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    Eldridge Pkwy Tomball, TX 77375

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    For Sale
    Contact for pricing

    5-unit multifamily, development potential.

    Property size:
    1,416 SF

    Property Features for 0 Eldridge Pkwy

    General Information

    Property type
    Multifamily properties
    Square Feet
    1,416 SF
    Class
    C
    Lot Size
    66,647 SF

    Building Details

    Year Built
    1969
    Units
    5

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    Listing Contact
    Tyler Torres
    Tyler Torres

    Listing Agency: Texas Commercial Real Estate Services Listing Agent: Tyler Torres

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    This exceptional investment opportunity presents a 1.53-acre mixed-use property in Tomball, Texas, ideally located near the intersection of N Eldridge Parkway and Spring Cypress. The property encompasses five units, with building sizes ranging from 1,416 to 1,932 square feet, including a 3,000 square foot vehicle repair shop with office space. All units are currently leased, generating established rental income. Built between 1969 and 1990, this Class C property offers significant potential for future growth, situated in a rapidly developing area with high residential and commercial density. The property benefits from excellent visibility and high traffic counts, with over 7,000 vehicles daily on N Eldridge Parkway and over 24,000 vehicles daily on Spring Cypress. Its convenient location provides easy access to SH 249 and the Grand Parkway (99). Located in Harris County and within the Tomball ISD, the property's 2017 total tax rate was $2.17 per $100 of assessed value. This is a prime opportunity for investors seeking a multifamily property with development potential in a high-growth area. The asking price is $1,000,000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Tomball
    County
    Harris
    State
    Texas
    Longitude
    -95.5963711
    Latitude
    30.0177986

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    FAQs

    What type of property is this?
    Multifamily property - 5-unit multifamily, development potential.
    Where is this multifamily property located?
    The property is located at Eldridge Pkwy Tomball, TX.
    What is the asking price?
    The asking price for this property is $1,000,000.
    What are key features of this property?
    This property features: Strong investment opportunity with existing rental income.; Building sizes range from 1,416 SF to 3,000 SF, including a vehicle repair shop with office space.; Prime location in a rapidly growing area with high future potential.
    (281) 898-0895 Call to check price and availability
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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.

    More about this property
    Eldridge Pkwy Tomball, TX 77375
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Tyler Torres
    Tyler Torres
    Real Estate License ID: 667430
    (281) 898-0895
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