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

    116 Heritage Dr Tyler, TX 75703-5150

    • Office buildings
    • 8,375 SF
    • 1.03 lot acres
    OFF-MARKET
    Value Estimations
    $445,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-3710709
    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

    • Montgomery Xpress Chiropractic / Sports Medicine Physician / Chiropractor
    • Alteration Shop / Tailor
    • Genesis Homecare / Home Health Care Service
    • Matthew Montgomery / Chiropractor
    • Bee Natural / Alternative Medicine Practitioner / Food Store

    Property Details for 116 Heritage Dr

    Year built
    1979
    Lot size
    1.03 lot acres
    Property size
    8,375 SF
    Property type
    Office buildings
    APN
    1-50000-1450-00-017030
    APU
    150000145000017030

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $435,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $457,000
      Market price range: $457k - $936k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $705,000
      Current use
      AUTO REPAIR, GARAGE
      $725,000
      Change: +3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Tyler
    County
    Smith
    State
    Texas
    Longitude
    -95.3058
    Latitude
    32.2668
    CBSA code
    46340
    CBSA name
    TYLER, 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
    2023
    $12,131
    $224,060
    $471,845
    $695,905
    -
    $224,060
    $471,845
    $695,905

    Comparable in this City

    • Value Estimation
      $290,000
      1,433 SF

      2336 Aberdeen Dr

      OFFICE BUILDING (MULTI-STORY) • 1,433 SF
      2336 Aberdeen Dr, Tyler, TX 75703-1943
      View Details
    • Value Estimation
      $585,000
      13,874 SF

      6210 Broadway Ave

      OFFICE BUILDING (MULTI-STORY) • 13,874 SF
      6210 Broadway Ave, Tyler, TX 75703-4413
      View Details
    • Value Estimation
      $385,000
      7,500 SF

      574 Cumberland Rd

      OFFICE BUILDING • 7,500 SF
      574 Cumberland Rd, Tyler, TX 75703-5349
      View Details
    • Value Estimation
      $580,000
      17,527 SF

      1367 Dominion Plz

      OFFICE BUILDING (MULTI-STORY) • 17,527 SF
      1367 Dominion Plz, Tyler, TX 75703-1013
      View Details
    • Value Estimation
      $610,000
      16,778 SF

      332 Heritage Dr

      OFFICE BUILDING (MULTI-STORY) • 16,778 SF
      332 Heritage Dr, Tyler, TX 75703-5124
      View Details
    • Value Estimation
      $440,000
      13,160 SF

      17521 Us Hwy 69th S

      OFFICE BUILDING • 13,160 SF
      17521 Us Hwy 69th S, Tyler, TX 75703-5376
      View Details

    Similar Nearby for Sale

    • $650,000
      2,348 SF

      Two-Suite Office Building in Tyler

      Well-designed office building with modern amenities and flexible workspaces.
      6115 New Copeland Rd, Tyler, TX 75703
      View Details
    • $3,700,000
      10.02 Acres

      Tyler Commercial Property with Buildings

      Commercial property in South Tyler with three buildings on 10+ acres.
      2040 Shiloh Rd, Tyler, TX 75703
      View Details
    • $650,000
      0.06 Acres

      Two-Suite Office Building with Simulator

      Well-designed office building with modern amenities and golf simulator.
      6115 New Copeland Rd, Tyler, TX 75703
      View Details
    • $3,700,000
      10.02 Acres

      Tyler Commercial Property with Buildings

      Commercial property in South Tyler with office and shop buildings.
      2040 Shiloh Rd, Tyler, TX 75703
      View Details
    • $600,000

      Modern Office Building with Flex Space

      Half-acre commercial property with highway frontage and versatile metal shop.
      20921 Us Highway 69 S, Tyler, TX 75703
      View Details
    • $650,000
      30,000 SF

      Tyler Office Building For Sale

      Office building with 30,000 square feet of space.
      6110 S Broadway Ave, Tyler, TX 75703
      View Details

    Similar Nearby for Lease

    • $10,325 /Mo
      11,263 SF

      Tyler Office Building For Lease

      Office building for lease in South Tyler with ample parking.
      2040 Shiloh Rd, Tyler, TX 75703
      View Details
    • $10,325 /Mo
      54,450 SF

      Office Building in South Tyler

      Office building for lease with ample parking in a great area.
      2040 Shiloh Rd, Tyler, TX 75703
      View Details
    • $12 SF/Yr
      8,102 SF

      Kinsey Plaza Office Suites

      Tyler, TX Office Space Available
      1420 Loop Rd 323, Tyler, TX 75703
      View Details
    • Contact for pricing
      88,923 SF

      Grande Centre: Tyler Office Space

      Class A Office Suites, South Tyler Location
      6101 Broadway Ave, Tyler, TX 75703
      View Details
    • $19 SF/Yr
      13,294 SF

      Times Square Executive Suites, Tyler TX

      Prestigious Tyler Office Space Available
      5201 Broadway Ave, Tyler, TX 75703
      View Details
    • $18 SF/Yr
      3,457 SF

      Two-Story Office Space For Rent

      3,457 SF office space in high-traffic area.
      4605 Old Bullard Rd, Tyler, TX 75703
      View Details
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    116 Heritage Dr
    Tyler, TX 75703-5150
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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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