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    The Largest CRE Database in the US with Over 1 Million Listings

    2220 Coit Rd Plano, TX 75075

    Sponsored
    For Lease
    Contact for pricing

    Prime Plano location, multiple suites available.

    Lot size:
    191,103 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    411
    Park West Plaza, located at 2220 Coit Road in Plano, Texas (75075), offers exceptional office and retail space within a thriving shopping center. This 191,103 square foot property, built in 1983 and renovated in 2004, sits on a 16.8-acre lot in Collin County and boasts 948 parking spaces. Multiple tenancies are available, ranging from a minimum of 808 square feet to a maximum contiguous space of 3,257 square feet, with 8,202 square feet currently vacant. The property's diverse tenant mix, including a grocery anchor (Aldi), Elliot's Hardware, CVS, and Nadline Flooring Company, attracts over 2 million customers annually, ensuring high visibility and foot traffic. This premier location benefits from above-average household incomes and robust population growth in the area, making it ideal for medical offices, restaurants, or retail businesses. The property's strong tenant base and strategic location in the heart of Plano, at the intersection of Coit Road and West Park Boulevard, provide exceptional durability and investment potential. This is a rare opportunity to secure space in a well-established, high-traffic shopping center in one of Texas's most desirable cities.

    Property Features for 2220 Coit Rd

    General Information

    Property type
    Lifestyle centers
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    191,103 SF

    Building Details

    Year Built/Renovated
    1983/2004

    Unit(s) available at that property

    Space
    Suite 3-410
    Size
    3,257 SF
    Space
    Suite 3-470
    Size
    2,637 SF
    Space
    Suite 2-380
    Size
    808 SF
    Space
    Suite 3-530
    Size
    900 SF

    We can help!

    Listing Contact
    Clayton Harris

    Learn more

    Property Insight Report

    HighLights

    • Collin County location.
    • 191,103 square feet of space.
    • 16.8‑acre site.
    • 948 parking spaces.
    • Built in 1983.
    • Renovated in 2004.
    Property Profile Location Intelligence

    Current Use by Public Records

    Dental Place of Plano Dentist Rapid Water Damage ... Water Damage Restoration Service Jenelle Watts Obstetrician-Gynecologist Lightsey Mirtha P Massage Therapist

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Plano
    County
    Collin
    State
    Texas
    Longitude
    -96.7686386
    Latitude
    33.0295829

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    FAQs

    What type of property is this?
    Lifestyle center - Prime Plano location, multiple suites available.
    Where is this lifestyle center located?
    The property is located at 2220 Coit Rd Plano, TX.
    What are key features of this property?
    This property features: Collin County location.; 191,103 square feet of space.; 16.8-acre site.
    Request Owner's contact information
    2220 Coit Rd Plano, TX 75075
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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
    2220 Coit Rd Plano, TX 75075
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    We can help!
    Listing Contact
    Clayton Harris
    Real Estate License ID: TX
    Learn more
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