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    Commercial Land Redevelopment Opportunity Title is generated by Realmo AI

    4012 S Legacy Drive, Prosper, TX 75078

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    Claim this Listing
    For Sale
    $5,368,000

    LAND - Prosper, TX

    Lot size:
    10.27 Acres
    Added:
    Jan 27, 2026
    Days on Market:
    127
    Last Refresh:
    Jun 3 at 3:06 am

    Property Features for 4012 S Legacy Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    R626200000701
    Lot size
    10.27 Acres

    Taxes and HOA fees

    Tax Description
    ABS A0262 WILLIAM DEAVENPORT SURVEY, TRACT 7,
    Tax Annual Amount
    5787

    Utilities

    Utilities
    Propane
    Sewer type
    Aerobic Septic, Septic Tank
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Private

    Building Details

    Year built
    1983

    We can help!

    Listing Contact
    Wayne Bartley JR
    Wayne Bartley JR

    Listing agent Wayne Bartley JR License #0640569

    Listing office Monument Realty Frisco, TX

    Listing date Jan 27, 2026

    MLS# 21163611 Listing URL

    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.

    HighLights

    • +/-10.27 acres of commercially positioned land along Legacy Drive in Celina, TX (Prosper ISD)
    • Approximately 587 ft of frontage on Legacy Drive for visibility and direct access
    • Located in Celina’s ETJ with an agricultural exemption
    • Utilities listed: propane; water source: private; sewer: aerobic septic/septic tank
    • Near Dallas North Tollway and surrounded by residential communities (Creeks of Legacy) with City of Celina land to the north

    Overview

    Offering about 10.27 acres of commercially positioned land, this site features approximately 587 feet of frontage on Legacy Drive to support visibility and straightforward access for future development. The property is currently located in Celina’s ETJ and carries an agricultural exemption, presenting a clean redevelopment opportunity for an investor or developer looking to reposition land for higher and better use.

    The property sits near the Dallas North Tollway and is positioned within a rapidly developing growth corridor. Surrounding land uses include established and planned residential communities to the east and west (Creeks of Legacy), while land to the north is owned by the City of Celina, factors that can support sustained area demand and ongoing traffic generation. As with most ETJ properties, any future entitlement work would be subject to annexation and zoning.

    This offering is well suited for future commercial, mixed-use, or institutional development, depending on annexation and zoning outcomes. For buyers underwriting a long-term hold or a future development plan, the combination of road frontage, corridor location, and redevelopment-ready characteristics can make it an attractive platform for a range of projects.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Law Firm Dental Office Hotel & Motel Gym & Fitness Center Department Store Storage Facility Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Prosper
    County
    Collin
    State
    Texas
    Longitude
    -96.836335
    Latitude
    33.270708

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    FAQs

    What type of property is this?
    Commercial land - Strategically positioned land with Legacy Drive frontage and redevelopment upside in a growing corridor within Prosper ISD.
    Where is this commercial land located?
    The property is located at 4012 S Legacy Drive Prosper, TX.
    What is the asking price?
    The asking price for this property is $5,368,000.
    What are key features of this property?
    This property features: +/-10.27 acres of commercially positioned land along Legacy Drive in Celina, TX (Prosper ISD); Approximately 587 ft of frontage on Legacy Drive for visibility and direct access; Located in Celina’s ETJ with an agricultural exemption
    (214) 705-7827
    We can help!
    Listing Contact
    Wayne Bartley JR
    Wayne Bartley JR
    Real Estate License ID: 0640569
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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.

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