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Property profile & analytics
OFF-MARKET
Estimated value
$605,000
Industrial properties
2204 Commerce St Dallas, TX 75201-4454
Entity Owned
8-yr Hold
Free & Clear
Property ID
US82-0689619
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL LOFT BUILDING
Year built
1926
Construction
TILT-UP CONCRETE
Total area
9,000 SF
Lot
0.14 ac (6,204 SF)
Zoning code
Z239
APN
103204000000
UPID
US82-0689619
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$420k
CAP Approach
CAP
$790k
Comparable Approach
Comparable
$609k
Blend (final)
Blend
$605k
Owner & transaction history
Ghost Sign Dev LLC · 8 yrs held
Ghost Sign Dev LLC
since 2018
7 recorded transactions
Zoning & alternative use
Z239 · Dallas, TX
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$635,000
+78.5%
Medical building
$610,000
+71.3%
Retail stores
$580,000
+63.0%
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 Dallas submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Dallas 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
$420,000
CAP Approach
CAP Return
Estimation
6%
$855,000
6.5%
$790,000
7%
$735,000
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$635,000
Change: +78% · Conversion: Difficult
MEDICAL BUILDING
$610,000
Change: +71% · Conversion: Difficult
RETAIL STORES
$580,000
Change: +63% · Conversion: Moderate
RESTAURANT
$575,000
Change: +62% · Conversion: Difficult
Blend value · Realmo final
$605k
Range $545k – $666k · ±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
$67 / 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
$29,258
Tax year 2023
Assessed value
$1,275,000
Assessed 2023
Previous assessed
$1,275,000
+0.0% YoY
Effective rate
2.29%
On assessed value
Assessed land
$589,380
Assessed improvement
$685,620
Land market value
$589,380
Improvement market value
$685,620
Total market value
$1,275,000
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
Industrial properties
Use group
INDUSTRIAL LOFT BUILDING
Status
Off-Market
Year built
1926
Construction
TILT-UP CONCRETE
Heating
CENTRAL
Cooling
CENTRAL
Stories
2
Total area
9,000 SF
Lot
0.14 ac (6,204 SF)
Zoning code
Z239
APN
103204000000
UPID
US82-0689619
Jurisdiction
DALLAS
Metro division
DALLAS-PLANO-IRVING, TX METROPOLITAN DIVISION
Zoning & alternative use
Z239 · Dallas, TX
Zoning Z239 · permitted uses
Z239 · Dallas, TX
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Dallas. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$635,000
MEDICAL BUILDING
Est. value
$610,000
RETAIL STORES
Est. value
$580,000
RESTAURANT
Est. value
$575,000
NEIGHBORHOOD: SHOPPING CENTER
MEDICAL BUILDING
RETAIL STORES
RESTAURANT
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
1926
Construction
TILT-UP CONCRETE
Heating
CENTRAL
Cooling
Yes
Stories
2
Lot
0.14 ac
Current owner
From public records · entity-resolved
Ghost Sign Dev LLC
Entity
Free & Clear · 8 yrs held
Mailing address
400 N ERVAY ST STE #150, DALLAS, TX 75201-3134
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
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 2, 2018
—
Ghost Sign Dev LP
—
Grant Deed
related
$63,160,000 · Rbc Real Estate Capital Corp
Apr 17, 2018
—
Ghost Sign Dev LLC
Maharger Dev Co LLC
Grant Deed
related
—
Sep 20, 2011
—
Maharger Dev Co LLC
—
Deed Of Trust
related
$1,112,664 · Standard Investment Co
—
—
Maharger Dev Co LLC|graham,ralph E III
—
Deed Of Trust
related
$4,293,847 · John E Houston
—
—
Maharger Dev Co LLC
—
Deed Of Trust
related
$164,170 · I T IV & John E Houston
—
—
Maharger Dev Co LLC
—
Deed Of Trust
related
$158,875 · John E Houston
—
—
Maharger Dev Co LLC
—
Deed Of Trust
related
$529,583 · John E Houston
—
—
Maharger Dev Co LLC
—
Deed Of Trust
related
$609,020 · I T IV & John E Houston
—
—
Maharger Dev Co LLC
—
Deed Of Trust
related
$211,833 · Thom Schliem
—
—
Maharger Dev Co LLC
—
Deed Of Trust
related
$90,029 · I T IV & John E Houston
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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