3031 Washington DrMelissa, TX 75454

Property Details for 3031 Washington Dr

Year built

2022

Lot size

8.75 AC

Property size (Sq ft)

30,022 SF

Zone code

COMM

Property type

Office buildings

APN

R-6033-004-2150-1

APU

R603300421501

Description

This exceptional 1,288 square foot retail space is located within the vibrant Melissa Wellness Village, a newly constructed (2023) development in the rapidly expanding city of Melissa, Texas. The property is part of a multi-tenant building totaling 14,971 square feet, offering excellent visibility and accessibility. The location benefits from high traffic counts due to its proximity to three major highways: SH 121, US 75, and SH 5, ensuring convenient access for customers. Melissa is experiencing significant population growth, with a remarkable increase exceeding 34% between 2020 and 2022. This robust growth is further supported by strong average household incomes exceeding $130,000 within a three-mile radius. A significant anchor tenant, a 125,000 square foot Kroger grocery store, opened in October 2024, driving substantial foot traffic to the center. This presents a unique opportunity for businesses seeking to establish themselves in a thriving suburban market with a high-income demographic. The property is classified as Retail and Restaurant use, offering flexibility for various business types. The space is immediately available. The zip code is 75454, and the address is 3031 Washington Dr, Melissa, TX.

• CAP approach

  CAP return

  Valuation

  6%

  $6,611,642

  6.5%

  $6,103,054

  7%

  $5,667,122

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,391,064

  Geo Method

  $3,612,247

• Alternative Use

  Use

  Valuation

  Residential

  $7,567,788

  Hospitality

  $6,932,052

  Educational

  $5,767,386

  Medical

  $5,965,736

  Retail

  $8,971,490

Location Insight

City

Melissa

County

Collin

State

Texas

Latitude

33.2857

Longitude

-96.5635

CBSA code

19100

CBSA name

DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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