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    721 Hebron Pkwy Lewisville, TX 75057
    Property profile & analytics

    721 Hebron Pkwy, Lewisville, TX 75057

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    • Retail space
    For Lease
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    Retail Spaces Available For Lease For Lease
    Contact for pricing
    2,600 SF

    Retail Spaces Available For Lease

    Retail spaces available for lease in Lewisville, Texas.

    721 Hebron Pkwy, Lewisville, TX 75057
    View Listing
    Property ID
    US83-1901770
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Millennium Shopping Center / Shopping Center & Mall
    • Millennium Dry Cleaners / (Bike/Boat/Book/etc) Store
    • Hebron Donuts / Bakery / Discount Store
    • Vanak Cafe / Cafe & Coffee Shop
    • Hangar Dallas Lewisville / Theater & Performing Art Venue / Music Venue

    Property Details for 721 Hebron Pkwy

    Property type
    Retail space
    Property subtype
    Conventional restaurants

    Description

    For Lease - Millennium Retail Center - 721 Hebron Pkwy. - Lewisville, TX Unit 104/105 - 2,600 SF Unit 106 - 1,363 SF (2nd Gen Restaurant)

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lewisville
    County
    Denton
    State
    Texas
    Longitude
    -96.9694036
    Latitude
    33.0101772

    Comparable in this City

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      7,260 SF

      Revitalized Lewisville Retail/Office/Restaurant Space

      Two-story building in Lewisville's Historical District, near Old Town Plaza.
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    • $25 SF/Yr
      12,197 SF

      Revitalized Lewisville Retail/Office Space

      Two-story building in Lewisville's Historical District, near Old Town Plaza.
      150 W Main St, Lewisville, TX 75057
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      2,172 SF

      Retail/Restaurant Space on Main Street

      New retail or restaurant space in Old Town Lewisville.
      170 W Main St, Lewisville, TX 75057
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      5,122 SF

      Retail Space on Hard Corner

      Retail space available for lease or build-to-suit on hard corner.
      647 West Main St, Lewisville, TX 75057
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      1,464 SF

      Lewisville Restaurant/Retail Space For Rent

      Restaurant/retail space with parking in back, prime location.
      190 W Main St, Lewisville, TX 75057
      View Details
    • Contact for pricing
      8,892 SF

      Freestanding Turn-Key Restaurant Available

      Freestanding 8,892 SF turn-key restaurant with excellent visibility.
      1960 S Stemmons Fwy, Allen, TX 75057
      View Details

    Similar Nearby for Sale

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      24,273 SF

      Historic Old Town Mixed-Use Building

      Three-story, 24,000 SF building in revitalized Old Town Lewisville.
      191 W Main St, Lewisville, TX 75057
      View Details
    • $995,000
      0.36 Acres

      Three-Building Mixed-Use Compound

      Two primary structures plus a metal HVAC-equipped shop offer flexible mixed-use space with prominent Main Street visibility.
      331 E Main St, Lewisville, TX 75057
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      7,163 SF

      Commercial Property in Downtown Lewisville

      7,163 SF commercial property with office and retail space.
      120 S Charles St, Kaufman, TX 75057
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      4,690 SF

      Retail Space Available For Sale

      Retail space with 4,690 SqFt available for sale.
      216 W Main St, Lewisville, TX 75057
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      Pending

      Versatile Building in Prime Location

      Adaptable 12,000 SF building suitable for diverse uses.
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      7,186 SF

      Established Retail Property Near Old Town

      Multi-tenant retail property near Old Town Lewisville.
      915-921 N Mill St, Lewisville, TX 75057
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,260 SF

      Revitalized Lewisville Retail/Office/Restaurant Space

      Two-story building in Lewisville's Historical District, near Old Town Plaza.
      150 W Main St, Lewisville, TX 75057
      View Details
    • Contact for pricing
      2,172 SF

      Retail/Restaurant Space on Main Street

      New retail or restaurant space in Old Town Lewisville.
      170 W Main St, Lewisville, TX 75057
      View Details
    • $25 SF/Yr
      12,197 SF

      Revitalized Lewisville Retail/Office Space

      Two-story building in Lewisville's Historical District, near Old Town Plaza.
      150 W Main St, Lewisville, TX 75057
      View Details
    • Contact for pricing
      5,122 SF

      Retail Space on Hard Corner

      Retail space available for lease or build-to-suit on hard corner.
      647 West Main St, Lewisville, TX 75057
      View Details
    • Contact for pricing
      1,464 SF

      Lewisville Restaurant/Retail Space For Rent

      Restaurant/retail space with parking in back, prime location.
      190 W Main St, Lewisville, TX 75057
      View Details
    • Contact for pricing
      8,892 SF

      Freestanding Turn-Key Restaurant Available

      Freestanding 8,892 SF turn-key restaurant with excellent visibility.
      1960 S Stemmons Fwy, Allen, TX 75057
      View Details
    View Listing
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    Lewisville, TX 75057
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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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