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    Property profile & analytics

    1665 Eldridge Pkwy Houston, TX 77077

    • Car washes
    • 4,935 SF
    • 0.96 lot acres
    For Sale
    View listing
    $7,077,358
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-5455640
    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

    • BlueWave Express Car Wash / Car Wash

    Property Details for 1665 Eldridge Pkwy

    Year built
    2007
    Construction
    STEEL & CONCRETE
    Lot size
    0.96 lot acres
    Property size
    4,935 SF
    Property type
    Car washes
    APN
    1213570010002
    APU
    1213570010002

    Description

    This exceptional investment opportunity presents a fee-simple ownership of a thriving BlueWave Express Car Wash in Houston, TX. Located at 1665 Eldridge Pkwy, this 5,187 square foot facility sits on a 0.95-acre lot and boasts a 25-year absolute NNN lease with 12.4 years remaining, commencing April 1, 2022, and expiring March 31, 2037. The lease includes six 5-year renewal options and features a 10% rent increase every five years, providing a hedge against inflation. The property, built in 2007, currently enjoys 100% occupancy and generates a strong NOI of $375,100, representing a 5.30% cap rate and a price per square foot of $1,364.44. The asking price is $7,077,358. The tenant, a strong franchisee, operates an express car wash with 16 covered vacuum stations, utilizing eco-friendly practices and a state-of-the-art water reclamation system. The property benefits from its prime location in a high-traffic, affluent area of Houston within the Harris County, 77077 zip code. The fee-simple ownership structure allows for the utilization of bonus depreciation, offering significant tax advantages. This is a turnkey investment with minimal landlord responsibilities, providing a stable and predictable income stream for years to come. The Houston MSA's robust population and economic growth further enhance the long-term value of this asset.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $430,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $432,000
      Market price range: $260k - $432k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $345,000
      Current use
      MEDICAL BUILDING
      $315,000
      Change: -9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.6248
    Latitude
    29.7526
    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
    $35,748
    $1,040,550
    $700,516
    $1,741,066
    -
    $1,040,550
    $700,516
    $1,741,066

    Comparable in this City

    • Value Estimation
      $360,000
      7,682 SF

      2030 Hwy 6th S

      CAR WASH - AUTOMATED • 7,682 SF
      2030 Hwy 6th S, Houston, TX 77077-3304
      View Details
    • Value Estimation
      $370,000
      3,154 SF

      13453 Westheimer Rd

      CAR WASH - AUTOMATED • 3,154 SF
      13453 Westheimer Rd, Houston, TX 77077-3403
      View Details
    • Value Estimation
      $445,000
      12,218 SF

      12810 Westheimer Rd

      CAR WASH - AUTOMATED • 12,218 SF
      12810 Westheimer Rd, Houston, TX 77077-5712
      View Details
    • Value Estimation
      $425,000
      5,528 SF

      12455 Westheimer Rd

      CAR WASH - AUTOMATED • 5,528 SF
      12455 Westheimer Rd, Houston, TX 77077-5805
      View Details
    • Value Estimation
      $295,000
      5,440 SF

      1717 Dairy Ashford Rd, Unit 9

      CAR WASH - SELF-SERVE • 5,440 SF
      1717 Dairy Ashford Rd, Houston, TX 77077-3823
      View Details
    • Value Estimation
      $510,000
      4,556 SF

      13103 Westheimer Rd

      GAS STATION • 4,556 SF
      13103 Westheimer Rd, Houston, TX 77077-5503
      View Details

    Similar Nearby for Sale

    • $7,077,358
      5,187 SF

      Houston Car Wash Investment Opportunity

      High-ROI, NNN Lease, Bonus Depreciation
      1665 Eldridge Pkwy, Houston, TX 77077
      View Details
    • $800,000

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    Similar Nearby for Lease

    • Contact for pricing
      15,566 SF

      Parkway Village Retail Space

      Houston Retail Center: 5 Suites Available
      1560 Eldridge Pkwy, Houston, TX 77077
      View Details
    • Contact for pricing
      2 SF

      Retail Property for Lease

      Retail property available for lease in Houston, Texas.
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      View Details
    • Contact for pricing
      4,000 SF

      Retail Space on Westheimer Road

      Retail property available for lease on Westheimer Road.
      11316-11328 Westheimer Rd, Houston, TX 77077
      View Details
    • Contact for pricing
      3,600 SF

      Eldridge Parkway Retail Space

      Prime Houston storefront, 3600 sq ft.
      1575 Eldridge Pkwy, Houston, TX 77077
      View Details
    • $22 SF/Yr
      7,000 SF

      Ashford Center Office Space

      7,000 SF Office/Retail in Houston
      1654 Dairy Ashford Rd, Houston, TX 77077
      View Details
    • $15 SF/Yr
      81,748 SF

      Westheimer Retail Center

      Houston Retail Space Available
      12280-12288 Westheimer Rd, Houston, TX 77077
      View Details
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    Houston, TX 77077
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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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