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    Aviation Property with Hangar Apartment Title is generated by Realmo AI

    532 N Gum Gully Rd, Crosby, TX 77532

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    For Sale
    $699,900

    Unrestricted 5-acre aviation property with hangar and apartment near Lake Houston.

    Type:Farm and Ranch Properties
    Property size:
    900 SF
    Lot size:
    5.00 Acres
    Price / SF:
    $777/SF
    Added:
    Apr 15, 2026
    Days on Market:
    47
    Last Refresh:
    Apr 11 at 6:31 am

    Property Features for 532 N Gum Gully Rd

    General Information

    Standard status
    Active
    Size
    900 SF
    Lot size
    5.00 Acres
    Property subtype
    Farm and Ranch Properties

    Building Details

    Year Built
    2021

    We can help!

    Listing Contact
    Tracy Montgomery
    Tracy Montgomery

    Listing agent Tracy Montgomery License #0470440

    Listing office

    Listing date Apr 15, 2026

    Source Elliman

    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 Tracy Montgomery

    HighLights

    • Unrestricted 5‑acre property deeded for aviation takeoff clearance with existing hangar and potential for runway installation.
    • Hangar includes a 900 sq ft apartment with 1 bedroom, 1 bath, living room, and mini kitchen.
    • Minutes from Lake Houston, suitable for aviation enthusiasts, country estate, or weekend getaway.
    • Features mature trees (oaks, crepe myrtles), a large patio, RV hookup, water well, and septic system.
    • Includes natural gas connections and washer/dryer hookups.
    • Benefits from a low tax rate with AG exemption.

    Overview

    This unrestricted 5-acre property is deeded for aviation takeoff clearance and features a hangar with an approximately 900 square foot apartment. The apartment includes one bedroom, one bathroom, a living room, and a mini kitchen. The property is suitable for an aviation training facility and offers potential for runway installation. Mature trees, including oaks and crepe myrtles, are located in the front. A large patio area is available for grilling or entertaining. The property includes a water well and septic system, along with natural gas connections and washer/dryer hookups. An AG exemption contributes to a low tax rate. RV hookups are also present. Located minutes from Lake Houston, this property presents a unique opportunity for aviation enthusiasts or a country estate or weekend getaway.
    Location Intelligence

    Current Use by Public Records

    Aviation real estate

    Suggested Use

    Restaurant Real Estate Agency Building Supply Auto Repair Shop Gym & Fitness Center Hotel & Motel Kitchen & Bath Showroom Food Market Accounting Firm Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Crosby
    County
    Harris
    State
    Texas
    Longitude
    -95.09399
    Latitude
    29.964808

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    FAQs

    What type of property is this?
    Aviation real estate - Unrestricted 5-acre aviation property with hangar and apartment near Lake Houston.
    Where is this aviation real estate located?
    The property is located at 532 N Gum Gully Rd Crosby, TX.
    What is the asking price?
    The asking price for this property is $699,900.
    What are key features of this property?
    This property features: Unrestricted 5‑acre property deeded for aviation takeoff clearance with existing hangar and potential for runway installation.; Hangar includes a 900 sq ft apartment with 1 bedroom, 1 bath, living room, and mini kitchen.; Minutes from Lake Houston, suitable for aviation enthusiasts, country estate, or weekend getaway.
    (713) 825-5905
    We can help!
    Listing Contact
    Tracy Montgomery
    Tracy Montgomery
    Real Estate License ID: 0470440
    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.

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