrooms, electrical, and plumbing. The property includes a kitchen, two restrooms, a tankless gas water heater, washer and dryer connections, two shampoo bowl connections, a partially completed shower, ample storage areas, and a waiting area. It also features three points of entry and a parking area. Positioned in the downtown district at the southwest corner of McKinney Avenue and N 3rd Street, the site benefits from visibility, accessibility, and corner presence. The property is suitable for a salon spa, retail boutique, café, office, short-term residential such as an AirBnB, or future redevelopment. The lot size is 0.224 acres. The property is located in Princeton, Collin County, Texas.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $43.4k $24.12
    − Vacancy −$2.0k −$1.13
    EGI $41.4k $22.99
    − OpEx −$12.4k −$6.90
    NOI $29.0k $16.09
    1,800 SF · lease $24.12/SF/yr · vacancy 4.70% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $413.8K
    $362.0K – $482.7K (±1% cap)
    NOI $28,963 @ 7.0% cap · market cap 5.27%
    Second Best
    Apartment 5plus
    $391.0K
    $342.1K – $456.2K (±1% cap)
    NOI $27,371 @ 7.0% cap · market cap 4.98%
    Theoretical Best
    Industrial
    $1.79M
    $1.57M – $2.09M (±1% cap)
    NOI $125,201 @ 7.0% cap · market cap 22.76%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Spa & wellness properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Princeton
    County
    Collin
    State
    Texas
    Longitude
    -96.498816
    Latitude
    33.180695

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    FAQs

    What type of property is this?
    Spa & wellness property - Commercial property in downtown Princeton, TX, suitable for various businesses.
    Where is this spa & wellness property located?
    The property is located at 213 Mckinney Avenue Princeton, TX.
    What is the asking price?
    The asking price for this property is $550,000.
    What are key features of this property?
    This property features: Fully Permitted Commercial Use: Offers immediate occupancy or investment opportunities.; Completely Rebuilt: Features all‑new foundation, framing, walls, bathrooms, electrical, and plumbing.; Strategic Downtown Location: High‑visibility corner in the downtown district.
    (972) 727-3377
    We can help!
    Listing Contact
    Angela Harwell
    Real Estate License ID: 0681213
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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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