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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    331 Melrose Dr Richardson, TX 75080

    • Office buildings
    • 25,970 SF
    • 1.70 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Value Estimations
    $1,070,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-0760103
    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

    • Melrose Clinic / Medical Clinic
    • MARK BRICKEY / Internist
    • ANUPAM YATISH VERMA / Internist
    • Daniel J. Kirkland, RPT-S / Counselor
    • Visiting Angels / Home Health Care Service / Assisted Living Facility

    Property Details for 331 Melrose Dr

    Year built
    1984
    Construction
    TILT-UP CONCRETE
    Lot size
    1.70 lot acres
    Property size
    25,970 SF
    Zone code
    Z206
    Property type
    Office buildings
    APN
    421068500A0030000
    APU
    421068500A0030000

    Description

    This single-story, 23,233-square-foot office building in Richardson, Texas, offers flexible space ideal for various businesses. Located at 331 Melrose Dr, 75080, this Class C property boasts convenient access to US-75 (Central Expy), via the southbound service road. Built in 1985 and renovated in 2014, the building features updated common areas and a tenant conference room, enhancing its appeal. The property comprises four suites, with a minimum divisible space of 800 square feet and a maximum contiguous space of 1,419 square feet. Currently, 4,529 square feet are available for lease. The building's location in Dallas County, Texas, provides excellent visibility and accessibility. This versatile space is suitable for executive offices, medical offices, or traditional office setups, catering to multiple tenants. The property's single-story design offers ease of access and navigation. This is a fantastic opportunity to secure office space in a well-maintained building with convenient amenities and a prime location. The building's updated common areas and added tenant conference room provide a professional and functional workspace. Don't miss this chance to establish your business in this thriving Richardson location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $875,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,265,000
      Market price range: $656k - $3.37M

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

    Location Insight

    • Map
    • Local Demand
    City
    Richardson
    County
    Dallas
    State
    Texas
    Longitude
    -96.7245
    Latitude
    32.9671
    CBSA code
    19100
    CBSA name
    DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $48,973
    $296,710
    $1,880,550
    $2,177,260
    -
    $296,710
    $1,880,550
    $2,177,260

    Comparable in this City

    • Value Estimation
      $1,070,000
      20,600 SF

      1100 Campbell Rd

      OFFICE BUILDING • 20,600 SF
      1100 Campbell Rd, Richardson, TX 75080-2950
      View Details
    • Value Estimation
      $1,380,000
      122,893 SF

      275 Campbell Rd

      OFFICE BUILDING • 122,893 SF
      275 Campbell Rd, Richardson, TX 75080-3601
      View Details
    • Value Estimation
      $875,000
      83,200 SF

      2929 Central Expy

      OFFICE BUILDING • 83,200 SF
      2929 Central Expy, Richardson, TX 75080-2003
      View Details
    • Value Estimation
      $905,000
      192,552 SF

      2425 Central Expy

      OFFICE BUILDING • 192,552 SF
      2425 Central Expy, Richardson, TX 75080-2756
      View Details
    • Value Estimation
      $1,100,000
      324,000 SF

      3400 Central Expy

      OFFICE BUILDING • 324,000 SF
      3400 Central Expy, Richardson, TX 75080-0039
      View Details
    • Value Estimation
      $1,585,000
      85,395 SF

      1755 Collins Blvd

      OFFICE BUILDING • 85,395 SF
      1755 Collins Blvd, Richardson, TX 75080-3562
      View Details

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    Similar Nearby for Lease

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      Gated office buildings in Richardson, TX, with high accessibility.
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      Remodeled Office in Richardson, TX

      Updated office space in a prime Richardson location with highway access.
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      Richardson Telecom Office Suites

      Prestigious Office Space in Dallas County
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      View Details
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      Newly remodeled office space with flexible floor plan and private bathroom.
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      211,963 SF

      Remodeled Office Space in Richardson

      Updated office space in a prime Richardson location for lease.
      1701 N Collins Blvd, Richardson, TX 75080
      View Details
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    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
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