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    Mixed-Use Property in McKinney ETJ Title is generated by Realmo AI

    641 FM 2933 New, Hope, TX 75071

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    New
    Picture of Mixed-use properties at 641 FM 2933 New, Hope, TX
    For Sale
    $1,600,000

    Improved Land - New Hope, TX

    Property size:
    3,750 SF
    Lot size:
    1.78 Acres
    Price / SF:
    $426/SF
    Added:
    May 25, 2026
    Days on Market:
    5
    Last Refresh:
    May 29 at 12:06 pm

    Property Features for 641 FM 2933 New

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    Stable/Barn, Fence
    Fencing
    Fenced
    Standard status
    Active
    APN
    1965289
    Size
    3,750 SF
    Lot size
    1.78 Acres

    Building Details

    Architectural style
    Other
    Additional Structures
    Barn(s), Stable(s)

    We can help!

    Listing Contact
    Logan Call

    Listing agent Logan Call License #0837107

    Listing office Franklin Land Company 1650 W. Virginia Street, #110, Mckinney, TX

    Listing date May 25, 2026

    MLS# 21275633 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

    • Large 1.78‑acre property with residential home and large shop building.
    • Approximately 3,500‑3,750 SF shop building suitable for various businesses.
    • Single‑family home with pool, ideal for owner‑user or live/work setup.
    • Located in McKinney's ETJ, offering flexibility due to the absence of zoning regulations.
    • Proximity to McKinney, New Hope, and US 380, providing access to North Collin County growth.
    • Includes exterior features such as a stable/barn and fencing.

    Overview

    This approximately 1.78-acre property, consisting of two parcels, is located in the McKinney ETJ (Extraterritorial Jurisdiction) in North Collin County. The property includes an approximately 1,924 SF single-family home with a pool, along with an approximately 3,500-3,750 SF shop building previously used as a truck maintenance shop. The property is offered as a combined sale. The home can support an owner-user, onsite manager, live work setup, or interim residential use. The shop and yard area may appeal to contractors, service businesses, automotive-related users, trade operators, storage-oriented buyers, or investors seeking a small acreage position in a growth corridor. The site's location within McKinney's ETJ, rather than inside the city limits, means that subdivision regulations apply, but zoning regulations do not. This may be attractive to buyers looking for flexibility while still benefiting from proximity to McKinney, New Hope, US 380, and the broader North Collin growth path. Buyers should independently verify all intended uses, permits, building compliance, utilities, and development constraints.
    Property Profile Location Intelligence

    Current Use by Public Records

    Single family properties

    Map

    City
    Hope
    County
    Lavaca
    State
    Texas
    Longitude
    -96.577007
    Latitude
    33.208084

    FAQs

    What type of property is this?
    Mixed-use property - 1.78-acre property with home and shop near McKinney.
    Where is this mixed-use property located?
    The property is located at 641 FM 2933 New Hope, TX.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: Large 1.78‑acre property with residential home and large shop building.; Approximately 3,500‑3,750 SF shop building suitable for various businesses.; Single‑family home with pool, ideal for owner‑user or live/work setup.
    (214) 973-5448
    We can help!
    Listing Contact
    Logan Call
    Real Estate License ID: 0837107
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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
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