Building Details

Year Built 1952

Listing Agency: Coldwell Banker Apex, REALTORS

Listed By: Angela Harwell · License #681213 Show Phone

Source: Heritance

Added: May 8 Changed: Oct 3 Last Checked: Oct 7 at 5:33PM

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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 Coldwell Banker Apex, REALTORS

Investment Insights

Based on property information with market context.

This commercial property, situated on nearly half an acre, offers approximately 1,800 square feet of functional space. The interior has been completely rebuilt, including the foundation, framing, walls, electrical, plumbing, and bathrooms. The property features multiple entry points and on-site parking. Located on a prime downtown corner at McKinney Avenue and N Third St, it provides strong visibility and accessibility. The property is outfitted for spa or salon use, featuring a kitchen, two restrooms, a tankless gas water heater, washer and dryer connections, shampoo bowl hookups, a partial shower, a waiting area, and ample storage. It has been fully transitioned to commercial use with permits in place. This property is suitable for retail, office, short-term rental, or redevelopment opportunities. It is ideal for an owner-operator or tenant.

Key Highlights

• Prime downtown corner location at McKinney Avenue & N Third St. offering strong visibility and accessibility
• Completely rebuilt interior offering a 'like‑new' asset
• Fully transitioned to commercial use with permits in place

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$23,246

Cap Rate

4.23%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$464,920 $464.9K

Cap Rate 7%

$332,086 $332.1K

Cap Rate 9%

$258,289 $258.3K

Market Conditions

NOI Build-Up for 1,833 SF

Gross rent

$40.3K $21.96/SF

− Vacancy

−$9.3K −$5.05/SF

EGI

$31.0K $16.91/SF

− OpEx

−$7.7K −$4.23/SF

NOI

$23.2K $12.68/SF

Area

Collin County, TX

Vacancy

23.00%

Lease Rate

$21.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$464,920

Cap Rate 7%

$332,086

Cap Rate 9%

$258,289

Alternative Uses

Best Use

Office B

$332.1K

$290.6K – $387.4K (±1% cap)

NOI $23,246 @ 7.0% cap · market cap 4.23%

Second Best

—

—

no second resolved use

Theoretical Best

Industrial

$1.82M

$1.59M – $2.12M (±1% cap)

NOI $127,497 @ 7.0% cap · market cap 23.18%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Office Units

Suggested Use

Top Pick Law Firm Electrical Service Kitchen & Bath Showroom Plumbing Service Locksmith (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

451

Businesses Nearby

Explore this area Business Placement

Demographics for 75407, TX

25,738

Population

10,095

Households

2.5

Avg Household Size

32

Median Age

25%

College-Educated

89%

High-School Grad

49.9 sq mi

ZIP Area

516

Density / Sq Mi

$92,076

Median Household Income

$48,912

Median Earnings

$1,867

Median Rent

$307,500

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this office units located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Office units - Versatile 1,800 SF commercial space in prime downtown location.

Where is this office units located?

The property is located at 213 McKinney Ave 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: Prime downtown corner location at McKinney Avenue & N Third St. offering strong visibility and accessibility; Completely rebuilt interior offering a 'like‑new' asset; Fully transitioned to commercial use with permits in place