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Property profile & analytics
OFF-MARKET
Estimated value
$730,000
Garden apartment buildings
22221 Cypresswood Dr 208 Spring, TX 77373-7166
Individually Owned
13-yr Hold
Absentee Owner
Free & Clear
Property ID
US82-3757863
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1984
Construction
FRAME
Total area
9,964 SF
Lot
8.92 ac (388,429 SF)
APN
1087820000001
UPID
US82-3757863
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
-
MAA Cypresswood Real Estate Agency
-
Corp Housing Express Housing Authority
-
Chimney Services Clean General Contractor Renovation Specialist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$465k
CAP Approach
CAP
$1.02M
Comparable Approach
Comparable
$708k
Blend (final)
Blend
$730k
Owner & transaction history
Mid-america Apartments Of Texas L
Mid-america Apartments Of Texas L
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$825,000
+81.4%
Restaurant
$790,000
+73.0%
Warehouse, storage
$595,000
+31.1%
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 Spring submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Spring 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
$465,000
CAP Approach
CAP Return
Estimation
6%
$1,100,000
6.5%
$1,015,000
7%
$945,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$455,000
Current use
RETAIL STORES
$825,000
Change: +81% · Conversion: Difficult
RESTAURANT
$790,000
Change: +73% · Conversion: Difficult
WAREHOUSE, STORAGE
$595,000
Change: +31% · Conversion: Difficult
MEDICAL BUILDING
$580,000
Change: +27% · Conversion: Moderate
Blend value · Realmo final
$730k
Range $657k – $803k · ±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
$73 / 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 2022Property tax & assessments
Tax year 2022
Tax billed
$167,517
Tax year 2022
Assessed value
$20,017,886
Assessed 2024
Previous assessed
$21,958,901
-8.8% YoY
Effective rate
0.84%
On assessed value
Assessed land
$971,073
Assessed improvement
$19,046,813
Land market value
$971,073
Improvement market value
$19,046,813
Total market value
$20,017,886
Applied tax rate
24.0000
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
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Status
Off-Market
Year built
1984
Construction
FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
17
Stories
2
Rooms
4
Bathrooms
1
Total area
9,964 SF
Lot
8.92 ac (388,429 SF)
APN
1087820000001
UPID
US82-3757863
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
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$455,000
RETAIL STORES
Est. value
$825,000
RESTAURANT
Est. value
$790,000
WAREHOUSE, STORAGE
Est. value
$595,000
MEDICAL BUILDING
Est. value
$580,000
APARTMENT HOUSE (5+ UNITS) Current
RETAIL STORES
RESTAURANT
WAREHOUSE, STORAGE
MEDICAL BUILDING
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
1984
Construction
FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
17
Rooms
4
Bathrooms
1
Lot
8.92 ac
Current owner
From public records · entity-resolved
Mid-america Apartments Of Texas L
Individual
Free & Clear · 0 yrs held
Mailing address
6815 POPLAR AVE STE #500, GERMANTOWN, TN 38138-0612
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
—
—
Mid-america Apartments Of Texas L
—
Deed Of Trust
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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