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    Property profile & analytics

    1605 Pasadena Blvd Pasadena, TX 77502

    • Neighborhood centers
    • 10,000 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Viamericas / Bank / Credit Union
    • Barri Financial Group / Shipping Company / Freight Service
    • Vigo / Bank / Credit Union
    • Amazing Natural Health Laboratory / (Bike/Boat/Book/etc) Store / Cosmetic Store

    Property Details for 1605 Pasadena Blvd

    Property size
    10,000 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    This exceptional retail opportunity presents two available spaces within a 10,000 square foot strip center located at 1605 Pasadena Blvd, Pasadena, Texas, 77502. Situated in the Near Southeast submarket of Houston, within Harris County, this property boasts a prime location in a high-traffic area with excellent visibility. The center offers ample parking for both customers and employees, ensuring convenient access. Two units are available, ranging in size from 1,300 to 1,800 square feet. Each space features a modern layout, large display windows ideal for showcasing merchandise, and a flexible interior adaptable to various retail businesses. A private restroom is included for added convenience. The property's strategic location near major highways further enhances its appeal, making it an ideal choice for businesses seeking high visibility and accessibility. This freestanding retail center in a bustling neighborhood presents a strong opportunity for growth and success. The property is conveniently located in Pasadena, TX, zip code 77502.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Pasadena
    County
    Harris
    State
    Texas
    Longitude
    -95.1998
    Latitude
    29.6881

    Comparable in this City

    • Value Estimation
      $555,000
      17,122 SF

      Main St

      SHOPPING CENTER, STRIP CENTER • 17,122 SF
      Main St, Pasadena, TX 77502
      View Details
    • Value Estimation by Request
      15,000 SF

      2223 Shaver St

      SHOPPING CENTER, STRIP CENTER • 15,000 SF
      2223 Shaver St, Pasadena, TX 77502-3600
      View Details
    • Value Estimation
      $785,000
      31,880 SF

      2221 Southmore Ave

      SHOPPING CENTER, STRIP CENTER • 31,880 SF
      2221 Southmore Ave, Pasadena, TX 77502-1401
      View Details
    • Value Estimation by Request
      9,344 SF

      1605 Richey St

      SHOPPING CENTER, STRIP CENTER • 9,344 SF
      1605 Richey St, Pasadena, TX 77502-1847
      View Details
    • Value Estimation by Request
      9,344 SF

      1601 Richey St

      SHOPPING CENTER, STRIP CENTER • 9,344 SF
      1601 Richey St, Pasadena, TX 77502-1847
      View Details
    • Value Estimation by Request
      9,046 SF

      1623 Richey St

      SHOPPING CENTER, STRIP CENTER • 9,046 SF
      1623 Richey St, Pasadena, TX 77502-1847
      View Details

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    Similar Nearby for Lease

    • $18 SF/Yr
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      Pasadena Retail Center Opportunity

      High-visibility retail space available.
      111 Southmore Ave, Pasadena, TX 77502
      View Details
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      Pasadena Retail Center Opportunity

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      View Details
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      Retail Space in Pasadena, Texas

      Retail property available for lease in Pasadena, Texas.
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      View Details
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      4,885 SF

      Retail Space in Pasadena Center

      Retail space in a high-traffic Pasadena neighborhood center.
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    • $1,800 /Mo
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      Retail/Office Spaces in Pasadena Oaks

      Retail and office spaces available in established Pasadena neighborhood.
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    • $18 SF/Yr
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      Prime Pasadena Retail Space

      Flexible Suites, High-Traffic Location
      2015 Richey St, Pasadena, TX 77502
      View Details
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    Pasadena, TX 77502
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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
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