5297 State Highway 121The Colony, TX 75056

  • Other commercial real estate
  • 13,788 SF
For Sale
$6,066,667 View listing

Property Details for 5297 State Highway 121

Year built
2002
Lot size
1.80 AC
Property size (Sq ft)
13,788 SF
Property type
Other commercial real estate
APN
R194868
APU
R194868

Description

This exceptional investment opportunity presents a 13,650-square-foot Walgreens located in The Colony, Texas, within the high-growth Dallas-Fort Worth metroplex. The property sits on a 1.8-acre lot with 75 parking spaces and boasts a prominent location at the signalized intersection of Paige Road and State Highway 121, benefiting from high traffic volume. The Walgreens operates under a triple-net (NNN) lease with a credit-rated tenant, providing a secure and predictable income stream. The lease commenced in November 2023 and has approximately 14 years remaining, with built-in 5% rent increases every five years and twelve 5-year renewal options. The property's strong financial performance is reflected in its 5.85% cap rate and a substantial net operating income (NOI) of $354,900. Built in 2002, this single-tenant property benefits from its proximity to major roadways, including the Sam Rayburn Tollway, and is surrounded by a thriving commercial area, including numerous hotels, restaurants, and retail establishments, such as Home Depot and Wendy's. The property is also conveniently located near the expansive Grandscape retail and entertainment development. This presents a compelling investment opportunity with significant long-term growth potential within a dynamic and rapidly expanding market. The asking price is $6,066,667, translating to $444.44 per square foot. The property's location within the Dallas-Fort Worth MSA, a major economic hub with a large and educated workforce, further enhances its investment appeal.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • Alternative Use

    Use
    Valuation
    Residential
    $2,887,768
    Hospitality
    $2,645,180
    Educational
    $2,200,758
    Medical
    $2,276,446
    Retail
    $3,423,402
5297 State Highway 121, The Colony, Texas

Location Insight

City
The Colony
County
Denton
State
Texas
Latitude
33.0727
Longitude
-96.8771
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
$67,151
$2,197,776
$1,400,349
$3,598,125
-
$2,197,776
$1,400,349
$3,598,125

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