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    212 Plaza Verde Dr Houston, TX 77038

    • Apartment buildings
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Jardines / Gardener

    Property Details for 212 Plaza Verde Dr

    Property type
    Apartment buildings

    Description

    This exceptional 11-unit apartment building presents a compelling investment opportunity in Houston, Texas. Located at 212 Plaza Verde Dr, 77038, this fee-simple property offers a strong 9.72% cap rate and a substantial net operating income (NOI) of $106,913. Currently boasting 100% occupancy, the property generates immediate cash flow with a price per unit of $100,000, totaling an asking price of $1,100,000. The property benefits from a diverse unit mix, attracting a broad tenant demographic and ensuring consistent demand. Situated in a thriving Houston neighborhood, it provides convenient access to public transportation, shopping, dining, and local amenities. Recent upgrades enhance the property's appeal and tenant satisfaction, contributing to the strong rental market and reliable tenants. This well-maintained building offers peace of mind for investors seeking a stable and profitable multifamily asset in a dynamic Texas market. The property's strong performance and location make it an ideal addition to any investment portfolio, whether you are an experienced investor or a newcomer to the multifamily sector. This is a turnkey opportunity to acquire a fully occupied, income-producing property with significant upside potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.4164
    Latitude
    29.9346

    Comparable in this City

    • Value Estimation
      $690,000
      9,160 SF

      201 Plz Verde Dr, Unit 280

      GARDEN APT, COURT APT (5+ UNITS) • 9,160 SF
      201 Plz Verde Dr, Houston, TX 77038-1419
      View Details
    • Value Estimation
      $650,000
      15,180 SF

      1655 Blue Bell Rd, Unit 195

      GARDEN APT, COURT APT (5+ UNITS) • 15,180 SF
      1655 Blue Bell Rd, Houston, TX 77038-2917
      View Details
    • Value Estimation
      $430,000
      12,626 SF

      11411 Grn Plz Dr, Unit 280

      GARDEN APT, COURT APT (5+ UNITS) • 12,626 SF
      11411 Grn Plz Dr, Houston, TX 77038-1445
      View Details
    • Value Estimation
      $275,000
      8,660 SF

      1400 Blue Bell Rd, Unit 236

      GARDEN APT, COURT APT (5+ UNITS) • 8,660 SF
      1400 Blue Bell Rd, Houston, TX 77038-3039
      View Details
    • Value Estimation
      $360,000
      2,156 SF

      1602 Rose Shadow Ln, Unit 332

      GARDEN APT, COURT APT (5+ UNITS) • 2,156 SF
      1602 Rose Shadow Ln, Houston, TX 77038-2923
      View Details
    • Value Estimation
      $500,000
      7,948 SF

      9724 Ella Blvd, Unit 32

      GARDEN APT, COURT APT (5+ UNITS) • 7,948 SF
      9724 Ella Blvd, Houston, TX 77038-3020
      View Details

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    212 Plaza Verde Dr
    Houston, TX 77038
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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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