Warehouse with Unrestricted
New
For Sale
$1,499,000
20515 Kickapoo Rd, Waller, TX 77484
Warehouse property with office and restroom improvements on unrestricted acreage, supported by well and septic systems.
Property Size4,283 SF
Lot Size8.00 Acres
Days on Market4
Property Features for 20515 Kickapoo Rd
General Information
Standard status
Active
Size
4,283 SF
Lot size
8.00 Acres
Property subtype
Farm and Ranch Properties
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$13,592
Amenities
swimming pool
Building Details
Building Size
4,283 SF
Year Built
1954
Buildings
4
Stories
1
Listing Agency:
(713) 299-3181
Listed By:
Roger Frey · License #0515194
(713) 299-3181
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 8:12AM
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 Roger Frey
Investment Insights
Based on property information with market context.
This warehouse property includes a 4,000-square-foot building with an interior office and restroom. The improvements sit on 8 unrestricted acres and are complemented by an older barn and a swimming pool. Separate residences are also located on the property, including a remodeled 6-bedroom home measuring 4,283 square feet and an additional 2-bedroom home with 1,534 square feet.
Access is provided by three entrances along Kickapoo Road. The property operates with a well and septic system and is positioned near US 290 and FM 2920. Its warehouse, office, restroom, acreage, and residential improvements create a varied property configuration for commercial, storage, and family-use considerations, subject to applicable requirements.
Access is provided by three entrances along Kickapoo Road. The property operates with a well and septic system and is positioned near US 290 and FM 2920. Its warehouse, office, restroom, acreage, and residential improvements create a varied property configuration for commercial, storage, and family-use considerations, subject to applicable requirements.
Key Highlights
- 4,000‑square‑foot warehouse with interior office and restroom
- 8 unrestricted acres
- Remodeled 6‑bedroom home with 4,283 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,595
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.97%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$891,900
$891.9K
Cap Rate 7%
$637,071
$637.1K
Cap Rate 9%
$495,500
$495.5K
Market Conditions
NOI Build-Up for 4,283 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$56.5K $13.20/SF
− Vacancy
−$4.1K −$0.95/SF
EGI
$52.5K $12.25/SF
− OpEx
−$7.9K −$1.84/SF
NOI
$44.6K $10.41/SF
Area
Harris County, TX
Vacancy
7.20%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$891,900
Cap Rate 7%
$637,071
Cap Rate 9%
$495,500
Alternative Uses
Best Use
Warehouse
$637.1K
$557.4K – $743.3K
NOI $44,595 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,864 @ 7.0% cap · market cap 5.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77484, TX
13,449
Population
5,180
Households
2.6
Avg Household Size
39
Median Age
25%
College-Educated
84%
High-School Grad
151.0 sq mi
ZIP Area
89
Density / Sq Mi
$71,446
Median Household Income
$35,091
Median Earnings
$1,075
Median Rent
$243,400
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse property with office and restroom improvements on unrestricted acreage, supported by well and septic systems.
Where is this warehouse located?
The property is located at 20515 Kickapoo Rd Waller, TX.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 4,000‑square‑foot warehouse with interior office and restroom; 8 unrestricted acres; Remodeled 6‑bedroom home with 4,283 square feet
