Medical Office Building with 10-Foot Wall
For Sale
Contact for pricing
23219 Red River Dr, Katy, TX 77494
Newer medical office built in 2021 with central HVAC, brick exterior, and 100% finished interior.
Property Size1,772 SF
Price / SF$338.54
Days on Market60
Property Features for 23219 Red River Dr
General Information
Standard status
Active
Size
1,772 SF
Property subtype
OFFICE
Listing Agency:
eXp Realty
(888) 519-7431
Listed By:
Rachel Gonzalez-Dunham, CCIM · License #0481721
(832) 216-8524
Source:
Moodyscre
Added: Jul 17
Changed: Aug 18
Last Checked: Sep 13 at 9:45AM
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 eXp Realty
Investment Insights
Based on property information with market context.
23219 Red River Dr is a 1,772 SF medical office building built in 2021 with a modern medical office layout and 100% finished interior. The brick exterior property includes central HVAC and approximately 10-foot wall heights, supporting a flexible, professional setting for healthcare and related office use.
The building sits on a 6,289 SF lot (0.1444 acres). It is located in the Katy / Grand Parkway / Kingsland area with convenient access to the Grand Parkway (SH-99) and surrounding residential communities, retail centers, restaurants, and professional services.
Designed as a newer medical office asset, the space is suited for healthcare providers and professional office users looking for a ready-to-occupy environment with interior finish already in place.
The building sits on a 6,289 SF lot (0.1444 acres). It is located in the Katy / Grand Parkway / Kingsland area with convenient access to the Grand Parkway (SH-99) and surrounding residential communities, retail centers, restaurants, and professional services.
Designed as a newer medical office asset, the space is suited for healthcare providers and professional office users looking for a ready-to-occupy environment with interior finish already in place.
Key Highlights
- 1,772 SF medical office building built in 2021
- 6,289 SF lot (0.1444 acres)
- Brick exterior construction
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
$29,465
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
4.91%
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%
$589,300
$589.3K
Cap Rate 7%
$420,929
$420.9K
Cap Rate 9%
$327,389
$327.4K
Market Conditions
NOI Build-Up for 1,772 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
$52.5K $29.64/SF
− Vacancy
−$3.4K −$1.93/SF
EGI
$49.1K $27.71/SF
− OpEx
−$19.6K −$11.09/SF
NOI
$29.5K $16.63/SF
Area
Fort Bend County, TX
Vacancy
6.50%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
40.00%
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%
$589,300
Cap Rate 7%
$420,929
Cap Rate 9%
$327,389
Alternative Uses
Best Use
Healthcare Medical
$420.9K
$368.3K – $491.1K
NOI $29,465 @ 7.0% cap · market cap 4.91%
Second Best
Office B
$352.3K
$308.3K – $411.0K
NOI $24,662 @ 7.0% cap · market cap 4.11%
Theoretical Best
Multifamily LT 5
$22.07M
$19.32M – $25.75M
NOI $1,545,235 @ 7.0% cap · market cap 257.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
857
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77494, TX
130,872
Population
44,520
Households
2.9
Avg Household Size
35
Median Age
66%
College-Educated
96%
High-School Grad
37.9 sq mi
ZIP Area
3,453
Density / Sq Mi
$146,105
Median Household Income
$68,773
Median Earnings
$2,044
Median Rent
$450,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Similar Off Market Nearby
- Veterinary Emergency Group — 1370 W Grand Pkwy S, Katy, TX 77494
Frequently Asked Questions
What type of property is this?
Medical Office Space - Newer medical office built in 2021 with central HVAC, brick exterior, and 100% finished interior.
Where is this medical office space located?
The property is located at 23219 Red River Dr Katy, TX.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 1,772 SF medical office building built in 2021; 6,289 SF lot (0.1444 acres); Brick exterior construction
