Cleared Lot with Covered
For Sale
$865,000
3502 Pinemont Drive, Houston, TX 77018
0.88-acre lot with covered storage near major highways.
Property Size6,000 SF
Lot Size0.88 Acres
Price / SF$144.17
Days on Market220
Property Features for 3502 Pinemont Drive
General Information
Standard status
Active
Size
6,000 SF
Lot size
0.88 Acres
Property subtype
Land
Amenities
Fenced
Cleared,Level,Other
38533
Survey
Listing Agency:
LPT Realty, LLC
(832) 334-0001
Listed By:
G.G. Corporate Connect
Source:
Garygreene
Added: Jan 16
Changed: Aug 23
Last Checked: Aug 24 at 3:53AM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
This 0.88-acre lot features approximately 6,000 sq ft of covered outdoor storage within a stabilized, fenced, and gated yard. The property is cleared and level. Situated in the Oak Forest / Garden Oaks area, the location offers convenient access to Loop 610, I-45, and US 290. The surrounding area features new townhomes and commercial construction. The property sits on a redeveloped street with upgraded drainage completed over the past five years. According to the owner, the property never flooded. The surface is stabilized and ready for immediate use. It is located in FEMA Zone AE, and the buyer is advised to verify requirements. The property is suitable for contractors, small businesses, storage, or future redevelopment.
Key Highlights
- Excellent location near Loop 610, I‑45, and US 290 in the Oak Forest / Garden Oaks area.
- Large 0.88‑acre cleared and stabilized lot, ready for immediate use.
- Includes approximately 6,000 sq ft of covered outdoor storage.
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
$44,162
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
5.11%
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%
$883,240
$883.2K
Cap Rate 7%
$630,886
$630.9K
Cap Rate 9%
$490,689
$490.7K
Market Conditions
NOI Build-Up for 6,000 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
$57.6K $9.60/SF
− Vacancy
−$5.6K −$0.94/SF
EGI
$52.0K $8.66/SF
− OpEx
−$7.8K −$1.30/SF
NOI
$44.2K $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%
$883,240
Cap Rate 7%
$630,886
Cap Rate 9%
$490,689
Alternative Uses
Best Use
Warehouse
$630.9K
$552.0K – $736.0K
NOI $44,162 @ 7.0% cap · market cap 5.11%
Second Best
Industrial
$483.3K
$422.9K – $563.9K
NOI $33,831 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $108,000 @ 7.0% cap · market cap 12.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
527
Businesses Nearby
Explore this area
Business Placement
Demographics for 77018, TX
27,870
Population
13,335
Households
2.1
Avg Household Size
38
Median Age
60%
College-Educated
92%
High-School Grad
6.8 sq mi
ZIP Area
4,099
Density / Sq Mi
$121,658
Median Household Income
$75,487
Median Earnings
$1,256
Median Rent
$543,800
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?
Commercial land - 0.88-acre lot with covered storage near major highways.
Where is this commercial land located?
The property is located at 3502 Pinemont Drive Houston, TX.
What is the asking price?
The asking price for this property is $865,000.
What are key features of this property?
This property features: Excellent location near Loop 610, I‑45, and US 290 in the Oak Forest / Garden Oaks area.; Large 0.88‑acre cleared and stabilized lot, ready for immediate use.; Includes approximately 6,000 sq ft of covered outdoor storage.
