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

    1602 Washington Ave Houston, TX 77007-7752

    • Office buildings
    • 7,880 SF
    • 0.46 lot acres
    OFF-MARKET
    Value Estimations
    $520,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-3741106
    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

    • Quinones and Associates, PLLC / Law Firm
    • The Law Office of Carl A. Moore, P.C. / Law Firm
    • Age Management Therapy Clinic / Corporate Office
    • Rose Drive2U Notary Services / Law Firm

    Property Details for 1602 Washington Ave

    Year built
    1970
    Construction
    METAL FRAME
    Lot size
    0.46 lot acres
    Property size
    7,880 SF
    Property type
    Office buildings
    APN
    52360000001
    APU
    52360000001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $400,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $646,000
      Market price range: $224k - $735k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $455,000
      Current use
      RESTAURANT
      $855,000
      Change: +87% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $735,000
      Change: +61% Conversion: Difficult
      RETAIL STORES
      $660,000
      Change: +44% Conversion: Moderate
      WAREHOUSE, STORAGE
      $515,000
      Change: +12% Conversion: Difficult
      MEDICAL BUILDING
      $505,000
      Change: +10% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.3734
    Latitude
    29.7678
    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
    $43,359
    $1,700,255
    $693,534
    $2,393,789
    -
    $1,700,255
    $693,534
    $2,393,789

    Comparable in this City

    • Value Estimation
      $2,460,000
      168,835 SF

      550 Westcott St

      SKYSCRAPER/HIGH-RISE (COM OFFICES) • 168,835 SF
      550 Westcott St, Houston, TX 77007-9015
      View Details
    • Value Estimation
      $830,000
      29,526 SF

      401 Studewood St

      OFFICE BUILDING • 29,526 SF
      401 Studewood St, Houston, TX 77007-2794
      View Details
    • Value Estimation
      $3,535,000
      36,421 SF

      3663 Washington Ave

      SKYSCRAPER/HIGH-RISE (COM OFFICES) • 36,421 SF
      3663 Washington Ave, Houston, TX 77007-6469
      View Details
    • Value Estimation
      $715,000
      19,050 SF

      6525 Washington Ave

      OFFICE BUILDING • 19,050 SF
      6525 Washington Ave, Houston, TX 77007-2112
      View Details
    • Value Estimation
      $1,595,000
      15,550 SF

      5301 Katy Fwy

      OFFICE BUILDING • 15,550 SF
      5301 Katy Fwy, Houston, TX 77007-3867
      View Details
    • Value Estimation
      $845,000
      17,402 SF

      5424 Katy Fwy

      OFFICE BUILDING • 17,402 SF
      5424 Katy Fwy, Houston, TX 77007-4366
      View Details

    Similar Nearby for Sale

    • $999,000

      Corner Commercial Building Near Downtown

      Free-standing building with flexible space, ideal for professional or medical use.
      1607 Houston Ave, Houston, TX 77007
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    • Contact for pricing
      5,985 SF

      Prime Houston Office Building

      5,985 SF Office, 15 Parking Spaces
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      Freestanding Retail on Washington Avenue

      Retail/commercial building with parking in the heart of Washington corridor.
      4215 Washington Ave, Houston, TX 77007
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    • $1,800,000

      Prime Houston Heights Commercial Property

      1,820 SF property on 13,200 SF lot in Houston Heights.
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    • Contact for pricing
      5,608 SF

      Washington Ave Retail Opportunity

      Prime Houston Retail, 5607 SF, Owner/User
      2420 Washington Ave, Houston, TX 77007
      View Details
    • $295,000

      Land Near Downtown Houston

      Lot with unobstructed visibility near Downtown Houston and popular restaurants.
      1816 Thompson St, Houston, TX 77007
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      10,861 SF

      Prime Houston Executive Office Space

      7-Story Office Building, 5,973 SF Available
      602 Sawyer St, Houston, TX 77007
      View Details
    • Contact for pricing
      1,137 SF

      Inner Loop Office Space Available

      Class B office space for rent in Houston, TX.
      8100 Washington Ave, Houston, TX 77007
      View Details
    • Contact for pricing
      3,683 SF

      Houston Medical Office Space for Lease

      Prime Medical Office Suites Available in Houston
      4500 Washington Ave, Houston, TX 77007
      View Details
    • Contact for pricing
      1,392 SF

      Houston Creative Office Space

      1,392 SF Available, Multiple Units
      1824 Spring St, Houston, TX 77007
      View Details
    • Contact for pricing
      2,953 SF

      Prime Washington Ave Executive Suite

      2,953 SF Executive Office, 14 Parking Spaces
      2420 Washington Ave, Houston, TX 77007
      View Details
    • $24 SF/Yr
      5,456 SF

      Prime Washington Ave. Creative Space

      Historic building, ample parking, high visibility.
      2215 Washington Ave, Houston, TX 77007
      View Details
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    1602 Washington Ave
    Houston, TX 77007-7752
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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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