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Property profile & analytics
OFF-MARKET
Estimated value
$12,850,000
Warehouses
224 Gray St 1111 Houston, TX 77019-5420
Individually Owned
11-yr Hold
Absentee Owner
Free & Clear
Property ID
US82-2022908
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
2015
Construction
STEEL FRAME
Total area
168,994 SF
Lot
1.09 ac (47,681 SF)
APN
1362060010001
UPID
US82-2022908
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
-
Space City Luggage Lockers Storage Facility
-
iStorage Storage Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$11.83M
Blend (final)
Blend
$12.85M
Owner & transaction history
Sela Ltd · 11 yrs held
Sela Ltd
since 2014
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$17.6M
+112.5%
Auto repair, garage
$15.8M
+90.6%
Apartment house (5+ units)
$14.1M
+70.3%
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 Houston submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Houston 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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$8,275,000
Current use
RETAIL STORES
$17,580,000
Change: +113% · Conversion: Moderate
AUTO REPAIR, GARAGE
$15,770,000
Change: +91% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$14,085,000
Change: +70% · Conversion: Difficult
OFFICE BUILDING
$11,280,000
Change: +36% · Conversion: Difficult
MEDICAL BUILDING
$10,785,000
Change: +30% · Conversion: Difficult
Blend value · Realmo final
$12.85M
Range $11.57M – $14.14M · ±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
$76 / 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
$467,504
Tax year 2023
Assessed value
$24,611,338
Assessed 2024
Previous assessed
$24,611,338
+0.0% YoY
Effective rate
1.90%
On assessed value
Assessed land
$3,337,670
Assessed improvement
$21,273,668
Land market value
$3,337,670
Improvement market value
$21,273,668
Total market value
$24,611,338
Applied tax rate
1.0000
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
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
2015
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
1
Stories
5
Total area
168,994 SF
Lot
1.09 ac (47,681 SF)
APN
1362060010001
UPID
US82-2022908
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
WAREHOUSE, STORAGE Current
Est. value
$8.3M
RETAIL STORES
Est. value
$17.6M
AUTO REPAIR, GARAGE
Est. value
$15.8M
APARTMENT HOUSE (5+ UNITS)
Est. value
$14.1M
OFFICE BUILDING
Est. value
$11.3M
MEDICAL BUILDING
Est. value
$10.8M
WAREHOUSE, STORAGE Current
RETAIL STORES
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
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
2015
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
5
Buildings
1
Lot
1.09 ac
Current owner
From public records · entity-resolved
Sela Ltd
Individual
Free & Clear · 11 yrs held
Mailing address
8400 E PO BOX 320099TH AVE, ALEXANDRIA, VA 22320-4099
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2014
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
Mar 12, 2020
—
Sela Ltd
—
Deed
related
$11,807,682 · Prosperity Bk
Aug 11, 2014
—
Sela Ltd
Gerber,malcolm
Grant Deed
related
—
Dec 28, 2009
—
Gerber,malcolm J & Irvin D
—
Loan Modification
related
$100,000 · Preferred Bk
May 4, 2009
—
Gerber,malcolm J & Irvin D
—
Trustees Deed
related
$50,000 · Preferred Bk
Oct 7, 2008
—
Gerber,malcolm J & Irvin D
—
Trustees Deed
related
$110,000 · Preferred Bk
—
—
Gerber,malcolm J & Irvin D
—
Deed Of Trust
related
$283,877 · Preferred Bk
—
—
Gerber,malcolm J & Irvin D
—
Deed Of Trust
related
$90,161 · Preferred Bk
—
—
Gerber,malcolm J & Irvin D
—
Deed Of Trust
related
$200,000 · Preferred Bk
—
—
Malcolm J Gerber
—
Deed Of Trust
related
$175,000 · Preferred Bank
—
—
Sela Ltd
—
Loan Modification
related
$11,807,682 · Prosperity Bk
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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