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    1900 Firman Dr Richardson, TX 75081

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    For Lease
    $13 SF/Yr

    Office and flex space in a tranquil, park-like setting.

    Building Details

    Year built
    1984

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    Listing Contact
    Jessica Reinhardt
    Jessica Reinhardt
    Source: Lee-associates

    Listing Agency: Lee & Associates Dallas/Fort Worth Listing Agent: Jessica Reinhardt

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Office/Flex Space in Richardson, TX

    Central Park Business Center features two buildings, Phase I and Phase II, situated in a tranquil, park-like setting. The property is strategically located minutes from the Central Expressway, Richardson Telecom Corridor, The University of Texas at Dallas, Collin County Community College, Downtown Plano, the DART rail line, LBJ Freeway, the George Bush Tollway, and Highway 121. The property offers office and flex space suitable for various business needs. Restaurants and hotels are plentiful in the surrounding area.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Avaya Inc Telecommunications Service KLA Instruments Corporation Industrial Manufacturer MPS Acoustics Acoustical Consultant Sipera Systems Inc (Bike/Boat/Book/etc) Store Dallas Acoustic Panels Acoustical Consultant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

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

    Similar Places Nearby

    Urban Eatz, Heritage Caterers, OCB Catering Company, chatore, Carl's Kitchen

    Location Insight

    • Map
    • Local Demand
    City
    Richardson
    County
    Dallas
    State
    Texas
    Longitude
    -96.7076133
    Latitude
    32.973668

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    FAQs

    What type of property is this?
    Flex space - Office and flex space in a tranquil, park-like setting.
    Where is this flex space located?
    The property is located at 1900 Firman Dr Richardson, TX.
    What is the lease rate?
    The lease rate is $13 SF/Yr.
    What are key features of this property?
    This property features: - Strategically located minutes from Central Expressway, Richardson Telecom Corridor, UT Dallas, Collin County Community College, Downtown Plano, DART rail line, LBJ Freeway, George Bush Tollway and Highway 121.; - Two-building Office/Flex property suitable for a variety of business needs.; - Tranquil, park-like setting.
    (972) 891-5236
    Request Owner's contact information
    1900 Firman Dr Richardson, TX 75081
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    Richardson, TX 75081
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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
    1900 Firman Dr Richardson, TX 75081
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    We can help!
    Listing Contact
    Jessica Reinhardt
    Jessica Reinhardt
    Real Estate License ID: 471877
    (972) 891-5236 (972) 934-4000 (972) 934-4005
    Learn more
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