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Property profile & analytics
OFF-MARKET
Estimated value
$1,080,000
Garden apartment buildings
23010 Franz Rd 324 Katy, TX 77449-2680
Entity Owned
5-yr Hold
Absentee Owner
Property ID
US82-2720251
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
2019
Construction
METAL FRAME
Total area
38,706 SF
Lot
14.5 ac (631,620 SF)
APN
1504650010002
UPID
US82-2720251
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
-
Samacreations Custom T-Shirt Store
-
Urskin & Hair LLC Apartment Complex
-
Bakery the Clouds Bakery Specialty Food Shop
-
All Texas Movers Moving Company
-
HTX Mobile rv repair Auto Repair Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$940k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.22M
Blend (final)
Blend
$1.08M
Owner & transaction history
Vr Grandway LP · 5 yrs held
Vr Grandway LP
since 2021
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Warehouse, storage
$1.6M
+59.4%
Industrial (general)
$1.2M
+18.4%
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 Katy submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Katy 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
$940,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,030,000
Current use
WAREHOUSE, STORAGE
$1,640,000
Change: +59% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$1,220,000
Change: +18% · Conversion: Difficult
Blend value · Realmo final
$1.08M
Range $972k – $1.19M · ±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
$28 / 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
$954,106
Tax year 2022
Assessed value
$45,890,727
Assessed 2024
Previous assessed
$54,380,802
-15.6% YoY
Effective rate
2.08%
On assessed value
Assessed land
$5,052,960
Assessed improvement
$40,837,767
Land market value
$5,052,960
Improvement market value
$40,837,767
Total market value
$45,890,727
Applied tax rate
19.0000
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
2019
Construction
METAL FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
12
Stories
1
Rooms
8
Bathrooms
2
Total area
38,706 SF
Lot
14.5 ac (631,620 SF)
APN
1504650010002
UPID
US82-2720251
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
$1.0M
WAREHOUSE, STORAGE
Est. value
$1.6M
INDUSTRIAL (GENERAL)
Est. value
$1.2M
APARTMENT HOUSE (5+ UNITS) Current
WAREHOUSE, STORAGE
INDUSTRIAL (GENERAL)
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
2019
Construction
METAL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
12
Rooms
8
Bathrooms
2
Lot
14.5 ac
Current owner
From public records · entity-resolved
Vr Grandway LP
Entity
Mailing address
20333 STATE HWY 249TH STE #650, HOUSTON, TX 77070-2775
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2021
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
Jan 29, 2021
—
Vr Grandway LP
Gww-res LP
Grant Deed
related
—
Apr 23, 2019
—
Gww-res LP
Grandway West Annex LP
Grant Deed
$26,393,274 · Prosperity Bk
Apr 2, 2019
—
Grandway West Land Co LP
Grand Parkway LP Urban
Quit Claim Deed
related
—
Jul 16, 2018
—
Grandway West Annex LP
—
Deed
related
$2,900,000 · Guaranty Bk
Apr 19, 2018
—
Grandway West Annex LP
Paul D Krock
Grant Deed
related
—
Jan 4, 2001
—
Paul D Krock
Moehle,james R & Sherri T
Grant Deed
$118,320 · Bank Of America
—
—
Paul D Krock
—
Deed Of Trust
related
$121,000 · Prosperity Bk
—
—
James R Moehle
—
Deed Of Trust
related
$79,000 · Wells Fargo Bank Texas NA
—
—
Krock,paul D & Stella
—
Loan Modification
related
$132,667 · Bank Of Tx
—
—
Grandway West Annex LP
—
Deed Of Trust
related
$2,900,000 · Guaranty 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.
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