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    Waterfront Airport Property for Sale Title is generated by Realmo AI

    2852 Pvt Hunt & FM 893 Moore Avenue, Portland, TX 78374

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    Unique waterfront airport with development potential in Portland, Texas.

    Type:Land
    Property size:
    25,565 SF
    Lot size:
    92.17 Acres
    Price / SF:
    $576/SF
    Added:
    Aug 4, 2024
    Days on Market:
    668
    Last Refresh:
    May 12 at 9:14 pm

    Property Features for 2852 Pvt Hunt & FM 893 Moore Avenue

    General Information

    Standard status
    Active
    Size
    25,565 SF
    Lot size
    92.17 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Cass Real Estate Assistant Cass Real Estate

    Listing agent Cass Real Estate Assistant Cass Real Estate License #TX 0741690

    Listing office Cass Real Estate

    Listing date Aug 4, 2024

    Source Crexi

    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 Cass Real Estate

    HighLights

    • Privately owned Hunt Airport (FAA Identifier "9R5") on 92.17 waterfront acres.
    • Includes a 2,650' x 20' runway and three metal hangars with approximately 25,565sf.
    • Located on Nueces Bay with 1,074.55' of frontage and access to prime fishing.
    • Features a 3,218sf residential home and a 740sf airport office.
    • Offers cultivated farmland and panoramic views of Corpus Christi Bay, Harbor Bridge, and the city skyline.
    • Has 2,078.46' of frontage on FM 893 (Moore Avenue) in rapidly growing Portland, TX.

    Overview

    This is a rare opportunity to acquire the privately owned, public use Hunt Airport, FAA Identifier "9R5". The surface estate encompasses 92.17 waterfront acres, featuring cultivated farmland situated at 40' above sea level, gently sloping towards the sandy beaches of the Nueces Bay Estuary. The property offers views of Corpus Christi Bay, Harbor Bridge, and the city skyline. Aviation infrastructure includes a 2,650' x 20' runway, a 740 square foot airport office, and three metal hangars totaling approximately 25,565 square feet, along with a 39,600 square foot parking area. Additionally, there is a 3,218 square foot residential home on the premises. The property benefits from 2,078.46 feet of frontage on FM 893 (Moore Avenue) and 1,074.55 feet of meandering frontage on Nueces Bay, known for its fishing. The adjacent 96.17 acres are also for sale, presenting an opportunity to create a larger contiguous footprint in the rapidly growing Portland, TX area. Potential uses include a master-planned residential development, a fly-in/fly-out community, and aviation-related educational facilities.
    Location Intelligence

    Current Use by Public Records

    Aviation real estate

    Suggested Use

    Restaurant Real Estate Agency Building Supply Auto Repair Shop Hair Salon Hotel & Motel Pharmacy Storage Facility HVAC Service Electrical Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    San Patricio
    State
    Texas
    Longitude
    -97.342583
    Latitude
    27.89021

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    FAQs

    What type of property is this?
    Aviation real estate - Unique waterfront airport with development potential in Portland, Texas.
    Where is this aviation real estate located?
    The property is located at 2852 Pvt Hunt & FM 893 Moore Avenue Portland, TX.
    What is the asking price?
    The asking price for this property is $14,750,000.
    What are key features of this property?
    This property features: Privately owned Hunt Airport (FAA Identifier "9R5") on 92.17 waterfront acres.; Includes a 2,650' x 20' runway and three metal hangars with approximately 25,565sf.; Located on Nueces Bay with 1,074.55' of frontage and access to prime fishing.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Cass Real Estate Assistant Cass Real Estate
    Real Estate License ID: TX 0741690
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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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    2852 Pvt Hunt & FM 893 (Moore Avenue), Portland, TX 78374
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