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    511 Cook St Josephine, TX 75189

    Sponsored
    For Sale
    $1,300,000

    Prime 5-acre development opportunity in Josephine, TX.

    Property size:
    2,507 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    354
    This exceptional 5-acre property, located at 511 E Cook Street in Josephine, Texas, presents a unique investment opportunity. Currently improved with a 2,507 square foot custom home, the property offers significant flexibility for redevelopment. Its zoning allows for either commercial office space conversion of the existing structure or development as a residential subdivision. The strategic location in rapidly growing eastern Collin County, near Rockwall, Royce City, and Greenville, ensures high demand and potential for significant return. The property boasts excellent road frontage on both E Cook Street and Caddo Street, providing convenient access and visibility. Existing infrastructure includes a 6-inch water line on E Cook Street, and nearby 8-inch and 10-inch wastewater lines are readily accessible, simplifying the development process. Surrounded by several new residential subdivisions, this property is ideally positioned to capitalize on the area's booming growth. The existing home provides immediate income potential while development plans are finalized, offering a versatile and attractive investment prospect. The combination of existing improvements, flexible zoning, and prime location makes this a truly exceptional opportunity for discerning investors seeking substantial returns in a thriving market. The 2,507 square foot building offers ample space for immediate use or future renovation.

    Property Features for 511 Cook St

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    2,507 SF
    Lot Size
    217,800 SF

    Building Details

    Year Built
    2014

    We can help!

    Listing Contact
    David Gloria

    Learn more

    Property Insight Report
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Properties & Spaces

    Suggested Use

    Restaurant Realty agency Building Supply Wholesale Shop Clothing Store Department Store Kitchen & Bath Storage Facility HVAC Service Electrical Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Josephine
    County
    Collin
    State
    Texas
    Longitude
    -96.30051
    Latitude
    33.06273

    Nearby Comparable

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    Nearby Similar for Sale

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    • $1,200,000
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      Josephine, TX Commercial Land Opportunity

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      609 Cook St, Josephine, TX 75189
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    FAQs

    What type of property is this?
    Office Property Space - Prime 5-acre development opportunity in Josephine, TX.
    Where is this office property space located?
    The property is located at 511 Cook St Josephine, TX.
    What is the asking price?
    The asking price for this property is $1,300,000.
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    511 Cook St Josephine, TX 75189
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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
    511 Cook St Josephine, TX 75189
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    David Gloria
    Learn more
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