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    Historic Downtown Office Building Title is generated by Realmo AI

    1018 Preston Street, Houston, TX 77002

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    Eight-story office building in the Courts Complex, renovated in 2021.

    Type:OFFICE
    Property size:
    5,059 SF
    Lot size:
    0.07 Acres
    Added:
    May 7, 2021
    Days on Market:
    1829
    Last Refresh:
    Apr 5 at 8:05 pm

    Property Features for 1018 Preston Street

    General Information

    Standard status
    Active
    Size
    5,059 SF
    Lot size
    0.07 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 1018 Preston Street Contact us

    We can help!

    Listing Contact
    Sam Hansen
    Sam Hansen

    Listing agent Sam Hansen License #TX 567547

    Listing office Colliers - Houston

    Listing date May 7, 2021

    Source Moodyscre

    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 Colliers - Houston

    HighLights

    • Direct access to Harris County Courthouse
    • Located in the Downtown Courts Complex
    • 24/7 secured entrance with Security Guard on site
    • Walking distance to restaurants, hotels, retailers, and public transportation
    • Renovated in 2021
    • Each floor (2,500 SF) includes two private restrooms

    Overview

    This historic, eight-story office building is located in the Courts Complex within Downtown. Each floor plate measures approximately 2,500 SF and includes two private restrooms. The building features efficient floor plates and many offices with 10’ hard loft ceilings. Window views overlook the historic 1910 Harris County Courthouse. A new mural by the famous urban artist Lula Goce was added during the 2021 renovation. The building provides a 24/7 secured entrance and on-site security guard. Adjacent surface parking is available for tenants and visitors via Ace Parking. The location is one block from the METRO Rail Red line and METRO bus stops, offering a wide variety of public transportation options. It also provides direct access to the Harris County Courthouse. Numerous restaurants, hotels, and retailers are within walking distance, making it suitable for tenants seeking a private office suite on their own floor.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Locklear Troy S Law Firm Houston House Buyers ... Real Estate Agency pawsitive attention pet Dog Walker DeGuerin & Dickson Law Firm Dickson Lewis Law Firm

    Suggested Use

    Real Estate Agency Spa & Massage Center Hair Salon Dental Office Restaurant Nail Salon Food Market Grocery & Convenience Store Daycare Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Fort Bend
    State
    Texas
    Longitude
    -95.3608
    Latitude
    29.7609

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    FAQs

    What type of property is this?
    Office building - Eight-story office building in the Courts Complex, renovated in 2021.
    Where is this office building located?
    The property is located at 1018 Preston Street Houston, TX.
    What is the lease rate?
    The lease rate is $25 SF/Yr.
    What are key features of this property?
    This property features: Direct access to Harris County Courthouse; Located in the Downtown Courts Complex; 24/7 secured entrance with Security Guard on site
    (713) 835-0040 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Sam Hansen
    Sam Hansen
    Real Estate License ID: TX 567547
    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.

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