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    Property profile & analytics

    505 Greenville Ave Allen, TX 75002

    • Commercial real estate
    • 6.00 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-2429624
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Windchase / Transit Station

    Property Details for 505 Greenville Ave

    Lot size
    6.00 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 6-acre residential development site is ideally situated in the heart of Allen, Texas, on Greenville Avenue between McDermott and Bethany Roads—just 1.5 miles east of the Central Expressway. Currently zoned R2, this property presents a compelling opportunity for townhouse or other medium-density single-family residential development. The entire parcel originally comprised 9 acres; however, the seller is retaining the northern 3.1 acres, making this a clean 6-acre offering. All existing structures have been removed, simplifying the development process. The property's prime location within Allen's thriving community offers excellent access to major thoroughfares, amenities, and a strong local market. While the current R2 zoning allows for a certain level of density, developers seeking higher density projects should factor in the potential need for rezoning. This infill location provides a unique opportunity to capitalize on the high demand for residential properties in this desirable area of Collin County. The property's size and location make it an attractive investment for developers seeking a prime location to build a thriving residential community. Detailed site plans and surveys are available upon request. This is a rare opportunity to acquire a sizable, cleared development site in a highly sought-after location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Allen
    County
    Collin
    State
    Texas
    Longitude
    -96.6645109
    Latitude
    33.0942395

    Comparable in this City

    • $1,250,000

      Commercial Land on Greenville Avenue

      One acre of commercial land suitable for various businesses.
      1489 S Greenville Ave, Allen, TX 75002
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    • $1,100,000
      8.59 Acres

      Land Near Allen Premium Outlet

      8+ acre property near Allen Premium Outlet and Lake Lavon.
      1705 Stinson Rd, Allen, TX 75002
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    • $649,000
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      Prime Land with Lake Views

      Exceptional 1+ acre lot with lake views in Lucas, TX.
      2095 Chief Ln, Allen, TX 75002
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    • $750,000
      3.00 Acres

      3 Acre Lot in Lucas

      Unimproved 3-acre land in Lucas, near Lake Lavon.
      2400 Orr Rd, Allen, TX 75002
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    • $599,000
      1.03 Acres

      One Acre Lot with Views

      One acre lot with lake views in Lucas, Texas.
      1134 Top Deck Trl, Allen, TX 75002
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    • $345,000
      0.38 Acres

      Allen, TX Land Opportunity

      Prime lot in Allen's Central Business District.
      379 N Cedar Rd, Allen, TX 75002
      View Details

    Similar Nearby for Sale

    • $1,250,000

      Commercial Land on Greenville Avenue

      One acre of commercial land suitable for various businesses.
      1489 S Greenville Ave, Allen, TX 75002
      View Details
    • $1,100,000
      8.59 Acres

      Land Near Allen Premium Outlet

      8+ acre property near Allen Premium Outlet and Lake Lavon.
      1705 Stinson Rd, Allen, TX 75002
      View Details
    • $649,000
      1.14 Acres

      Prime Land with Lake Views

      Exceptional 1+ acre lot with lake views in Lucas, TX.
      2095 Chief Ln, Allen, TX 75002
      View Details
    • $750,000
      3.00 Acres

      3 Acre Lot in Lucas

      Unimproved 3-acre land in Lucas, near Lake Lavon.
      2400 Orr Rd, Allen, TX 75002
      View Details
    • $599,000
      1.03 Acres

      One Acre Lot with Views

      One acre lot with lake views in Lucas, Texas.
      1134 Top Deck Trl, Allen, TX 75002
      View Details
    • $345,000
      0.38 Acres

      Allen, TX Land Opportunity

      Prime lot in Allen's Central Business District.
      379 N Cedar Rd, Allen, TX 75002
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Land for Lease in Allen

      Land available in a dynamic shopping and entertainment destination.
      205 E Stacy Rd, Allen, TX 75002
      View Details
    • Contact for pricing
      2,280 SF

      Allen Retail Space - Prime Location

      High-visibility retail space near Walmart.
      1836 Bethany Dr, Allen, TX 75002
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in High-Growth Area

      Former nail salon in a high-growth sub-market.
      740 S Greenville Ave, Allen, TX 75002
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    • $17 SF/Yr
      3,110 SF

      Office Space in Allen, TX

      3,110 SF office space available for lease.
      1022 S Greenville Ave, Allen, TX 75002
      View Details
    • $3,373 /Mo
      52,838 SF

      Allen, TX Retail/Office Space

      Prime Allen location suitable for medical or professional office use.
      1228 E Exchange Pkwy, Allen, TX 75002
      View Details
    • Contact for pricing
      3,900 SF

      Allen Heights Village Retail Center

      Prime Allen, TX Shopping Center - 3,900 SF
      1201 Main St, Allen, TX 75002
      View Details
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    505 Greenville Ave
    Allen, TX 75002
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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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