Rebuilt Spa and Wellness
For Sale
$550,000
213 Mckinney Avenue, Princeton, TX 75407
CommercialSale, Princeton, TX
Property Size1,800 SF
Lot Size0.22 Acres
Price / SF$305.56
Days on Market141
Property Features for 213 Mckinney Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
SF-1 / DT-C (Downtown Core) City of Princeton
Accessibility
Accessible Approach with Ramp
Subdivision
Princeton Original Donation
Directions
From McKinney, travel east on US-380 to 2nd Street and turn north. Travel 4 blocks north to McKinney Avenue and turn east. Property will be on your right, at the SWC of McKinney Avenue and N Third Street.
Standard status
Active
APN
R0952013001R1
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
PRINCETON ORIGINAL DONATION (CPN), BLK 13, LO
Tax Annual Amount
4138
Legal Description
PRINCETON ORIGINAL DONATION (CPN), BLK 13, LO
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
kitchen
two restrooms
tankless gas water heater
washer and dryer connections
shampoo bowl connections
partially completed shower
storage areas
waiting area
three points of entry
parking area
Building Details
Year built
1952
Floors in Building
1
Number of units
1
Flooring type
Vinyl
Building materials
Frame, WoodSiding
Roof type
Shingle, Composition
Listing Agency:
Coldwell Banker Apex, REALTORS
(972) 727-3377
Listed By:
Angela Harwell · License #681213
(972) 727-3377
Added: Apr 14
Changed: Aug 21
Last Checked: Sep 1 at 9:06AM
MLS# 21237080
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.
Investment Insights
Based on property information with market context.
This commercial spa and wellness property occupies approximately 0.224 acres in Princeton’s downtown district. The structure was rebuilt with new foundation, framing, interior walls, electrical, plumbing, bathrooms, and finishes. The layout includes a kitchen, two restrooms, storage areas, a waiting area, washer and dryer connections, two shampoo bowl connections, and a partially completed shower. Central heating and cooling, vinyl flooring, public water, and public sewer are also in place.
The property sits at the southwest corner of McKinney Avenue and N 3rd Street, providing corner exposure and access from three entry points. A parking area and an accessible approach with ramp are included. The commercial conversion was fully permitted, and the improvements were designed for spa, salon, and massage therapy operations.
The property sits at the southwest corner of McKinney Avenue and N 3rd Street, providing corner exposure and access from three entry points. A parking area and an accessible approach with ramp are included. The commercial conversion was fully permitted, and the improvements were designed for spa, salon, and massage therapy operations.
Key Highlights
- Approximately 0.224 acres in Princeton’s downtown district
- Rebuilt with new foundation, framing, electrical, plumbing, bathrooms, and interior walls
- Two restrooms, kitchen, waiting area, storage, and partially completed shower
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
$28,963
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
5.27%
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%
$579,260
$579.3K
Cap Rate 7%
$413,757
$413.8K
Cap Rate 9%
$321,811
$321.8K
Market Conditions
NOI Build-Up for 1,800 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
$43.4K $24.12/SF
− Vacancy
−$2.0K −$1.13/SF
EGI
$41.4K $22.99/SF
− OpEx
−$12.4K −$6.90/SF
NOI
$29.0K $16.09/SF
Area
Collin County, TX
Vacancy
4.70%
Lease Rate
$24.12 /SF/Yr
Expense Ratio
30.00%
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%
$579,260
Cap Rate 7%
$413,757
Cap Rate 9%
$321,811
Alternative Uses
Best Use
Retail
$413.8K
$362.0K – $482.7K
NOI $28,963 @ 7.0% cap · market cap 5.27%
Second Best
Office B
$326.1K
$285.3K – $380.5K
NOI $22,827 @ 7.0% cap · market cap 4.15%
Theoretical Best
Industrial
$1.79M
$1.57M – $2.09M
NOI $125,201 @ 7.0% cap · market cap 22.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
451
Businesses Nearby
Under-served
Demand for This Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Spa & wellness property - Permitted commercial space includes salon-oriented plumbing, two restrooms, and a kitchen.
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: Approximately 0.224 acres in Princeton’s downtown district; Rebuilt with new foundation, framing, electrical, plumbing, bathrooms, and interior walls; Two restrooms, kitchen, waiting area, storage, and partially completed shower
