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

    602 2nd St Lancaster, TX 75146-2604

    • Office buildings
    • 4,215 SF
    • 2.41 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-4875774
    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

    • J D Hall Learning Center / School
    • Rocky Crest High School / High School
    • Rocky Crest School - Texas State Historical Marker / Historical Landmark

    Property Details for 602 2nd St

    Year built
    1940
    Construction
    FRAME
    Lot size
    2.41 lot acres
    Property size
    4,215 SF
    Zone code
    Z125
    Property type
    Office buildings
    APN
    36000500610030000
    APU
    36000500610030000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Dallas
    State
    Texas
    Longitude
    -96.7498
    Latitude
    32.5932
    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
    $0.00
    $104,950
    $82,020
    $186,970
    -
    $104,950
    $82,020
    $186,970

    Comparable in this City

    • Value Estimation by Request
      5,600 SF

      825 Pleasant Run Rd

      OFFICE BUILDING • 5,600 SF
      825 Pleasant Run Rd, Lancaster, TX 75146-1737
      View Details
    • Value Estimation by Request
      1,421 SF

      1120 Randlett St

      OFFICE BUILDING • 1,421 SF
      1120 Randlett St, Lancaster, TX 75146-1600
      View Details
    • Value Estimation
      $2,190,000
      16,900 SF

      2424 Pleasant Run Rd

      OFFICE BUILDING • 16,900 SF
      2424 Pleasant Run Rd, Lancaster, TX 75146-4005
      View Details
    • Value Estimation by Request
      2,484 SF

      1120 Randlett St

      OFFICE BUILDING • 2,484 SF
      1120 Randlett St, Lancaster, TX 75146-1600
      View Details
    • Value Estimation
      $1,500,000
      10,800 SF

      1441 Pleasant Run Rd

      OFFICE BUILDING • 10,800 SF
      1441 Pleasant Run Rd, Lancaster, TX 75146-1327
      View Details
    • Value Estimation
      $905,000
      6,580 SF

      2249 Belt Line Rd

      OFFICE BUILDING • 6,580 SF
      2249 Belt Line Rd, Lancaster, TX 75146-2022
      View Details

    Similar Nearby for Sale

    • $160,000
      0.16 Acres

      Versatile Commercial Property Near Downtown

      Adaptable commercial space with potential for various business ventures.
      509 E 3Rd St, Lancaster, TX 75146
      View Details
    • $600,000

      Lancaster Retail Property For Sale

      Retail property in a prime location, suitable for various businesses.
      918 N Dallas Ave, Lancaster, TX 75146
      View Details
    • $2,000,000
      19,190 SF

      Lancaster Warehouse with Office Space

      19,190 SF warehouse with office, heavy power, expandable parking.
      301 E Pecan St, Lancaster, TX 75146
      View Details
    • $778,890
      11.13 Acres

      Lancaster Commercial Land - 11 Acres

      Prime Lancaster location, high-growth potential.
      2820 Nokomis Rd, Lancaster, TX 75146
      View Details
    • $204,460
      2.00 Acres

      Lancaster Land: 2 Acres Hwy 342 Frontage

      Prime 2-acre commercial/industrial/residential land.
      0 Old Red Oak Rd, Lancaster, TX 75146
      View Details
    • $2,000,000
      19 SF

      Lancaster Warehouse with Office Space

      19,190 SF warehouse with office space for sale.
      301 E Pecan St, Lancaster, TX 75146
      View Details

    Similar Nearby for Lease

    • $2,895 /Mo
      282 SF

      Lancaster Mixed-Use Development Space

      Mixed-use development space in Lancaster, Texas, available for rent.
      3200 W Pleasant Run Rd, Lancaster, TX 75146
      View Details
    • $12,104 /Mo
      67,300 SF

      Lancaster Retail Center For Lease

      Retail center with high visibility and flexible suite configurations.
      3215 W Pleasant Run Rd, Lancaster, TX 75146
      View Details
    • Contact for pricing
      2,970 SF

      Retail Space Near Interstate I-35

      Retail space with high visibility and pylon signage available.
      3225 W Pleasant Run Rd, Lancaster, TX 75146
      View Details
    • $10 SF/Yr
      2,450 SF

      Lancaster Flex Space For Rent

      Flex space available for lease in Lancaster, Texas.
      3105 Lomita Dr, Lancaster, TX 75146
      View Details
    • Contact for pricing
      1 SF

      Lancaster, TX Industrial Land

      75+ Acres, Prime Location, High Growth
      2901 Nokomis Rd, Lancaster, TX 75146
      View Details
    • Contact for pricing
      8,640 SF

      Former Retail Space For Rent

      Former Dollar General retail space with ample parking available for rent.
      1007-1063 W Pleasant Run Rd, Lancaster, TX 75146
      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.
    602 2nd St
    Lancaster, TX 75146-2604
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.