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    Pearland Pad Site Opportunity Title is generated by Realmo AI

    00 Cullen Parkway, Pearland, TX 77584

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    For Sale
    $149,000

    0.6095-acre hard corner pad site in Pearland, Texas.

    Type:Land or Vacant Lot
    Lot size:
    0.61 Acres
    Added:
    Jul 9, 2024
    Days on Market:
    697
    Last Refresh:
    May 10 at 11:05 pm

    Property Features for 00 Cullen Parkway

    General Information

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

    We can help!

    Listing Contact
    RENE SOROLA
    RENE SOROLA

    Listing agent RENE SOROLA License #0525976

    Listing office KELLER WILLIAMS REALTY METROPOLITAN

    Listing date Jul 9, 2024

    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 KELLER WILLIAMS REALTY METROPOLITAN

    HighLights

    • Prime 0.6095‑acre hard corner pad site with high visibility on Cullen Pkwy/FM 865 (Old Chocolate Bayou Rd).
    • Zoned General Business with all city utilities and off‑site detention in place.
    • Located next to a new 109‑unit townhome development (Residences on the Parkway).
    • Excellent accessibility to major throughways: South Fwy/Hwy 288, Sam Houston Pkwy/BW‑8, Hwy 35, FM 518/Broadway St, Magnolia Pkwy & McHard Rd.
    • High‑traffic location surrounded by homes, sports parks, churches, and schools.
    • Suitable for Retail, Office, or QSR/Drive‑thru Restaurant.

    Overview

    This 0.6095-acre hard corner pad site is located in Pearland, Texas, on the southeast corner of Cullen Parkway and FM 865/Old Chocolate Bayou Road, adjacent to the new 109-unit townhome development, Residences on the Parkway. The site features approximately 212 feet of frontage on Cullen Parkway, 106 feet on Old Chocolate Bayou Road, and 123 feet on Serenity Court, with shared access drives. A cell tower is situated on the pad site under a lease agreement with an access easement, which is not included in the sale. The property is zoned General Business and benefits from all city utilities and off-site detention. The location is surrounded by homes, sports parks, churches, and schools, offering convenient access to major thoroughfares such as South Freeway/Highway 288, Sam Houston Parkway/Beltway 8, Highway 35, FM 518/Broadway Street, Magnolia Parkway, and McHard Road. The site is located 20 miles south of Downtown Houston and the Texas Medical Center, and 11 miles west of Hobby Airport. It is suitable for retail, office, or QSR/drive-thru restaurant use. An additional 1.7410-acre corner pad site is available on the northeast corner of Cullen Parkway and Fite Road, featuring a traffic light.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Law Firm Restaurant Hair Salon Building Supply Gym & Fitness Center Pharmacy Auto Repair Shop Big Box & Wholesale Store Daycare Center Kitchen & Bath Showroom

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

    Location Insight

    • Map
    • Local Demand
    City
    Pearland
    County
    Brazoria
    State
    Texas
    Longitude
    -95.3136
    Latitude
    29.53

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    FAQs

    What type of property is this?
    Commercial land - 0.6095-acre hard corner pad site in Pearland, Texas.
    Where is this commercial land located?
    The property is located at 00 Cullen Parkway Pearland, TX.
    What is the asking price?
    The asking price for this property is $149,000.
    What are key features of this property?
    This property features: Prime 0.6095‑acre hard corner pad site with high visibility on Cullen Pkwy/FM 865 (Old Chocolate Bayou Rd).; Zoned General Business with all city utilities and off‑site detention in place.; Located next to a new 109‑unit townhome development (Residences on the Parkway).
    (713) 621-8001
    We can help!
    Listing Contact
    RENE SOROLA
    RENE SOROLA
    Real Estate License ID: 0525976
    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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