Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    505 Illinois Ave Dallas, TX 75224-1815

    • Super regional malls
    • 90,662 SF
    • 64.28 lot acres
    OFF-MARKET
    Last Sale
    Aug 02, 2023
    Value Estimations
    $12,880,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-3397992
    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

    • Taco Bell / Restaurant / Take-out & Catering

    Property Details for 505 Illinois Ave

    Year built
    1958
    Construction
    TILT-UP CONCRETE
    Lot size
    64.28 lot acres
    Property size
    90,662 SF
    Zone code
    Z248
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    005973000A01A0000
    APU
    005973000A01A0000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $13,853,000
      Market price range: $2.75M - $13.9M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $8,850,000
      Current use
      COMMERCIAL (GENERAL)
      $16,005,000
      Change: +81% Conversion: Easy
      RESTAURANT
      $15,290,000
      Change: +73% Conversion: Difficult
      RETAIL STORES
      $13,010,000
      Change: +47% Conversion: Easy
      AUTO REPAIR, GARAGE
      $10,575,000
      Change: +19% Conversion: Difficult
      MEDICAL BUILDING
      $9,675,000
      Change: +9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Dallas
    County
    Dallas
    State
    Texas
    Longitude
    -96.8334
    Latitude
    32.7233
    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
    $914,827
    $2,800,060
    $37,065,490
    $39,865,550
    -
    $2,800,060
    $37,065,490
    $39,865,550

    Comparable in this City

    • Value Estimation
      $7,080,000
      53,906 SF

      1111 Ledbetter Dr

      REGIONAL SHOPPING CENTER, MALL • 53,906 SF
      1111 Ledbetter Dr, Dallas, TX 75224-4962
      View Details
    • Value Estimation
      $4,780,000
      161,325 SF

      4515 Vlg Fair Dr

      REGIONAL SHOPPING CENTER, MALL • 161,325 SF
      4515 Vlg Fair Dr, Dallas, TX 75224-5115
      View Details
    • Value Estimation
      $3,445,000
      25,408 SF

      2225 Ledbetter Dr

      REGIONAL SHOPPING CENTER, MALL • 25,408 SF
      2225 Ledbetter Dr, Dallas, TX 75224-4713
      View Details
    • Value Estimation
      $1,055,000
      43,106 SF

      4727 Vlg Fair Dr

      REGIONAL SHOPPING CENTER, MALL • 43,106 SF
      4727 Vlg Fair Dr, Dallas, TX 75224-5117
      View Details
    • Value Estimation by Request
      1,000 SF

      2305 Mtn Lk Rd

      SHOPPING CENTER, STRIP CENTER • 1,000 SF
      2305 Mtn Lk Rd, Dallas, TX 75224-1651
      View Details
    • Value Estimation by Request
      1,800 SF

      2023 Beckley Ave

      SHOPPING CENTER, STRIP CENTER • 1,800 SF
      2023 Beckley Ave, Dallas, TX 75224-2209
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      190,569 SF

      Prime Retail Location, Dallas, TX

      High-traffic retail property near major Dallas landmarks and public transit.
      4515 Village Fair Dr, Dallas, TX 75224
      View Details
    • $575,000
      0.27 Acres

      Multi-Tenant Office Suites For Sale

      Multi-tenant office suites with income potential in Dallas, Texas.
      3535 Marvin D Love Fwy, Dallas, TX 75224
      View Details
    • New
      $275,000
      0.32 Acres

      Dallas Land with Church Structure

      Two adjoining lots with church, development potential, as-is sale.
      2826 S Beckley Ave, Dallas, TX 75224
      View Details
    • $575,000
      Pending

      Office Warehouse with Income Potential

      Multi-tenant office suites with potential for single-use conversion.
      3535 Marvin D Love Fwy, Dallas, TX 75224
      View Details
    • $179,990
      0.17 Acres

      Commercial Land Near I-35E

      Vacant lot in high-traffic area, ideal for development.
      2118 S Beckley Ave, Dallas, TX 75224
      View Details
    • $1,295,000
      11,000 SF

      Elmwood Redevelopment District Building

      Masonic Lodge building suitable for event, church, or community center.
      1309 Newport Ave, Dallas, TX 75224
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,201 SF

      Retail Space on Hampton Road

      2,201 SF in-line retail space available for lease.
      2412-2464 S Hampton Rd, Dallas, TX 75224
      View Details
    • Contact for pricing
      900 SF

      Retail Space on South Hampton

      Retail space available in busy Dallas shopping center.
      2509-2519 S Hampton Rd, Dallas, TX 75224
      View Details
    • Contact for pricing
      2,148 SF

      Retail Space in Wynnewood Village

      Retail space available in redeveloped Dallas shopping center.
      2150 S Llewellyn Ave, Dallas, TX 75224
      View Details
    • Contact for pricing
      2,355 SF

      Retail Space in High-Traffic Center

      Retail space in a highly trafficked Dallas shopping center.
      303 W Illinois Ave, Dallas, TX 75224
      View Details
    • Contact for pricing
      3,275 SF

      Retail Space in High-Traffic Center

      Retail space available in redeveloping, highly trafficked Dallas shopping center.
      655-930 W Illinois Ave, Dallas, TX 75224
      View Details
    • Contact for pricing
      3,426 SF

      Retail Space in Wynnewood Village

      Retail space available in redeveloped Dallas shopping center.
      655 W Illinois Ave, Dallas, TX 75224
      View Details

    Property Visit Statistics

    • Visits by month
      7.0k
    • Visitors by month
      8.4k
    • Avg Time on site
      25 min
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    505 Illinois Ave
    Dallas, TX 75224-1815
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!