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    Downtown Houston Retail Condominium Title is generated by Realmo AI

    909 Franklin St, Houston, TX 77002

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    Retail condominium in Downtown Houston, ideal for restaurants.

    Type:Restaurant
    Property size:
    3,865 SF
    Added:
    Apr 4, 2026
    Days on Market:
    65
    Last Refresh:
    Apr 4 at 8:02 pm

    Property Features for 909 Franklin St

    General Information

    Standard status
    Active
    Size
    3,865 SF
    Property subtype
    Restaurant

    We can help!

    Listing Contact
    Watt Harrison
    Watt Harrison

    Listing agent Watt Harrison License #TX: 621361

    Listing office Houston Office

    Listing date Apr 4, 2026

    Source Marcusmillichap

    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 Houston Office

    HighLights

    • High daytime population (over 184,600 within one mile) from nearby office buildings.
    • Located in Downtown Houston at the corner of Franklin Street and Main Street.
    • Tenant (La Calle) is an established and successful restaurant with multiple locations.
    • Proximity to Metro rail line provides convenient ground transportation.
    • Located near Harris County courthouses, Minute Maid Park, Toyota Center, and BBVA Stadium, generating both daytime and nighttime traffic.
    • High average household incomes (over $106,000 within one mile).

    Overview

    This property is a 3,865 square foot retail condominium situated in Downtown Houston, specifically within the Bayou Lofts Condominium building at the corner of Franklin Street and Main Street. Originally constructed as an office building between 1910 and 1920, the building was converted into condominiums in 1997. Currently, the space is occupied by La Calle, an Authentic Mexican Street Taco restaurant that aims to replicate the Mexico City dining experience. This location was the tenant's first, and they have since expanded into the adjacent space and opened two additional locations. The downtown location benefits from substantial traffic, driven by the daytime population from numerous large office buildings, with over 184,600 people within a one-mile radius. The property's location on the Metro rail line facilitates ground transportation to various destinations. The Harris County courthouses are located just two blocks away, and the presence of Minute Maid Park, Toyota Center, and BBVA Stadium generates nighttime traffic. The average household income within a one-mile radius exceeds $106,000.
    Location Intelligence

    Current Use by Public Records

    La Calle Restaurant

    Suggested Use

    Real Estate Agency Spa & Massage Center Hair Salon Dental Office Restaurant Nail Salon Food Market Grocery & Convenience Store Daycare Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Fort Bend
    State
    Texas
    Longitude
    -95.3602971
    Latitude
    29.7636284

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    FAQs

    What type of property is this?
    Conventional restaurant - Retail condominium in Downtown Houston, ideal for restaurants.
    Where is this conventional restaurant located?
    The property is located at 909 Franklin St Houston, TX.
    What are key features of this property?
    This property features: High daytime population (over 184,600 within one mile) from nearby office buildings.; Located in Downtown Houston at the corner of Franklin Street and Main Street.; Tenant (La Calle) is an established and successful restaurant with multiple locations.
    (713) 452-4303
    We can help!
    Listing Contact
    Watt Harrison
    Watt Harrison
    Real Estate License ID: TX: 621361
    Learn More
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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.

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