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    Unrestricted Land on FM 2920 Title is generated by Realmo AI

    00 Fm 2920 Road, Hockley, TX 77447

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    Claim this Listing
    For Sale
    $1,625,000

    6 acres of unrestricted land with FM 2920 frontage.

    Type:Land or Vacant Lot
    Lot size:
    6.00 Acres
    Added:
    Aug 8, 2023
    Days on Market:
    1033
    Last Refresh:
    May 10 at 9:55 pm

    Property Features for 00 Fm 2920 Road

    General Information

    Standard status
    Active
    Lot size
    6.00 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    BILL GARDNER
    BILL GARDNER

    Listing agent BILL GARDNER License #223802

    Listing office GARDNER REALTY

    Listing date Aug 8, 2023

    Source Corcoran

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of GARDNER REALTY

    HighLights

    • Unrestricted 6‑acre land with 383 ft of FM 2920 frontage.
    • Divisible land with frontage on 3 sides and corner access.
    • Current rental income of $3000/month from existing tenants.
    • Cleared, level land with no flooding issues.
    • Easy access to Hwy 99 and SH 290 in a rapidly developing area.
    • High traffic count location with potential for increased traffic flow due to planned FM 2920 widening.

    Overview

    This property features 6 acres of unrestricted land with 383 feet of frontage on FM 2920. The land is cleared, level, and not in a flood zone. It has frontage on three sides, extending from the corner of Ibis FM 2920 to Pippit FM 2920. The property offers convenient access to Highway 99 and SH 290. Situated in a rapidly developing area with multiple subdivisions under construction, it benefits from high traffic volume. The land can be used for various purposes, and while the current plat shows 6 lots, its unrestricted nature allows for the construction of multiple homes or businesses, or even several buildings across the 6 acres. Lots with frontage on FM 2920 are increasingly scarce. The property currently generates a rental income of $3000 per month from two multi-year tenants on month-to-month leases. A survey is available. Harris County has plans to widen FM 2920, with the project slated for completion in 2029, which is expected to double the traffic flow past the property.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Building Supply Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Auto Parts Store Kitchen & Bath Showroom Department Store Food Market Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Hockley
    County
    Harris
    State
    Texas
    Longitude
    -95.7367
    Latitude
    30.0809

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    FAQs

    What type of property is this?
    Commercial land - 6 acres of unrestricted land with FM 2920 frontage.
    Where is this commercial land located?
    The property is located at 00 Fm 2920 Road Hockley, TX.
    What is the asking price?
    The asking price for this property is $1,625,000.
    What are key features of this property?
    This property features: Unrestricted 6‑acre land with **383 ft of FM 2920 frontage**.; Divisible land with frontage on 3 sides and corner access.; Current rental income of $3000/month from existing tenants.
    (713) 545-6170
    We can help!
    Listing Contact
    BILL GARDNER
    BILL GARDNER
    Real Estate License ID: 223802
    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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    00 Fm 2920 Road, Hockley, TX 77447
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