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Property profile & analytics
OFF-MARKET
Estimated value
$2,980,000
Warehouses
1500 Old Spanish Trl 999 Houston, TX 77054-1818
Entity Owned
7-yr Hold
Absentee Owner
Free & Clear
Property ID
US82-2304255
Property summary
AI-generated overview
This exceptional 54,000-square-foot industrial property, located at 1500 Old Spanish Trail in Houston, Texas, presents a unique investment opportunity. The single-tenant building, built in 1981 and renovated in 2010, offers a versatile space suitable for manufacturing, flex, or R&D uses. The property sits on a 1.77-acre lot in Harris County (APN: 1040840000001) and boasts a two-story structure with a 12' 3" ceiling height. The building's amenities include an elevator. Currently, the entire 54,000 square feet is vacant, providing immediate occupancy for a new tenant. Its strategic location, just blocks from the Texas Medical Center (TMC) and Helix Park, offers excellent access to a skilled workforce and significant growth potential. The property is zoned for a full life sciences and mixed-use redevelopment, making it an attractive prospect for long-term investment and development. The zip code is 77054. This is a rare opportunity to acquire a substantial industrial property in a rapidly developing area of Houston.
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1981
Construction
STEEL FRAME
Total area
53,600 SF
Lot
21.34 ac (929,666 SF)
APN
1040840000001
UPID
US82-2304255
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Smith Lands South Parking Lot Parking Lot & Garage
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.54M
Blend (final)
Blend
$2.98M
Owner & transaction history
1500 Ost LLC · 7 yrs held
1500 Ost LLC
since 2018
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$4.2M
+169.1%
Retail stores
$4.0M
+155.7%
Office building
$3.7M
+141.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Houston submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Houston submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$4,160,000
Change: +169% · Conversion: Difficult
RETAIL STORES
$3,950,000
Change: +156% · Conversion: Moderate
OFFICE BUILDING
$3,730,000
Change: +141% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,840,000
Change: +19% · Conversion: Difficult
Blend value · Realmo final
$2.98M
Range $2.68M – $3.28M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$56 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$1,142,805
Tax year 2023
Assessed value
$56,737,941
Assessed 2024
Previous assessed
$56,737,941
+0.0% YoY
Effective rate
2.01%
On assessed value
Assessed land
$55,779,960
Assessed improvement
$957,981
Land market value
$55,779,960
Improvement market value
$957,981
Total market value
$56,737,941
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1981
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
6
Stories
10
Total area
53,600 SF
Lot
21.34 ac (929,666 SF)
APN
1040840000001
UPID
US82-2304255
Jurisdiction
HARRIS
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$4.2M
RETAIL STORES
Est. value
$4.0M
OFFICE BUILDING
Est. value
$3.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.8M
COMMERCIAL (GENERAL)
RETAIL STORES
OFFICE BUILDING
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1981
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
10
Buildings
6
Lot
21.34 ac
Current owner
From public records · entity-resolved
1500 Ost LLC
Entity
Free & Clear · 7 yrs held
Mailing address
8827 W SAM HOUSTON PKWY N STE #200, HOUSTON, TX 77040-5383
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 15, 2019
—
1500 Ost LLC
—
Grant Deed
related
$43,000,000 · International Bk/commerce
Sep 18, 2018
—
1500 Ost LLC
Shell Oil Co
Grant Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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