Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    2939 Woodland Park Dr, Unit 185 Houston, TX 77082-2687

    • Assisted living facilities
    • 67,293 SF
    • 3.58 lot acres
    OFF-MARKET
    Last Sale
    May 19, 2025
    Value Estimations
    $1,180,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-2752134
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Assisted living facilities

    Property Details for 2939 Woodland Park Dr

    Year built
    1987
    Construction
    CONCRETE BLOCKS
    Lot size
    3.58 lot acres
    Property size
    67,293 SF
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    1144110040006
    APU
    1144110040006

    Description

    This exceptional 3.58-acre (approximately 155,988 square feet) commercial land parcel presents a remarkable redevelopment opportunity in Houston's desirable Westchase District. Strategically located at the southwest corner of Woodlands Park Drive and Meadowglen Lane, just south of Westheimer Road, this unrestricted property boasts unparalleled access and visibility. Situated within 10 minutes of City Centre and 25 minutes from Downtown Houston, the site benefits from a dense population base—over 500,000 people reside within a 5-mile radius. The Westchase District's thriving economy is underscored by the presence of major corporations including Metlife, Honeywell, National Oilwell Varco, and Bank of America, alongside numerous engineering and construction firms. This location offers a compelling blend of residential, retail, medical, dining, entertainment, and business park potential, catering to a high median income area approximately 6% above the city average. The property enjoys direct access to Westheimer Road and Royal Oaks Country Club, enhancing its appeal and accessibility. Furthermore, this site is located outside the 100-year floodplain, mitigating potential flood-related risks. This is a rare chance to acquire a significant land holding in a high-growth area with diverse development possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,180,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.5797
    Latitude
    29.7316
    CBSA code
    26420
    CBSA name
    HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $71,352
    $3,899,700
    $1,763,435
    $5,663,135
    -
    $3,899,700
    $1,763,435
    $5,663,135

    Comparable in this City

    • Value Estimation
      $395,000
      42,216 SF

      11910 Richmond Ave, Unit 125

      HOMES (RETIRED, NURSING) • 42,216 SF
      11910 Richmond Ave, Houston, TX 77082-6827
      View Details
    • Value Estimation
      $690,000
      27,400 SF

      2855 Westminster Plz Dr, Unit 236

      HOMES (RETIRED, NURSING) • 27,400 SF
      2855 Westminster Plz Dr, Houston, TX 77082-2960
      View Details
    • Value Estimation
      $735,000
      34,110 SF

      3625 Grn Crst Dr, Unit 136

      HOMES (RETIRED, NURSING) • 34,110 SF
      3625 Grn Crst Dr, Houston, TX 77082-4056
      View Details
    • Value Estimation by Request
      56,149 SF

      15025 Caseta Dr, Unit 65

      HOMES (RETIRED, NURSING) • 56,149 SF
      15025 Caseta Dr, Houston, TX 77082-2057
      View Details
    • Value Estimation
      $815,000
      28,946 SF

      11395 Richmond Ave, Unit 60

      HOMES (RETIRED, NURSING) • 28,946 SF
      11395 Richmond Ave, Houston, TX 77082-2615
      View Details
    • Value Estimation
      $775,000
      66,902 SF

      11424 Richmond Ave, Unit 82

      HOMES (RETIRED, NURSING) • 66,902 SF
      11424 Richmond Ave, Houston, TX 77082-2519
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      78.00 Acres

      West Oaks Mall Redevelopment

      78 Acres, Prime Houston Location
      1000 Texas 6, Houston, TX 77082
      View Details
    • Contact for pricing
      4.20 Acres

      West Oaks Mall Outparcels: Prime Land

      4.2 Acres, High-Traffic Houston Location
      14938 Richmond Ave, Houston, TX 77082
      View Details
    • $299,500

      Remodeled Quadplex in Houston

      Move-in ready quadplex with remodeled units and strong rental potential.
      12654 Ashford Mdw Dr Dr, Houston, TX 77082
      View Details
    • Contact for pricing

      Richmond Avenue Commercial Land Available

      Approximately 4.2 acres of commercial land for sale or lease.
      14938 Richmond Ave, Houston, TX 77082
      View Details
    • Contact for pricing
      4,014 SF

      Westheimer Road Retail Opportunity

      Retail property for sale on Westheimer Road in Houston.
      17225 Westheimer Rd, Houston, TX 77082
      View Details
    • $365,000
      2,327 SF

      Corner Unit in Gated Community

      Two-story home with flex room and landscaped backyard.
      2918 Royal Oaks Grn, Houston, TX 77082
      View Details

    Similar Nearby for Lease

    • $27 SF/Yr
      72,536 SF

      West Houston Medical Office Space

      Prime Medical Office Suites in Houston, TX
      12606 Houston Center Blvd, Houston, TX 77082
      View Details
    • Contact for pricing
      15,275 SF

      Royal Oaks Medical/Creative Office Space

      15,275 SF, 2 spaces available, prime location.
      12002 Richmond Ave, Houston, TX 77082
      View Details
    • Contact for pricing
      13,484 SF

      Shops at West Oaks Medical Office

      Houston medical office space for lease.
      2673 Texas 6, Houston, TX 77082
      View Details
    • $27 SF/Yr
      172,202 SF

      Westchase Medical Office Space

      Houston medical office building, 60,946 SF available
      12121 Richmond Ave, Houston, TX 77082
      View Details
    • $15 SF/Yr
      75,226 SF

      Royal Oak Medical Office Building

      West Houston Medical Office Space Available
      12000 Richmond Ave, Houston, TX 77082
      View Details
    • $17 SF/Yr
      3,866 SF

      West Oaks Shops: Houston Retail Space

      Houston retail space, multiple suites available.
      15015 Westheimer Pkwy, Houston, TX 77082
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2939 Woodland Park Dr, Unit 185
    Houston, TX 77082-2687
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.