Multi-Tenant Office Condo
New
For Sale
$2,930,000
1120 S Coit Rd, Prosper, TX 75078
Five-building office condominium community with medical and general office space, durable construction, and tenant utility connections.
Property Size6,948 SF
Days on Market2
Property Features for 1120 S Coit Rd
General Information
Standard status
Active
Size
6,948 SF
Class
B
Property subtype
Office
Additional Details
Utilities to Site
Yes
Amenities
monument signage
Building Details
Building Size
6,948 SF
Year Built
2020
Buildings
5
Construction
limestone, brick, cast stone
Tenancy
Multi
Listing Agency:
Engvest Group - eXp Commercial
Listed By:
Daniel Eng | CCIM · License #TX #514529
(214) 926-3666
Source:
7s
Added: Sep 9
Last Checked: Sep 10 at 7:00AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Engvest Group - eXp Commercial
Investment Insights
Based on property information with market context.
Whispering Gables is a five-building office condominium development designed for multiple medical and general office users. The property includes a 2,869-square-foot building under a long-term lease with Cook Children’s. Building exteriors combine natural Texas limestone, brick, and cast stone, while metal roofing was constructed to UL-90 requirements and carries a 16-year finish warranty. Supplemental FRT-rated plywood decking was installed above the purlins to provide additional acoustic separation.
Site infrastructure includes drought-tolerant native landscaping with drip irrigation and rain-sensing controls. Each tenant space has a 2-inch domestic water connection without hot water, a 4-inch sanitary connection, and access to 600A, 208V, 4 phased power through wireway gutter to the tenant meter and connection. Downspouts connect directly to the underground storm sewer system without outfall to grade. The property was built in 2020 and is located at 1120 S Coit Rd in Prosper, Texas.
Site infrastructure includes drought-tolerant native landscaping with drip irrigation and rain-sensing controls. Each tenant space has a 2-inch domestic water connection without hot water, a 4-inch sanitary connection, and access to 600A, 208V, 4 phased power through wireway gutter to the tenant meter and connection. Downspouts connect directly to the underground storm sewer system without outfall to grade. The property was built in 2020 and is located at 1120 S Coit Rd in Prosper, Texas.
Key Highlights
- Five‑building medical and general office condominium development
- 2,869 SF building leased long term to Cook Children’s
- Natural Texas limestone, brick, and cast stone exterior cladding
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$96,614
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.30%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,932,280
$1.9M
Cap Rate 7%
$1,380,200
$1.4M
Cap Rate 9%
$1,073,489
$1.1M
Market Conditions
NOI Build-Up for 6,948 SF
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.
Gross rent
$180.9K $26.04/SF
− Vacancy
−$19.9K −$2.86/SF
EGI
$161.0K $23.18/SF
− OpEx
−$64.4K −$9.27/SF
NOI
$96.6K $13.91/SF
Area
Collin County, TX
Vacancy
11.00%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,932,280
Cap Rate 7%
$1,380,200
Cap Rate 9%
$1,073,489
Alternative Uses
Best Use
Healthcare Medical
$1.38M
$1.21M – $1.61M
NOI $96,614 @ 7.0% cap · market cap 3.30%
Second Best
Office B
$1.26M
$1.10M – $1.47M
NOI $88,114 @ 7.0% cap · market cap 3.01%
Theoretical Best
Industrial
$6.90M
$6.04M – $8.05M
NOI $483,277 @ 7.0% cap · market cap 16.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
98
Businesses Nearby
Explore this area
Business Placement
Demographics for 75078, TX
38,980
Population
14,409
Households
2.7
Avg Household Size
34
Median Age
63%
College-Educated
97%
High-School Grad
31.6 sq mi
ZIP Area
1,234
Density / Sq Mi
$187,634
Median Household Income
$82,714
Median Earnings
$2,284
Median Rent
$650,600
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Five-building office condominium community with medical and general office space, durable construction, and tenant utility connections.
Where is this office units located?
The property is located at 1120 S Coit Rd Prosper, TX.
What is the asking price?
The asking price for this property is $2,930,000.
What are key features of this property?
This property features: Five‑building medical and general office condominium development; 2,869 SF building leased long term to Cook Children’s; Natural Texas limestone, brick, and cast stone exterior cladding
