Unrestricted Land with Multiple
For Sale
Contact for pricing
7438 Wright Rd, Houston, TX 77041
Five-acre unrestricted land with diverse structures and potential uses.
Property Size18,989 SF
Lot Size5.00 Acres
Price / SF$263.31
Days on Market1037
Property Features for 7438 Wright Rd
General Information
Standard status
Active
Size
18,989 SF
Lot size
5.00 Acres
Property subtype
Industrial
Building Details
Year Built
1972
Buildings
6
Stories
1
Listing Agency:
Coldwell Banker United, REALTORS Champions
(281) 954-1152
Listed By:
Kevin Schamel · License #587100
Source:
Crexi
Added: Oct 12, 2023
Changed: Aug 10
Last Checked: Aug 12 at 4:38AM
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 Coldwell Banker United, REALTORS Champions
Investment Insights
Based on property information with market context.
This property features five acres of unrestricted land, presenting potential for residential, commercial, and agricultural uses. The land is fully fenced and includes two entrances. Existing amenities comprise a main house, a guest house, a three-bay warehouse, two office buildings, storage facilities, a horse stable, a dog kennel, and a dog run, along with multiple covered areas. The property is equipped with five commercial septic systems and a well. City utilities are accessible but not currently connected. The new Jersey Village City Hall will be located adjacent to the property.
Key Highlights
- Five acres of unrestricted land suitable for residential, commercial, or agricultural use.
- Multiple structures including a main house, guest house, warehouse, office buildings, horse stable, and kennels.
- Warehouse with three bays.
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
$221,488
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%
$4,429,760
$4.4M
Cap Rate 7%
$3,164,114
$3.2M
Cap Rate 9%
$2,460,978
$2.5M
Market Conditions
NOI Build-Up for 18,989 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
$410.2K $21.60/SF
− Vacancy
−$114.8K −$6.05/SF
EGI
$295.3K $15.55/SF
− OpEx
−$73.8K −$3.89/SF
NOI
$221.5K $11.66/SF
Area
Houston, TX
Vacancy
28.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$4,429,760
Cap Rate 7%
$3,164,114
Cap Rate 9%
$2,460,978
Alternative Uses
Best Use
Office B
$3.16M
$2.77M – $3.69M
NOI $221,488 @ 7.0% cap · market cap 4.43%
Second Best
Warehouse
$2.00M
$1.75M – $2.33M
NOI $139,765 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$4.88M
$4.27M – $5.70M
NOI $341,802 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
682
Businesses Nearby
Explore this area
Business Placement
Demographics for 77041, TX
35,958
Population
11,877
Households
3
Avg Household Size
38
Median Age
38%
College-Educated
84%
High-School Grad
18.9 sq mi
ZIP Area
1,903
Density / Sq Mi
$79,164
Median Household Income
$40,991
Median Earnings
$1,638
Median Rent
$269,000
Median Home Value
Market
Vacancy Rate% for Office in Houston, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Land - Five-acre unrestricted land with diverse structures and potential uses.
Where is this land located?
The property is located at 7438 Wright Rd Houston, TX.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Five acres of unrestricted land suitable for residential, commercial, or agricultural use.; Multiple structures including a main house, guest house, warehouse, office buildings, horse stable, and kennels.; Warehouse with three bays.
