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    1961 SH 121 Lewisville, TX, 75056 Lewisville, TX 75056

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    1961 SH 121 Lewisville, TX, 75056 Lewisville, TX 75056

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    • Office buildings
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    Cap Rate Potential
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    Current Use by Public Records

    • Office buildings

    Property Details for 1961 SH 121 Lewisville, TX, 75056

    Year built
    2020
    Property type
    Office buildings
    Property subtype
    Office Units

    Description

    Lease brand new Class A office space in Lewisville, Texas in Crown Centre I or Crown Centre II, newly delivered in 2024. The 140-acre master planned development will include up to 2,000 apartments, a 500-key hotel, 3 million SF of office and 140,000 SF of retail. The office buildings boast large open floor plans with a distinctive industrial design including curving window lines overlooking the campus. Crown Centre Castle Hills - one of the newest up-and-coming mixed-use developments along the Hwy 121 corridor in North Texas offered by Bright Realty. Additionally, Crown Centre Castle Hills will feature three expansive open spaces with lakes and interconnected trails, linking its 35 buildings. With prominent visibility, the buildings are perfectly positioned for commuting, set along Hwy 121 with direct access via Carrollton Pkwy and FM 544.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lewisville
    County
    State
    Texas
    Longitude
    -96.9102
    Latitude
    33.0787

    Comparable in this City

    • Value Estimation by Request
      15,019 SF

      2601 State Highway 121

      Office Units • 15,019 SF
      2601 State Highway 121, Lewisville, TX 75056
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      1,412 SF

      2601 Leora Ln, Unit 507

      CONDOMINIUM OFFICES • 1,412 SF
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    • Value Estimation by Request
      1,738 SF

      2601 Leora Ln, Unit 509

      CONDOMINIUM OFFICES • 1,738 SF
      2601 Leora Ln, The Colony, TX 75056
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    • Value Estimation by Request
      1,412 SF

      2601 Leora Ln, Unit 511

      CONDOMINIUM OFFICES • 1,412 SF
      2601 Leora Ln, The Colony, TX 75056
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    • Value Estimation by Request
      1,210 SF

      2601 Leora Ln, Unit 512

      CONDOMINIUM OFFICES • 1,210 SF
      2601 Leora Ln, The Colony, TX 75056
      View Details
    • Value Estimation
      $755,000
      3,420 SF

      2601 Leora Ln, Unit 102

      CONDOMINIUM OFFICES • 3,420 SF
      2601 Leora Ln, The Colony, TX 75056
      View Details

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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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