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

    12121 Katy Fwy Houston, TX 77079-1501

    • Strip malls
    • 123,718 SF
    • 9.56 lot acres
    OFF-MARKET
    Value Estimations
    $1,550,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-3606379
    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

    • Whataburger / Restaurant
    • Shots by Q Photography / Photography Service / (Bike/Boat/Book/etc) Store

    Property Details for 12121 Katy Fwy

    Year built
    1974
    Construction
    WOOD FRAME
    Lot size
    9.56 lot acres
    Property size
    123,718 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    1065400000001
    APU
    1065400000001

    Description

    The Tully Shopping Center, a 126,600 square foot multi-tenant retail property, presents a prime investment opportunity in Houston's desirable West Memorial/Energy Corridor. Strategically located on the Katy Freeway (I-10) with direct access from Dairy Ashford Road, this center boasts exceptional visibility and accessibility. Built in 1974 and renovated in 2008, the property currently has 31,552 square feet of vacant space available, including a prominent 1,400 square foot unit. The center benefits from a strong tenant mix featuring national brands, ensuring a stable and attractive investment. With approximately 529 parking spaces, ample customer parking is readily available. The property sits on 9.56 acres of land and enjoys close proximity to CityCentre and Memorial City, two major commercial hubs. A large pylon signage opportunity is available for increased brand visibility. The surrounding area is densely populated with retail, hotel, and office buildings, creating a vibrant and high-traffic environment. This location offers unparalleled access to a significant consumer base in a thriving commercial district. The property's high visibility, strong tenant base, and convenient location make it an exceptional opportunity for retail expansion or investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.601
    Latitude
    29.7834
    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
    $187,457
    $14,579,285
    $3,437,495
    $18,016,780
    -
    $14,579,285
    $3,437,495
    $18,016,780

    Comparable in this City

    • Value Estimation
      $845,000
      46,560 SF

      14520 Memorial Dr

      SHOPPING CENTER, STRIP CENTER • 46,560 SF
      14520 Memorial Dr, Houston, TX 77079-5434
      View Details
    • Value Estimation
      $765,000
      28,834 SF

      720 Dairy Ashford Rd

      SHOPPING CENTER, STRIP CENTER • 28,834 SF
      720 Dairy Ashford Rd, Houston, TX 77079-5311
      View Details
    • Value Estimation
      $515,000
      17,491 SF

      15455 Memorial Dr

      SHOPPING CENTER, STRIP CENTER • 17,491 SF
      15455 Memorial Dr, Houston, TX 77079-4135
      View Details
    • Value Estimation by Request
      10,455 SF

      13616 Memorial Dr

      SHOPPING CENTER, STRIP CENTER • 10,455 SF
      13616 Memorial Dr, Houston, TX 77079-5900
      View Details
    • Value Estimation
      $1,205,000
      59,207 SF

      11621 Katy Fwy

      SHOPPING CENTER, STRIP CENTER • 59,207 SF
      11621 Katy Fwy, Houston, TX 77079-1801
      View Details
    • Value Estimation by Request
      19,673 SF

      438 Hwy 6th S

      SHOPPING CENTER, STRIP CENTER • 19,673 SF
      438 Hwy 6th S, Houston, TX 77079-2343
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      10,572 SF

      Memorial Drive Retail Center

      Houston Shopping Center - 100% Occupancy
      14501 Memorial Dr, Houston, TX 77079
      View Details
    • $295,000
      2,726 SF

      Upgraded Townhome in Houston Community

      Turnkey townhome with modern upgrades in a welcoming Houston community.
      14708 Perthshire Rd, Houston, TX 77079
      View Details
    • Contact for pricing

      Land For Sale Houston

      Land available for sale in Houston, Texas.
      Blackhaw St, Houston, TX 77079
      View Details
    • $7,230,960
      4.15 Acres

      Energy Corridor Land Tract

      Prime Houston location, development ready
      0 Blackhaw St, Houston, TX 77079
      View Details
    • $149,900

      Land For Sale

      Land available for sale.
      850 Threadneedle St, Houston, TX 77079
      View Details
    • Contact for pricing

      Katy Freeway Land Opportunity

      Land available on Katy Freeway in Houston, Texas.
      14000 Katy Fwy, Houston, TX 77079
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      813 SF

      Retail Space in Energy Corridor

      Retail space with high visibility in Houston's Energy Corridor.
      840 N Eldridge Pkwy, Houston, TX 77079
      View Details
    • Contact for pricing
      126,600 SF

      Retail Space on Katy Freeway

      Shopping center with I-10 frontage in the Energy Corridor.
      12121-12191 Katy Fwy, Houston, TX 77079
      View Details
    • Contact for pricing
      7,433 SF

      Retail Space on Katy Freeway

      Retail space with I-10 frontage in a dense commercial area.
      12121-12191 Katy Fwy, Houston, TX 77079
      View Details
    • Contact for pricing
      104,887 SF

      Memorial Dr Retail Space

      Houston Retail Opportunity: 3,502 SF Available
      14000 Memorial Dr, Houston, TX 77079
      View Details
    • Contact for pricing
      34,000 SF

      Memorial Collection Shopping Center

      Houston Retail Space - 1,680 SF Available
      14580 Memorial Dr, Houston, TX 77079
      View Details
    • $17 SF/Yr
      154,080 SF

      Memorial 6 Center: Houston Office Space

      Prime Houston Office, Multiple Tenancy Options
      738 Texas 6, Houston, TX 77079
      View Details
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    Houston, TX 77079-1501
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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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