Las Palmas Plaza Shopping
For Sale
Contact for pricing
7985 Bellfort Street, Houston, TX 77061
Established retail center with a 2016 construction date and proximity to Hobby Airport.
Property Size7,985 SF
Price / SF$212.90
Days on Market91
Property Features for 7985 Bellfort Street
General Information
Standard status
Active
Size
7,985 SF
Property subtype
Retail
Occupancy
91%
Net Operating Income
$79,033
Building Details
Year Built
2016
Tenancy
Multi
Listing Agency:
Matthews
Listed By:
Connor Olandt · License #CA 01985082
Source:
Crexi
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 30 at 2:11AM
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 Matthews
Investment Insights
Based on property information with market context.
Las Palmas Plaza is a shopping center comprising 7,985 square feet of retail-oriented commercial space. The property was constructed in 2016 and is identified as a for-sale asset.
The center is located at 7985 Bellfort Street in Houston, Texas, within the 77061 ZIP code, and is situated near Hobby Airport.
The center is located at 7985 Bellfort Street in Houston, Texas, within the 77061 ZIP code, and is situated near Hobby Airport.
Key Highlights
- 7,985‑square‑foot shopping center
- Constructed in 2016
- Located at 7985 Bellfort Street, Houston, TX 77061
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
$108,274
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
6.37%
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%
$2,165,480
$2.2M
Cap Rate 7%
$1,546,771
$1.5M
Cap Rate 9%
$1,203,044
$1.2M
Market Conditions
NOI Build-Up for 7,985 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
$163.9K $20.52/SF
− Vacancy
−$9.2K −$1.15/SF
EGI
$154.7K $19.37/SF
− OpEx
−$46.4K −$5.81/SF
NOI
$108.3K $13.56/SF
Area
Houston, TX
Vacancy
5.60%
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%
$2,165,480
Cap Rate 7%
$1,546,771
Cap Rate 9%
$1,203,044
Alternative Uses
Best Use
Retail
$1.55M
$1.35M – $1.80M
NOI $108,274 @ 7.0% cap · market cap 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.05M
$1.80M – $2.40M
NOI $143,730 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
875
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 77061, TX
23,398
Population
9,942
Households
2.4
Avg Household Size
34
Median Age
15%
College-Educated
69%
High-School Grad
7.5 sq mi
ZIP Area
3,120
Density / Sq Mi
$44,520
Median Household Income
$32,659
Median Earnings
$973
Median Rent
$215,200
Median Home Value
Market
Vacancy Rate% for Retail in Houston, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Established retail center with a 2016 construction date and proximity to Hobby Airport.
Where is this shopping center located?
The property is located at 7985 Bellfort Street Houston, TX.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 7,985‑square‑foot shopping center; Constructed in 2016; Located at 7985 Bellfort Street, Houston, TX 77061
