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    502 Neptune Circle Tiki Island, TX 77554

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    For Sale
    $500,000

    Canal Land - Tiki Island, TX

    Property size:
    5,881 SF
    Price / SF:
    $85/SF
    Added:
    Nov 3, 2024
    Days on Market:
    551
    Last Refresh:
    May 7 at 5:06 am

    Property Features for 502 Neptune Circle

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Size
    5,881 SF

    Taxes and HOA fees

    Tax Annual Amount
    4834
    Expense value
    100
    Expense
    Home Owner Assessments Fee

    Utilities

    Water front features
    Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Jackie Greer

    Listing agent Jackie Greer

    Listing office Berkshire Hathaway Home Services Premier Properties 2316 Market St., Galveston, TX

    Listing date Nov 3, 2024

    MLS# 20241511 Listing URL

    Copyright © 2026 Galveston Association of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Waterfront property with 80ft of frontage
    • East‑facing orientation, perfect for morning sun
    • Opportunity to build a custom home
    • Located in Tiki Island
    • Last street to be developed
    • Option to purchase adjacent lots (135 and 136) for a larger property

    Overview

    Waterfront Land in Tiki Island

    This waterfront lot, situated in Tiki Island, TX, presents an opportunity to construct a custom home. Located on the last street to be developed in Tiki Island, the east-facing lot offers 80 feet of waterfront. The property encompasses 5881 square feet. The intended use is residential. An adjacent lot is also available for sale, and the owner possesses a third lot, offering the potential for acquiring multiple lots.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Building Supply Big Box & Wholesale Store Auto Repair Shop Pharmacy Hotel & Motel Kitchen & Bath Showroom HVAC Service Travel Agency Cosmetic Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Tiki Island
    County
    Galveston
    State
    Texas
    Longitude
    -94.9211104
    Latitude
    29.2997756

    Nearby Similar for Sale

    • $425,000
      5,401 SF

      Waterfront Land in Tiki Island

      Residential land for sale in Tiki Island, Texas.
      510 Neptune Circle, Tiki Island, TX 77554
      View Details
    • $119,000
      5,482 SF

      Waterview Land in Tiki Island

      Dry land lot with bay views, build your dream home.
      Lot 28 Tiki Drive, Tiki Island, TX 77554
      View Details
    • $135,000

      Tiki Island Waterfront Lot

      Vacant waterfront lot on Tiki Island with concrete bulkhead.
      Lot 22 Tiki Drive, Tiki Island, TX 77554
      View Details
    • $975,000

      Tiki Island Land Parcel

      Three contiguous lots available in Tiki Island, Texas.
      Lots 55, 56 & 57 Bamboo Drive, Tiki Island, TX 77554
      View Details
    • $450,000

      Tiki Island Waterfront Land

      Waterfront land available in Tiki Island, Texas.
      Lot 58 Bamboo Drive, Tiki Island, TX 77554
      View Details
    • $975,000

      Tiki Island Waterfront Land

      Three contiguous waterfront lots on Tiki Island.
      Lots 55, 56 & 57 Bamboo Drive, Tiki Island, TX 77554
      View Details
    • $109,900

      Residential Lot in Tiki Island

      Dry lot ready for new home construction in Tiki Island.
      Lot 27 Tiki Drive, Tiki Island, TX 77554
      View Details

    FAQs

    What type of property is this?
    Land - Waterfront lot perfect for building a dream home in Tiki Island.
    Where is this land located?
    The property is located at 502 Neptune Circle Tiki Island, TX.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: Waterfront property with **80ft of frontage**; East‑facing orientation, perfect for morning sun; Opportunity to build a custom home
    (281) 787-5965
    We can help!
    Listing Contact
    Jackie Greer
    Real Estate License ID: 0474476
    Learn More
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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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