Redevelopment Opportunity Near Assembly
For Sale
Contact for pricing
1801 E Spring Creek Pkwy, Plano, TX 75074
Cash-flowing car wash and batting cage near Assembly Park.
Property Size13,060 SF
Price / SF$222.05
Days on Market662
Property Features for 1801 E Spring Creek Pkwy
General Information
Standard status
Active
Size
13,060 SF
Property subtype
Mixed Use, Retail
Zoning
Retail
Occupancy
100%
Listing Agency:
Briggs Freeman Sotheby's International Realty Dallas
(214) 616-8330
Listed By:
Ellen Haynes · License #TX 767365
Source:
Crexi
Added: Oct 30, 2024
Changed: Aug 15
Last Checked: Aug 21 at 4:42AM
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 Briggs Freeman Sotheby's International Realty Dallas
Investment Insights
Based on property information with market context.
Located adjacent to the entrance of Assembly Park, a recently finished $500 million development featuring retail, creative office spaces, and multi-family residences, this property presents a redevelopment opportunity. The site currently hosts a cash-flowing car wash and a leased batting cage facility. The property is located in close proximity to Central Expressway. Across the street, the Plano Event Center is undergoing a $3.2 million renovation to its courtyard, and plans are in place for the construction of a 4-star hotel. The property, encompassing 13,060 square feet, is located at 1801 E Spring Creek Parkway, Plano, TX 75074. The adjacent property at 1805 E Spring Creek Parkway will be sold together in one transaction.
Key Highlights
- Located next to the entrance of Assembly Park, a $500 MM retail, office, and multi‑family development.
- Cash‑flowing asset with existing car wash and leased batting cage facility.
- Great site for redevelopment.
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
$90,733
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
3.13%
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%
$1,814,660
$1.8M
Cap Rate 7%
$1,296,186
$1.3M
Cap Rate 9%
$1,008,144
$1.0M
Market Conditions
NOI Build-Up for 13,060 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
$126.9K $9.72/SF
− Vacancy
−$6.0K −$0.46/SF
EGI
$121.0K $9.26/SF
− OpEx
−$30.2K −$2.32/SF
NOI
$90.7K $6.95/SF
Area
Plano, TX
Vacancy
4.70%
Lease Rate
$9.72 /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%
$1,814,660
Cap Rate 7%
$1,296,186
Cap Rate 9%
$1,008,144
Alternative Uses
Best Use
Specialty Retail
$1.30M
$1.13M – $1.51M
NOI $90,733 @ 7.0% cap · market cap 3.13%
Second Best
Industrial
$1.21M
$1.06M – $1.41M
NOI $84,862 @ 7.0% cap · market cap 2.93%
Theoretical Best
Multifamily LT 5
$3.01M
$2.63M – $3.51M
NOI $210,555 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
614
Businesses Nearby
Explore this area
Business Placement
Demographics for 75074, TX
53,003
Population
19,362
Households
2.7
Avg Household Size
35
Median Age
42%
College-Educated
85%
High-School Grad
16.0 sq mi
ZIP Area
3,313
Density / Sq Mi
$84,185
Median Household Income
$42,523
Median Earnings
$1,678
Median Rent
$347,300
Median Home Value
Market
Vacancy Rate% for Retail 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?
Mixed-use property - Cash-flowing car wash and batting cage near Assembly Park.
Where is this mixed-use property located?
The property is located at 1801 E Spring Creek Pkwy Plano, TX.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Located next to the entrance of Assembly Park, a $500 MM retail, office, and multi‑family development.; Cash‑flowing asset with existing car wash and leased batting cage facility.; Great site for redevelopment.
