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    1202 Richardson Dr Richardson, TX 75080

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    For Sale
    Contact for pricing

    77,967 SF Office Building, Value-Add Opportunity

    Property size:
    77,967 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    404
    This exceptional four-story, 77,967-square-foot office building presents a compelling value-add investment opportunity in Richardson, Texas. Situated on a 5.11-acre lot at 1202 Richardson Dr, 75080, this Class B multi-tenant property boasts a prime location within Dallas County's thriving northern expansion. Built in 2017 with significant renovations completed in 2022 and 2023, the building features attractive mirrored glass and brick architecture. The property offers ample parking (6 spaces per 1,000 square feet) and currently enjoys 57.7% occupancy. The existing vacancies are delivered in "white box" condition, providing a unique opportunity for lease-up or owner-user customization and expansion. With average floor plates of 19,484 square feet, the building benefits from its location in a vibrant submarket with abundant amenities. Its strategic proximity to major thoroughfares, including US 75, SH 121, I-635, and SH 190, ensures easy access to all parts of North Dallas. This investment offers predictable upside potential through lease-up and rental rate increases, driven by strong market fundamentals and sustained demand. The property's fee-simple ownership structure further enhances its appeal. This is a rare opportunity to acquire a well-maintained, multi-tenant office building in a high-growth area.

    Property Features for 1202 Richardson Dr

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    77,967 SF
    Class
    B
    Lot Size
    222,592 SF

    Building Details

    Year Built/Renovated
    2017/2022
    Stories
    4
    Units
    27

    We can help!

    Listing Contact
    Nick Miller, CCIM
    Nick Miller, CCIM

    Learn more

    Property Insight Report

    HighLights

    • Four‑story, 77,967 SF Class B multi‑tenant office building in Richardson, TX.
    • Abundant parking (6 spaces per 1,000 SF).
    • Current vacancies are delivered in white box condition, ideal for owner‑user or lease‑up.
    • Prime location in affluent North Dallas suburbs with convenient access to major thoroughfares (US 75, SH 121, I‑635, SH 190) and amenities.
    • Predictable upside potential through lease‑up and rental rate increases due to strong market demand.
    • Recently renovated (2022/2023).
    Property Profile Location Intelligence

    Current Use by Public Records

    Hilton IP Law ... Legal Services State Farm: Skip ... Auto Insurance Agency Cook & Gore PLLC Attorney Law Office of Andrew ... Estate Planning Attorney Amy Fleming Counseling Counselor

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Richardson
    County
    Dallas
    State
    Texas
    Longitude
    -96.7267795
    Latitude
    32.9662026

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    FAQs

    What type of property is this?
    Office Property / Space - 77,967 SF Office Building, Value-Add Opportunity
    Where is this office property / space located?
    The property is located at 1202 Richardson Dr Richardson, TX.
    What are key features of this property?
    This property features: Four-story, 77,967 SF Class B multi-tenant office building in Richardson, TX.; Abundant parking (6 spaces per 1,000 SF).; Current vacancies are delivered in white box condition, ideal for owner-user or lease-up.
    Request Owner's contact information
    1202 Richardson Dr Richardson, TX 75080
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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
    1202 Richardson Dr Richardson, TX 75080
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    We can help!
    Listing Contact
    Nick Miller, CCIM
    Nick Miller, CCIM
    Real Estate License ID: TX 700332
    Learn more
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