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    23019 Tx-242 Roman Forest, TX 77357

    Sponsored
    For Sale
    $2,495,800

    10.55 Acres, High Traffic, Opportunity Zone

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    411
    This exceptional 10.556-acre commercial land parcel presents a remarkable investment opportunity in Montgomery County, Texas. Boasting 662 feet of frontage on heavily trafficked Highway 242, this property is strategically positioned for a variety of commercial uses, including restaurants, retail establishments, or medical offices. The high visibility location ensures significant exposure to a substantial daily traffic volume, with 79,819 vehicles passing US 59 and 8,509 vehicles utilizing Hwy 242 itself. Its advantageous location within an Opportunity Zone provides additional investment incentives. The property enjoys convenient access to key amenities such as Big Rivers Water Park and the Grand Parkway RV Resort, enhancing its appeal and potential for success. Furthermore, its proximity to major transportation arteries adds to its strategic value: a mere 5.5 miles from Hwy 99, 15 miles from George Bush Intercontinental Airport (IAH), and a short 30-minute commute to Downtown Houston. The property's APN is 0382-00-00109, and it's located at 23019 TX-242, New Caney, TX 77357, within Roman Forest. The asking price for this prime commercial land is $2,495,800. This is an unparalleled opportunity to capitalize on the robust growth and development in this thriving area.

    Property Features for 23019 Tx-242

    General Information

    Property type
    Land
    Lot Size
    459,819 SF

    We can help!

    Listing Contact
    Anne Vickery
    Anne Vickery

    Learn more

    HighLights

    • 10.556‑acre commercial land parcel in Montgomery County, Texas.
    • 662 feet of frontage on heavily trafficked Highway 242, ideal for retail, restaurants, or medical uses.
    • High visibility location with significant daily traffic counts (79,819 vehicles on US 59 and 8,509 on Hwy 242).
    • Located in an Opportunity Zone, offering investment incentives.
    • Convenient access to major roadways (Hwy 99, IAH), and amenities (Big Rivers Water Park, Grand Parkway RV Resort).
    • Asking price: $2,495,800.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Roman Forest
    County
    Montgomery
    State
    Texas
    Longitude
    -95.198923576937
    Latitude
    30.193181223349

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    FAQs

    What type of property is this?
    Land - 10.55 Acres, High Traffic, Opportunity Zone
    Where is this land located?
    The property is located at 23019 Tx-242 Roman Forest, TX.
    What is the asking price?
    The asking price for this property is $2,495,800.
    What are key features of this property?
    This property features: 10.556-acre commercial land parcel in Montgomery County, Texas.; 662 feet of frontage on heavily trafficked Highway 242, ideal for retail, restaurants, or medical uses.; High visibility location with significant daily traffic counts (79,819 vehicles on US 59 and 8,509 on Hwy 242).
    Request Owner's contact information
    23019 Tx-242 Roman Forest, TX 77357
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    Roman Forest, TX 77357
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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
    23019 Tx-242 Roman Forest, TX 77357
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    We can help!
    Listing Contact
    Anne Vickery
    Anne Vickery
    Real Estate License ID: TX / 9005105
    Learn more
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