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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1002 Katy Gap Rd, Unit 389 Katy, TX 77494-7882

    • Garden apartment buildings
    • 33,546 SF
    • 18.23 lot acres
    OFF-MARKET
    Value Estimations
    $1,055,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-0211819
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • ELÈVA / Apartment Building
    • 2 Soldiers And A Truck Movers Katy TX / Moving Company
    • Legend_HairBraiding / Hair Salon
    • Houston House Leveling & Foundation Repair / Charitable Organization
    • Lenox Apartments / Hotel & Motel / Bed & Breakfast

    Property Details for 1002 Katy Gap Rd

    Year built
    2016
    Construction
    FRAME
    Lot size
    18.23 lot acres
    Property size
    33,546 SF
    Property type
    Garden apartment buildings
    APN
    1368760010005
    APU
    1368760010005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $970,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,137,000
      Market price range: $323k - $1.71M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $650,000
      Current use
      WAREHOUSE, STORAGE
      $1,605,000
      Change: +146% Conversion: Difficult
      RETAIL STORES
      $1,020,000
      Change: +56% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Katy
    County
    Harris
    State
    Texas
    Longitude
    -95.7906
    Latitude
    29.776
    CBSA code
    26420
    CBSA name
    HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $1,255,182
    $11,176,410
    $50,295,245
    $61,471,655
    -
    $11,176,410
    $50,295,245
    $61,471,655

    Comparable in this City

    • Value Estimation
      $960,000
      27,323 SF

      700 Cobia Dr, Unit 356

      GARDEN APT, COURT APT (5+ UNITS) • 27,323 SF
      700 Cobia Dr, Katy, TX 77494-1716
      View Details
    • Value Estimation
      $780,000
      15,294 SF

      1550 Katy Gap Rd, Unit 384

      GARDEN APT, COURT APT (5+ UNITS) • 15,294 SF
      1550 Katy Gap Rd, Katy, TX 77494-4353
      View Details
    • Value Estimation by Request
      748 SF

      25325 Sandi Ln

      GARDEN APT, COURT APT (5+ UNITS) • 748 SF
      25325 Sandi Ln, Katy, TX 77494-5683
      View Details
    • Value Estimation
      $1,180,000
      59,496 SF

      23403 Kingsland Blvd, Unit 382

      GARDEN APT, COURT APT (5+ UNITS) • 59,496 SF
      23403 Kingsland Blvd, Katy, TX 77494-3067
      View Details
    • Value Estimation
      $930,000
      27,922 SF

      1111 Falcon Park Dr, Unit 342

      GARDEN APT, COURT APT (5+ UNITS) • 27,922 SF
      1111 Falcon Park Dr, Katy, TX 77494-5166
      View Details
    • Value Estimation
      $1,120,000
      100,636 SF

      24151 Bella Dolce Ln, Unit 227

      GARDEN APT, COURT APT (5+ UNITS) • 100,636 SF
      24151 Bella Dolce Ln, Katy, TX 77494-7901
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Braxton at Tamarron Multifamily Property

      Multifamily property in amenity-rich Tamarron master-planned community.
      3230 Farm To Market 1463, Katy, TX 77494
      View Details
    • Contact for pricing
      76.52 Acres

      Grand Parkway Land - 76.52 Acres

      Prime Houston land, ideal for mixed-use development.
      0 Grand Pkwy, Houston, TX 77494
      View Details
    • $9,321,840
      10.70 Acres

      Katy Freeway Development Land

      10.7 Acres, Prime Retail Location
      0 Pin Oak Rd & Katy Fwy, Katy, TX 77494
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    • Contact for pricing
      76.52 Acres

      Grand Parkway Land - Huge Potential

      ±159 Acres, Prime Houston Location
      0 Grand Pkwy, Houston, TX 77494
      View Details
    • Contact for pricing
      82.75 Acres

      Grand Parkway Land - 82.75 Acres

      Prime Houston acreage, diverse zoning potential.
      0 Grand Pkwy, Houston, TX 77494
      View Details
    • $10,416,758
      19,575 SF

      Commons at Jordan Ranch: Katy, TX

      19,575 SF Retail Strip Center, 6% Cap Rate
      2340 Texas Heritage Pkwy, Katy, TX 77494
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      12,692 SF

      Fulshear Bend Retail Center - For Lease

      12,692 SF Retail Space, Katy, TX
      1463 & Fulshear Bnd Dr, Katy, TX 77494
      View Details
    • $30 SF/Yr
      1,200 SF

      Katy Flex Space For Lease

      1200 sq ft Garage Condo, Great Amenities
      1435 Fm 1463 Rd, Katy, TX 77494
      View Details
    • Contact for pricing
      96,545 SF

      Katy Retail Center - Prime Location

      High-traffic retail space, multiple suites available.
      1093 Fm 1463 Rd, Katy, TX 77494
      View Details
    • Contact for pricing
      2,580 SF

      Office Space Near Grand Parkway

      Office space in growing Katy area near Grand Parkway.
      3815 Grand Pkwy, Katy, TX 77494
      View Details
    • Contact for pricing
      11,704 SF

      Katy Retail Space Available

      Prime Katy end-cap, 2,309 SF
      1417 Fm 1463 Rd, Katy, TX 77494
      View Details
    • Contact for pricing

      Katy Freeway Pad Site Available

      1.088 acre pad site near Katy Freeway for lease.
      27240 Katy Fwy, Katy, TX 77494
      View Details
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    Katy, TX 77494-7882
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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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