Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    508 W Lookout Dr Richardson, TX 75080

    • Commercial real estate
    • 13,385 SF
    • 1.19 lot acres
    For Lease
    View listing
    Last Sale
    Dec 19, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-3772383
    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

    • Modern Emporium / Clothing & Fashion Store
    • Barton-Howell Cleaning & Laundry / (Bike/Boat/Book/etc) Store
    • CPSH / Association / Organization
    • Shred Nations / Recycling Center / Waste Management Facility

    Property Details for 508 W Lookout Dr

    Year built
    1975
    Lot size
    1.19 lot acres
    Property size
    13,385 SF
    Zone code
    482-A/LR-M(2)/R/SPL
    Property type
    Commercial real estate
    APN
    R-6616-000-0070-1
    APU
    R661600000701

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,300,000
      Market price range: $276k - $1.70M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,005,000
      Current use
      MEDICAL BUILDING
      $2,195,000
      Change: +118% Conversion: Easy
      RESTAURANT
      $1,495,000
      Change: +49% Conversion: Difficult
      OFFICE BUILDING
      $1,040,000
      Change: +4% Conversion: Easy
      RETAIL STORES
      $905,000
      Change: -10% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Richardson
    County
    Collin
    State
    Texas
    Longitude
    -96.7277
    Latitude
    32.99
    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
    2022
    $40,253
    $828,693
    $1,447,694
    $2,276,387
    -
    $828,693
    $1,447,694
    $2,276,387

    Comparable in this City

    • Value Estimation by Request
      17.97 Acres

      2200 Waterview Pkwy

      COMMERCIAL (GENERAL) • 17.97 Acres
      2200 Waterview Pkwy, Richardson, TX 75080-2277
      View Details
    • Value Estimation
      $1,390,000
      11,994 SF

      465 President George Bush Hwyb200

      COMMERCIAL CONDOMINUIM • 11,994 SF
      465 President George Bush Hwyb200, Richardson, TX 75080-1189
      View Details
    • Value Estimation
      $5,505,000
      59,815 SF

      870 Arapaho Rd

      COMMERCIAL (GENERAL) • 59,815 SF
      870 Arapaho Rd, Richardson, TX 75080-4060
      View Details
    • Value Estimation
      $2,975,000
      114,400 SF

      600 Arapaho Rd

      COMMERCIAL (GENERAL) • 114,400 SF
      600 Arapaho Rd, Richardson, TX 75080-4423
      View Details
    • Value Estimation
      $2,770,000
      65,718 SF

      1493 Richardson Dr

      COMMERCIAL (GENERAL) • 65,718 SF
      1493 Richardson Dr, Richardson, TX 75080-4400
      View Details
    • Value Estimation
      $850,000
      20,125 SF

      751 Central Expy

      SHOW ROOM, WAREHOUSE • 20,125 SF
      751 Central Expy, Richardson, TX 75080-7410
      View Details

    Similar Nearby for Sale

    • $650,000
      0.20 Acres

      Land Near PGA Frisco Courses

      Land for custom home with golf course views in Frisco.
      260 Dudley St, Frisco, TX 75080
      View Details
    • Contact for pricing
      1,524 SF

      Auto Sales/Service Property

      Automotive zoned property with freeway visibility and access.
      211 S Central Expy, Richardson, TX 75080
      View Details
    • Contact for pricing
      25,000 SF

      Retail Building on Belt Line

      25,000 SF retail building on 4.2 acre lot.
      1210 E Belt Line Rd, Richardson, TX 75080
      View Details
    • Contact for pricing
      77,967 SF

      Two Mission Plaza: Richardson Office

      77,967 SF Office Building, Value-Add Opportunity
      1202 Richardson Dr, Richardson, TX 75080
      View Details
    • $199,000
      3 SF

      Richardson Office/Medical Opportunity For Sale

      Office and medical space available in a thriving Richardson location.
      375 Municipal Dr, Richardson, TX 75080
      View Details
    • Contact for pricing

      Land Zoned for Office, Retail

      Land in Richardson, TX, zoned for office and retail.
      606 James Dr, Richardson, TX 75080
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr
      14,802 SF

      Richardson Telecom Office Suites

      Prestigious Office Space in Dallas County
      2435 Central Expy, Richardson, TX 75080
      View Details
    • Contact for pricing
      1,397 SF

      Retail Space in Richardson, Texas

      Retail space available for lease in Richardson, Texas.
      900 N Coit Rd, Richardson, TX 75080
      View Details
    • Contact for pricing
      650 SF

      Retail Space in Custer Square

      Retail space available in renovated West Richardson shopping center.
      451 West Arapaho Rd, Richardson, TX 75080
      View Details
    • $1,164 /Mo
      21,710 SF

      Remodeled Office Space, Richardson, TX

      Newly remodeled office space with flexible floor plan and private bathroom.
      1011 Hampshire Ln, Richardson, TX 75080
      View Details
    • $2,750 /Mo
      120,400 SF

      Penthouse Office Suite in Richardson

      Executive office space with skyline views available for lease.
      100 N Central Expy, Richardson, TX 75080
      View Details
    • $21 SF/Yr
      6,507 SF

      Richardson Retail Space - Custer Pkwy

      Prime Collin County retail space available.
      2701 Custer Pkwy, Richardson, TX 75080
      View Details
    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.
    508 W Lookout Dr
    Richardson, TX 75080
    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.