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Property profile & analytics
OFF-MARKET
Estimated value
$3,935,000
Office buildings
2323 Shepherd Dr, Houston, TX 77019-7019
Entity Owned
11-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US83-3721898
Property profile
Verified
Property type
Office buildings
Use group
SKYSCRAPER/HIGH-RISE (COM OFFICES)
Year built
1984
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
230,702 SF
Lot
1.35 ac (58,749 SF)
APN
520660610006
UPID
US83-3721898
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
-
ForeFlight, LLC (Bike/Boat/Book/etc) Store Corporate Office
-
Patriot Insurance Insurance Agency
-
The Exercise Coach River Oaks Gym & Fitness Center
-
ILRU Project Law Firm
-
Dunham & Jones, Attorneys at Law, P.C. Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$3.94M
Owner & transaction history
Prehc Gavi Bellevue I LLC · 11 yrs held
Prehc Gavi Bellevue I LLC
since 2014
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$17 / 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
$576,475
Tax year 2022
Assessed value
$26,461,082
Assessed 2024
Previous assessed
$28,611,878
-7.5% YoY
Effective rate
2.18%
On assessed value
Assessed land
$5,581,250
Assessed improvement
$20,879,832
Land market value
$5,581,250
Improvement market value
$20,879,832
Total market value
$26,461,082
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
Office buildings
Use group
SKYSCRAPER/HIGH-RISE (COM OFFICES)
Status
Off-Market
Year built
1984
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
1
Stories
1
Total area
230,702 SF
Lot
1.35 ac (58,749 SF)
APN
520660610006
UPID
US83-3721898
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
Building & site characteristics
From public records
Year built
1984
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
1
Lot
1.35 ac
Current owner
From public records · entity-resolved
Prehc Gavi Bellevue I LLC
Entity
Mailing address
711 HIGH ST, DES MOINES, IA 50392-0001
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
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 18, 2014
—
Prehc Gavi Bellevue I LLC
G Shepherd
Grant Deed
$15,550,000 · Miscellaneous Ins Co
Sep 27, 2011
—
G LP
Ypi 2323 Shepherd LLC
Grant Deed
related
—
Sep 19, 2007
—
Ypi 2323 Shepherd LLC
Cmd Realty Inv Fund III
Grant Deed
$10,455 · Bank Of America
Dec 5, 1997
—
Cmd Realty Investment Fund III
Wilshire Shepherd Associates
Grant Deed
related
—
Nov 4, 1997
—
Wilshire Shepherd Associates
Southtex Real Estate INC
Grant Deed
related
—
Aug 21, 1997
—
Andrew A Schatte
Episcopal Investment Corp
Grant Deed
$245,000 · Langham Creek National Bank
—
—
G Shepherd
—
Deed Of Trust
related
—
—
—
G LP
—
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.
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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