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    28925 Farm to Market Road 2978 Magnolia, TX 77354

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    For Sale
    $750,000

    0.87 acre pad site in high-traffic commercial area.

    Type:Land
    Added:
    Nov 21, 2025
    Days on Market:
    133
    Last Refresh:
    Apr 1 at 9:00 pm

    Property Features for 28925 Farm to Market Road 2978

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    Jackson Cain
    Jackson Cain

    Listing agent Jackson Cain License #TX 0722395

    Listing office SVN | J. Beard Real Estate – Greater Houston

    Listing date Nov 21, 2025

    Source Jbeardcompany

    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 SVN | J. Beard Real Estate – Greater Houston

    Overview

    Prime Pad Site Available

    This 0.87-acre pad site is available for sale. It benefits from approximately 195 feet of frontage on Farm to Market Road 2978, with a signalized intersection at Greenmore Drive connected to the property. The location is within 3.5 miles of Westwood Shopping Center, which features over 300,000 square feet of retail space, including Target, TJ Maxx, Ross, Office Max, PetsMart, Gold’s Gym, and Michaels, as well as pad users such as Chili’s, Starbucks, Taco Bell, Chick-fil-A, and Freddy’s. The site is situated in a commercial development and major retail hub along FM 2978, near a Super Walmart, Chase, and Whataburger, at the intersection with Woodlands Parkway to the north. Northgrove at Spring Creek, a new luxury residential community by Toll Brothers, is under construction just south of the site on FM 2978 and is planned to have 850 homes upon completion. The site is located directly across from The Woodlands May Valley Subdivision entrance, within The Woodlands submarket, which is currently ranked as the #4 best-selling master-planned community in the nation. FM 2978 road expansion to 5 lanes has recently been completed. There are limited restrictions for the site.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Magnolia
    County
    Montgomery
    State
    Texas
    Longitude
    -95.6732
    Latitude
    30.1882

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    FAQs

    What type of property is this?
    Commercial land - 0.87 acre pad site in high-traffic commercial area.
    Where is this commercial land located?
    The property is located at 28925 Farm to Market Road 2978 Magnolia, TX.
    What is the asking price?
    The asking price for this property is $750,000.
    What are key features of this property?
    This property features: Located in The Woodlands Submarket, directly across from The Woodlands May Valley Subdivision entrance.; High‑traffic location with approximately 195' frontage on FM 2978 at the signalized intersection of Greenmore Drive.; Proximity to major retail hub: Near Super Walmart, Chase, Whataburger, and more.
    (281) 367-2220
    We can help!
    Listing Contact
    Jackson Cain
    Jackson Cain
    Real Estate License ID: TX 0722395
    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.

    More about this property
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