5501 Independence PkwyPlano, TX 75023

Property Details for 5501 Independence Pkwy

Year built

1986

Lot size

3.00 AC

Property size (Sq ft)

52,720 SF

Zone code

RT/O-M

Property type

Office buildings

APN

R-1831-001-0040-1

APU

R183100100401

Description

This exceptional Class B medical office building, situated at 5501 Independence Parkway in Plano, Texas, presents a unique investment opportunity. The property, known as the Independence Medical Building, boasts a total of 57,478 square feet and offers multiple tenancy options. Built in 1986 and extensively renovated in 2019, the building is well-maintained and features modern amenities. Suites range from a minimum of 847 square feet to a maximum contiguous space of 3,144 square feet, with seven spaces currently available, ranging from 404 to 4,149 square feet. The building's convenient location at the intersection of Spring Creek and Independence Parkway in Collin County (APN R1794669) places it within easy reach of a thriving residential and retail community. Ample parking is provided with 150 spaces. The RT/O-M zoning allows for a variety of medical and office uses. This property is ideally suited for medical practices and other businesses seeking a well-established and easily accessible location in the heart of Plano, Texas, zip code 75023. The building's current tenants represent a diverse mix of medical and general office users, demonstrating its broad appeal and strong tenant base.

• CAP approach

  CAP return

  Valuation

  6%

  $11,610,345

  6.5%

  $10,717,242

  7%

  $9,951,725

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,710,908

  Geo Method

  $6,343,270

• Alternative Use

  Use

  Valuation

  Residential

  $13,289,380

  Hospitality

  $12,173,000

  Educational

  $10,127,794

  Medical

  $10,476,104

  Retail

  $15,754,345

Location Insight

City

Plano

County

Collin

State

Texas

Latitude

33.0564

Longitude

-96.7511

CBSA code

19100

CBSA name

DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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