Land Near Levit Green
For Sale
$1,155,000
3368 Dixie Drive, Houston, TX 77021
30,000 SF land near Texas Medical Center.
Property Size9,400 SF
Lot Size0.69 Acres
Price / SF$122.87
Days on Market283
Property Features for 3368 Dixie Drive
General Information
Standard status
Active
Size
9,400 SF
Lot size
0.69 Acres
Property subtype
Land or Vacant Lot
Taxes and HOA fees
Annual Taxes
$22,447
Amenities
Corner Lot
Split Possible
Subdivision
Listing Agency:
WOMACK DEVELOPMENT & INVESTMENT REALTORS
(713) 523-7402
Listed By:
GERALD WOMACK · License #0199047
Source:
Corcoran
Added: Oct 31, 2025
Changed: Aug 8
Last Checked: Jul 15 at 9:25PM
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 WOMACK DEVELOPMENT & INVESTMENT REALTORS
Investment Insights
Based on property information with market context.
This is a rare opportunity to acquire five parcels totaling 30,000 square feet of land directly adjacent to Levit Green, a 52-acre development near the Texas Medical Center. The development includes research, office, residential, shopping, and dining spaces. The property is also located in close proximity to Hermann Park, the Museum District, the University of Houston, and Texas Southern University, with a quick commute to Downtown Houston. The site is suitable for new construction townhouses or single-family homes, with new constructions already present directly behind it. There is a 9,400 sq. ft. warehouse building on the property.
Key Highlights
- Directly adjacent to Levit Green, a 52‑acre mixed‑use development (research, office, residential, shopping, dining).
- Prime location for new construction townhouses or single‑family homes.
- Significant potential for increased property value due to the Levit Green development.
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
$69,187
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
5.99%
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%
$1,383,740
$1.4M
Cap Rate 7%
$988,386
$988.4K
Cap Rate 9%
$768,744
$768.7K
Market Conditions
NOI Build-Up for 9,400 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
$90.2K $9.60/SF
− Vacancy
−$8.8K −$0.94/SF
EGI
$81.4K $8.66/SF
− OpEx
−$12.2K −$1.30/SF
NOI
$69.2K $7.36/SF
Area
Houston, TX
Vacancy
9.80%
Lease Rate
$9.60 /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%
$1,383,740
Cap Rate 7%
$988,386
Cap Rate 9%
$768,744
Alternative Uses
Best Use
Warehouse
$988.4K
$864.8K – $1.15M
NOI $69,187 @ 7.0% cap · market cap 5.99%
Second Best
Industrial
$757.2K
$662.5K – $883.4K
NOI $53,002 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$2.42M
$2.12M – $2.82M
NOI $169,200 @ 7.0% cap · market cap 14.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
773
Businesses Nearby
Explore this area
Business Placement
Demographics for 77021, TX
28,055
Population
12,819
Households
2.2
Avg Household Size
36
Median Age
34%
College-Educated
87%
High-School Grad
6.1 sq mi
ZIP Area
4,599
Density / Sq Mi
$45,034
Median Household Income
$38,041
Median Earnings
$1,193
Median Rent
$203,900
Median Home Value
Market
Vacancy Rate% for Industrial in Houston, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - 30,000 SF land near Texas Medical Center.
Where is this residential land & home lot located?
The property is located at 3368 Dixie Drive Houston, TX.
What is the asking price?
The asking price for this property is $1,155,000.
What are key features of this property?
This property features: Directly adjacent to Levit Green, a 52‑acre mixed‑use development (research, office, residential, shopping, dining).; Prime location for new construction townhouses or single‑family homes.; Significant potential for increased property value due to the Levit Green development.
