Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    23215 Red Riv Dr Katy, TX 77494-2031
    Back to Search
    Property profile & analytics

    23215 Red Riv Dr Katy, TX 77494-2031

    View on Map
    • Office buildings
    • 3,386 SF
    • 0.22 lot acres
    Off-Market
    Property ID
    US82-9941509
    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.
    Value Estimations
    $750,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • ESTHER NYARKO / Physician
    • 1st Classen Physical Therapy / Medical Clinic
    • Westside Medical Clinic / Medical Clinic
    • R & H Clinical Research Inc. / Research Institute / Pharmaceutical Company
    • Kristen Classen / Physician

    Property Details for 23215 Red Riv Dr

    Year built
    2019
    Construction
    METAL FRAME
    Lot size
    0.22 lot acres
    Property size
    3,386 SF
    Property type
    Office buildings
    APN
    1275980010029
    APU
    1275980010029

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $790,000
      6.5%
      $730,000
      7%
      $675,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $775,000
      Market price range: $750k - $850k

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

    Location Insight

    • Map
    • Local Demand
    City
    Katy
    County
    Harris
    State
    Texas
    Longitude
    -95.7739
    Latitude
    29.7708
    CBSA code
    26420
    CBSA name
    HOUSTON-SUGAR LAND-BAYTOWN, 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
    $14,356
    $142,275
    $695,552
    $837,827
    -
    $142,275
    $695,552
    $837,827

    Comparable in this City

    • Value Estimation
      $4,125,000
      18,900 SF

      23537 Kingsland Blvd

      OFFICE BUILDING • 18,900 SF
      23537 Kingsland Blvd, Katy, TX 77494-2967
      View Details
    • Value Estimation
      $4,125,000
      18,900 SF

      23537 Kingsland Blvd

      OFFICE BUILDING • 18,900 SF
      23537 Kingsland Blvd, Katy, TX 77494-2967
      View Details
    • Value Estimation
      $895,000
      4,100 SF

      221 Bella Katy Dr

      OFFICE BUILDING • 4,100 SF
      221 Bella Katy Dr, Katy, TX 77494-6821
      View Details
    • Value Estimation
      $1,865,000
      8,000 SF

      23525 Kingsland Blvd

      OFFICE BUILDING • 8,000 SF
      23525 Kingsland Blvd, Katy, TX 77494-4196
      View Details
    • Value Estimation by Request
      1,400 SF

      24638 Kingsland Blvd

      OFFICE BUILDING • 1,400 SF
      24638 Kingsland Blvd, Katy, TX 77494-3386
      View Details
    • Value Estimation by Request
      1,872 SF

      24502 Kingsland Blvd

      OFFICE BUILDING • 1,872 SF
      24502 Kingsland Blvd, Katy, TX 77494-3429
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      31,500 SF

      Katy, Texas Commercial Property

      Versatile commercial property in Katy, Texas, suitable for various uses.
      25403 Katy Mills Pkwy, Katy, TX 77494
      View Details
    • Contact for pricing
      13,574 SF

      Updated Office Building Near I-10

      Two-story office building with updated common spaces and ample parking.
      6701 Highway Blvd, Katy, TX 77494
      View Details
    • Contact for pricing

      Engineered Commercial Development Site

      3.77-acre commercial site suitable for luxury garage condos.
      24920 Saddlespur Ln, Katy, TX 77494
      View Details
    • Contact for pricing
      853 SF

      Garage Condo For Sale

      High-end garage condo, ideal for luxury cars or office.
      1435 Fm 1463 -, Katy, TX 77494
      View Details
    • Contact for pricing
      2,580 SF

      Office Space Near Grand Parkway

      Office space in growing Katy area near Grand Parkway.
      3815 Grand Pkwy, Katy, TX 77494
      View Details
    • $1,300,000

      Unrestricted Land Near I-10 Freeway

      Prime commercial land in Katy with high visibility and accessibility.
      1330 Fm 1463 Rd, Katy, TX 77494
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Katy Freeway Office Building

      Two-story office building with excellent I-10 visibility in Katy.
      20501 Katy Fwy, Katy, TX 77494
      View Details
    • Contact for pricing

      Highway 90 Office Building

      Two-story office building in Old Katy with highway visibility.
      6701 Highway Blvd, Katy, TX 77494
      View Details
    • Contact for pricing

      Katy Boutique Office Building

      Boutique office building in Katy, easy access to West Grand.
      410 W Grand Pkwy S, Katy, TX 77494
      View Details
    • Contact for pricing

      Class A+ Retail Center

      Retail center with restaurant-ready spaces, construction starting March 2025.
      28511 Katy Fwy, Katy, TX 77494
      View Details
    • Contact for pricing

      Katy Office Condo For Lease

      Prime location near Katy Mills and upcoming Katy Boardwalk.
      28111 S Firethorne Rd, Katy, TX 77494
      View Details
    • Contact for pricing

      Katy Medical Plaza Office Space

      Medical office space available for rent in Katy, Texas.
      23510 Kingsland Blvd, Katy, TX 77494
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    23215 Red Riv Dr
    Katy, TX 77494-2031
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    23215 Red Riv Dr, Katy, TX, 77494
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!