Office Building with Full
New
For Sale
Contact for pricing
307 E First Street, Prosper, TX 75078
Half of the building is available within an established professional office configuration.
Property Size5,000 SF
Price / SF$360
Days on Market7
Property Features for 307 E First Street
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Office
Building Details
Building Size
5,000 SF
Listing Agency:
Brown & Griffin Real Estate Advisors
Listed By:
Sam Clayton · License #819615
(972) 347-9900
Source:
Crexi
Added: Sep 4
Changed: Sep 9
Last Checked: Sep 10 at 6:49AM
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 Brown & Griffin Real Estate Advisors
Investment Insights
Based on property information with market context.
This 5,000 SF office building combines an existing tenancy with available space, offering half leased and half available. The interior has a complete office buildout with eight private offices, a conference room, lobby and reception area, copy room, break room with kitchen, and two restrooms. The layout supports a range of professional office operations without requiring a new basic interior installation.
The property is located at 307 E First Street in Prosper, near the community’s center, with regional access toward Frisco, McKinney, and the broader North Dallas growth corridor. Its downtown Prosper address and established configuration provide a practical setting for continued office occupancy, owner use, or professional services.
The property is located at 307 E First Street in Prosper, near the community’s center, with regional access toward Frisco, McKinney, and the broader North Dallas growth corridor. Its downtown Prosper address and established configuration provide a practical setting for continued office occupancy, owner use, or professional services.
Key Highlights
- 5,000 SF office building with half leased and half available
- Full office buildout with eight offices and established support areas
- Includes conference room, lobby/reception, copy room, and break room with kitchen
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
$63,410
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
3.52%
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%
$1,268,200
$1.3M
Cap Rate 7%
$905,857
$905.9K
Cap Rate 9%
$704,556
$704.6K
Market Conditions
NOI Build-Up for 5,000 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
$109.8K $21.96/SF
− Vacancy
−$25.3K −$5.05/SF
EGI
$84.5K $16.91/SF
− OpEx
−$21.1K −$4.23/SF
NOI
$63.4K $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 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%
$1,268,200
Cap Rate 7%
$905,857
Cap Rate 9%
$704,556
Alternative Uses
Best Use
Office B
$905.9K
$792.6K – $1.06M
NOI $63,410 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Industrial
$4.97M
$4.35M – $5.80M
NOI $347,781 @ 7.0% cap · market cap 19.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
808
Businesses Nearby
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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 building - Half of the building is available within an established professional office configuration.
Where is this office building located?
The property is located at 307 E First Street Prosper, TX.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 5,000 SF office building with half leased and half available; Full office buildout with eight offices and established support areas; Includes conference room, lobby/reception, copy room, and break room with kitchen
