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    3229 Elgin St Houston, TX 77004

    For Sale
    $224,900

    Prime Houston Lot, QOZ, 5,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    365
    This exceptional 5,000 square foot commercial lot presents a unique investment opportunity in Houston's vibrant Greater Third Ward, also known as University Oaks. Located on Elgin Street, this cleared lot boasts 55 feet of frontage, offering excellent visibility and accessibility. The property benefits from its location within a Qualified Opportunity Zone (QOZ), providing significant tax advantages for investors. Its strategic position places it within blocks of Texas Southern University and the University of Houston, surrounded by historic churches and popular restaurants. Elgin Street features a wide esplanade, promoting pedestrian and bicycle traffic. Furthermore, the property is situated outside the 100 and 500-year floodplains, minimizing risk. Enjoy convenient access to major thoroughfares, including Highway 288, I-69, Highway 90, I-45, and Spur 5, providing seamless connectivity to Midtown, the Texas Medical Center, the Museum District, Downtown Houston, NRG Stadium, and the East Downtown area. This property is ideal for developers seeking a prime location in a rapidly growing area with strong potential for future appreciation. The asking price is $224,900. Don't miss this chance to acquire a valuable asset in a thriving Houston neighborhood.

    Property Features for 3229 Elgin St

    General Information

    Property type
    Land

    HighLights

    • Qualified Opportunity Zone designation.
    • Located outside 100- and 500‑year floodplains.
    • 55 feet of frontage on Elgin Street.
    • Excellent proximity to the University of Houston and Texas Southern University.
    • Easy access to major freeways: 288, I‑69, Hwy 90, I‑45, and Spur 5.
    • Short drive to Midtown, Texas Medical Center, Museum District, Downtown, NRG Stadium, and the EaDo district.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Spa & Massage Dental Office Restaurant Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.3565045
    Latitude
    29.7302004

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    FAQs

    What type of property is this?
    Land - Prime Houston Lot, QOZ, 5,000 SF
    Where is this land located?
    The property is located at 3229 Elgin St Houston, TX.
    What is the asking price?
    The asking price for this property is $224,900.
    What are key features of this property?
    This property features: Qualified Opportunity Zone designation.; Located outside 100- and 500-year floodplains.; 55 feet of frontage on Elgin Street.
    Request Owner's contact information
    3229 Elgin St Houston, TX 77004
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    Realmo Value Estimation

    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.

    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.

    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
    3229 Elgin St Houston, TX 77004
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