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

    2215 Westlake Dr Austin, TX 78746-2966

    • Office buildings
    • 9,891 SF
    • 4.77 lot acres
    OFF-MARKET
    Value Estimations
    $790,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-3101009
    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

    • Crowell Builders, LLC / General Contractor
    • Austin Party Cruises / Conference Center / Cruise Agency
    • Hughes Capital Management / Financial Planner
    • Lake Austin Marina / Marina / Storage
    • Nautical Boat Club - Westlake / Boat Club

    Property Details for 2215 Westlake Dr

    Year built
    1981
    Lot size
    4.77 lot acres
    Property size
    9,891 SF
    Property type
    Office buildings
    APN
    119090318
    APU
    119090318

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $595,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $987,000
      Market price range: $301k - $1.72M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $945,000
      Current use
      COMMERCIAL (GENERAL)
      $1,040,000
      Change: +10% Conversion: Easy
      RESTAURANT
      $980,000
      Change: +4% Conversion: Moderate
      RETAIL STORES
      $955,000
      Change: +1% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Austin
    County
    Travis
    State
    Texas
    Longitude
    -97.7843
    Latitude
    30.3026
    CBSA code
    12420
    CBSA name
    AUSTIN-ROUND ROCK, 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
    $62,742
    $2,078,830
    $1,433,666
    $3,512,496
    -
    $2,078,830
    $1,433,666
    $3,512,496

    Comparable in this City

    • Value Estimation
      $2,060,000
      79,901 SF

      1114 Lost Crk Blvd

      OFFICE BUILDING • 79,901 SF
      1114 Lost Crk Blvd, Austin, TX 78746-6300
      View Details
    • Value Estimation by Request
      7,520 SF

      1020 Walsh Tarlton Ln

      OFFICE BUILDING • 7,520 SF
      1020 Walsh Tarlton Ln, Austin, TX 78746-6661
      View Details
    • Value Estimation
      $10,685,000
      229,993 SF

      1301 Mopac Expy

      OFFICE BUILDING • 229,993 SF
      1301 Mopac Expy, Austin, TX 78746-6916
      View Details
    • Value Estimation
      $7,915,000
      182,501 SF

      1221 Mopac Expy

      OFFICE BUILDING • 182,501 SF
      1221 Mopac Expy, Austin, TX 78746-6819
      View Details
    • Value Estimation
      $1,080,000
      21,834 SF

      304 Cp Craft Rd

      OFFICE BUILDING • 21,834 SF
      304 Cp Craft Rd, Austin, TX 78746
      View Details
    • Value Estimation
      $600,000
      9,032 SF

      404 Cp Craft Rd

      OFFICE BUILDING • 9,032 SF
      404 Cp Craft Rd, West Lake Hills, TX 78746-6508
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      11,848 SF

      Westlake Hills Office Building

      High-visibility office building in Westlake Hills near retail.
      1101 S Capital Of Texas Hwy, Austin, TX 78746
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      41,911 SF

      West Austin Multi-Tenant Office

      Well-maintained, fully leased office building with future owner-user potential.
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      West Lake Hills Office Building

      Class A office space in West Lake Hills.
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    • Contact for pricing
      10,748 SF

      Two-Story Office Building on Loop 360

      10,748 SF office building with scenic views for sale.
      500 N Capital Of Texas Hwy, Austin, TX 78746
      View Details
    • $1,290,300
      2,346 SF

      Renovated Office Space with Views

      West Lake Hills office space featuring downtown views.
      1301 S Capital Of Texas Hwy, West Lake Hills, TX 78746
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    • $1,495,000

      Lake Austin Dream Home Site

      Half-acre lot ready for your vision in Eanes ISD.
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    Similar Nearby for Lease

    • $20 SF/Yr
      22,264 SF

      Northwest Austin Office Space

      Office complex in Northwest Austin near Bull Creek Preserve.
      7501 N Capital Of Texas Hwy, Austin, TX 78746
      View Details
    • Contact for pricing
      7,536 SF

      Class A Office Space Available

      Class A office space in Southwest Austin with modern amenities.
      807 Las Cimas Pkwy, Austin, TX 78746
      View Details
    • $22 SF/Yr
      3,701 SF

      West Lake Hills Office Suites for Lease

      Premium Austin office space, flexible layouts.
      7004 Bee Caves Rd, West Lake Hills, TX 78746
      View Details
    • Contact for pricing
      12,532 SF

      West Lake Hills Office Building

      Multi-tenant office building in West Lake Hills with scenic views.
      5121 Bee Cave Rd, Austin, TX 78746
      View Details
    • Contact for pricing
      6,721 SF

      Renovated Office Building in Westlake

      Freestanding, renovated office building on 1.17 acres for lease.
      5100 Bee Cave Rd, Austin, TX 78746
      View Details
    • $28 SF/Yr
      838 SF

      Lake Austin Office Space For Lease

      Stunning lakefront office, 838 sq ft, immediate occupancy.
      2219 Westlake Drive, Austin, TX 78746
      View Details
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    2215 Westlake Dr
    Austin, TX 78746-2966
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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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