Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    FM 1488 & US 290 Hempstead, TX

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Exceptional 1.75-acre shovel-ready site at FM 1488 & US 290.

    Type:LAND
    Lot size:
    1.75 Acres
    Added:
    May 15, 2025
    Days on Market:
    325
    Last Refresh:
    Apr 1 at 8:23 pm

    Property Features for FM 1488 & US 290

    General Information

    Standard status
    Active
    Lot size
    1.75 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Joel C. English
    Joel C. English

    Listing agent Joel C. English License #465800

    Listing office Texas CRES

    Listing date May 15, 2025

    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 Texas CRES

    Overview

    Prime Development Site FM 1488

    This approximately 1.75-acre development site is located at the intersection of FM 1488 and US 290 in Waller County. The site is shovel-ready, with utilities available and off-site detention provided. It features two access easements, including one sized for a frontage marquee sign. The location offers visibility and accessibility from US 290. The property is strategically located near the new approximately 500-acre H-E-B Distribution Center, which is currently under development. H-E-B Grocery owns the hard corner directly across the highway. The site is suitable for retail, office, or multifamily development. It is located in a fast-growing commercial and logistics corridor.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Hempstead
    County
    Waller
    State
    Texas
    Longitude
    -96.0783
    Latitude
    30.0974

    Nearby Similar for Sale

    • $129,000
      27,000 SF

      Hempstead, TX Land Opportunity

      Five adjacent lots zoned AR, ideal for single-family or estate.
      25 St, Hempstead, TX 77445
      View Details
    • $239,000

      Commercial Corner Lot on FM 1488

      2.447 acre commercial corner lot with high visibility.
      TBD Farm To Market Road 1488, Hempstead, TX 77445
      View Details
    • $450,000
      3,600 SF

      Highway 6 Restaurant Opportunity

      Turnkey restaurant property with high visibility on Highway 6.
      27004 Hwy 6, Hempstead, TX 77445
      View Details
    • $799,000
      3,290 SF

      Hempstead Homestead on 10 Acres

      Serene 10-acre Hempstead property with main home, cottage, and barns.
      23600 Brazos Estates Road, Hempstead, TX 77445
      View Details
    • $489,000
      1,500 SF

      Modern Farmhouse on 1.5 Acres

      Like-new, custom farmhouse with barn, pond views, and generator.
      44206 Springer Rd, Hempstead, TX 77445
      View Details
    • $695,000
      4,320 SF

      Commercial Property with Residence and Shop

      1.4 acres with residence, shop, and business opportunity.
      37395 FM 1488 Road, Hempstead, TX 77445
      View Details
    • $495,000

      Unrestricted Acreage with Workshop/Barn

      Four unrestricted acres featuring a manufactured home and workshop/barn.
      41230 Delma Rd, Hempstead, TX 77445
      View Details
    • $420,000

      Unrestricted Lot in Hempstead, TX

      18,748 SF unrestricted lot for sale in Hempstead, Texas.
      906 Rice Street, Hempstead, TX 77445
      View Details
    • $2,250,000

      Hempstead Land Investment Opportunity

      25+ acre commercial land near HWY 290 in Hempstead, TX.
      0 Mack Washington Ln., Hempstead, TX 77445
      View Details
    • $560,000

      Unrestricted Acreage in Growing Area

      10 acres of unrestricted land suitable for various developments.
      42109 Blumberg Road, Hempstead, TX 77445
      View Details
    • $789,900

      Prime Commercial Tract in Hempstead

      55.599-acre commercial tract with high visibility and connectivity.
      0 HWY 290 Bus, Hempstead, TX 77445
      View Details
    • $2,495,000
      4,448 SF

      Hempstead Farm with Custom Home

      Stunning 4,448 sqft custom home on 17.64 acres.
      40051 Mesquite, Hempstead, TX 77445
      View Details

    FAQs

    What type of property is this?
    Land - Exceptional 1.75-acre shovel-ready site at FM 1488 & US 290.
    Where is this land located?
    The property is located at FM 1488 & US 290 Hempstead, TX.
    What is the asking price?
    The asking price for this property is $850,000.
    What are key features of this property?
    This property features: Shovel‑ready ±1.75‑acre development site with utilities available.; Prime visibility at the intersection of FM 1488 & US 290.; Strategically located near the new ±500 acre H‑E‑B Distribution Center.
    (281) 898-0895 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Joel C. English
    Joel C. English
    Real Estate License ID: 465800
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!