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    Kroger-Anchored Retail and Medical Spaces Title is generated by Realmo AI

    3141 FM 528, Friendswood, TX 77546

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    For Lease
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    Move-in ready spaces in high-traffic location near planned residential development.

    Type:Commercial
    Property size:
    123,758 SF
    Added:
    Apr 8, 2026
    Days on Market:
    46
    Last Refresh:
    Apr 3 at 4:58 am

    Property Features for 3141 FM 528

    General Information

    Standard status
    Active
    Size
    123,758 SF
    Property subtype
    Commercial

    We can help!

    Listing Contact
    Kyle Knight
    Kyle Knight

    Listing agent Kyle Knight

    Listing office Weitzman Houston

    Listing date Apr 8, 2026

    Source Weitzmangroup

    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 Weitzman Houston

    HighLights

    • Kroger‑anchored neighborhood center
    • Located at high‑traffic FM 528 & Bay Area Blvd
    • Move‑in ready 2nd‑gen medical & restaurant spaces available
    • +- 2,800 homes planned nearby at Midline
    • Suites available ranging from 1,384 SF to 10,000 SF
    • Multiple suites available: 330, 352, 358, and Phase II

    Overview

    This property is a Kroger-anchored neighborhood center with move-in ready second-generation medical and restaurant spaces available. It is located at the high-traffic intersection of FM 528 and Bay Area Boulevard. Approximately 2,800 homes are planned nearby at Midline. Suite 330 offers 1,384 square feet of space. Suite 352 provides 1,540 square feet. Suite 358 features 1,960 square feet. Phase II offers 10,000 square feet of available space. The property is suitable for shopping centers, retail properties and spaces, medical office space, office properties and spaces, restaurants, other restaurants, and general commercial real estate uses. The property size is 123,758 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Thighstop Restaurant Saruzzo's New York ... Restaurant Barber & Beauty Hair Salon Profile Plan Weight Loss Service Crystals Nails Nail Salon

    Suggested Use

    Real Estate Agency Building Supply Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Gym & Fitness Center Kitchen & Bath Showroom HVAC Service Grocery & Convenience Store Electrical Service

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

    Similar Places Nearby

    • Coinstar Kiosk - Bitcoin ATM — Kroger - Houston, 3135 FM 528 Rd, Friendswood, TX 77546
    • Towne Square — 3800 FM 528 Rd E, Friendswood, TX 77546
    • Baywood plaza — FM 528 Rd, Friendswood, TX 77546
    • Coin Cloud Bitcoin ATM — 3126 FM 528 Rd, Webster, TX 77598

    Location Insight

    • Map
    • Local Demand
    City
    Friendswood
    County
    Galveston
    State
    Texas
    Longitude
    -95.224185
    Latitude
    29.468697

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    FAQs

    What type of property is this?
    Shopping center - Move-in ready spaces in high-traffic location near planned residential development.
    Where is this shopping center located?
    The property is located at 3141 FM 528 Friendswood, TX.
    What are key features of this property?
    This property features: Kroger‑anchored neighborhood center; Located at high‑traffic FM 528 & Bay Area Blvd; Move‑in ready 2nd‑gen medical & restaurant spaces available
    (713) 781-7111
    We can help!
    Listing Contact
    Kyle Knight
    Kyle Knight
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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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