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6191-6193 Highway Boulevard, Katy, TX 77494
Tiger Square Shopping Center was remodeled in 2023 with an updated roof and tenant spaces spanning medical, food, and services.
Property Size30,296 SF
Price / SF$305.52
Days on Market143
Property Features for 6191-6193 Highway Boulevard
General Information
Standard status
Active
Size
30,296 SF
Property subtype
Retail
Occupancy
100%
Net Operating Income
$666,400
Building Details
Year Built
1984
Year Renovated
2023
Tenancy
Multi
Listing Agency:
The Blue Ox Group
Listed By:
Brooks Shanklin · License #TX618418
Source:
Crexi
Added: Apr 17
Changed: Sep 2
Last Checked: Sep 5 at 6:58PM
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 The Blue Ox Group
Investment Insights
Based on property information with market context.
Key Highlights
- Tiger Square Shopping Center remodeled in 2023, including an updated roof
- Year built: 1984
- Tenants include a diversified mix with medical, food, service, and retail uses
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
$410,367
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
4.43%
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%
$8,207,340
$8.2M
Cap Rate 7%
$5,862,386
$5.9M
Cap Rate 9%
$4,559,633
$4.6M
Market Conditions
NOI Build-Up for 30,296 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
$621.7K $20.52/SF
− Vacancy
−$35.4K −$1.17/SF
EGI
$586.2K $19.35/SF
− OpEx
−$175.9K −$5.81/SF
NOI
$410.4K $13.55/SF
Area
Fort Bend County, TX
Vacancy
5.70%
Lease Rate
$20.52 /SF/Yr
Expense Ratio
30.00%
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%
$8,207,340
Cap Rate 7%
$5,862,386
Cap Rate 9%
$4,559,633
Alternative Uses
Best Use
Retail
$5.86M
$5.13M – $6.84M
NOI $410,367 @ 7.0% cap · market cap 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$377.41M
$330.24M – $440.32M
NOI $26,418,988 @ 7.0% cap · market cap 285.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
964
Businesses Nearby
Well-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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Katy Main Street — 25705 Katy Fwy, Katy, TX 77494
- The Shops at Cane Island — 27252 Katy Fwy, Katy, TX 77494
- Tiger Square — 6191-6193 Hwy Blvd, Katy, TX 77494
- midway shopping center — 5815 US-90, Katy, TX 77493
Frequently Asked Questions
What type of property is this?
Shopping center - Tiger Square Shopping Center was remodeled in 2023 with an updated roof and tenant spaces spanning medical, food, and services.
Where is this shopping center located?
The property is located at 6191-6193 Highway Boulevard Katy, TX.
What is the asking price?
The asking price for this property is $9,256,000.
What are key features of this property?
This property features: Tiger Square Shopping Center remodeled in 2023, including an updated roof; Year built: 1984; Tenants include a diversified mix with medical, food, service, and retail uses
