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    2365 Rice Blvd, Unit 1 Houston, TX 77005-2667

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    2365 Rice Blvd, Unit 1 Houston, TX 77005-2667

    View on Map
    • Strip malls
    • 14,803 SF
    • 0.46 lot acres
    Off-Market
    Last Sale Mar 2, 2023
    Property ID
    US82-2027467
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Purple Glaze / (Bike/Boat/Book/etc) Store
    • Perimeter Art Gallery & Framing / Interior Design / Home Decor Store
    • Leslie K Elkins Architecture / Architect
    • Integrated Massage Services / Alternative Medicine Practice / Spa & Massage Center
    • Ann Come2U Rice Village Notary Services / Law Firm

    Property Details for 2365 Rice Blvd

    Year built
    1992
    Construction
    METAL FRAME
    Lot size
    0.46 lot acres
    Property size
    14,803 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    600460130010
    APU
    600460130010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.4143
    Latitude
    29.7171
    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
    $51,921
    $2,227,500
    $460,710
    $2,688,210
    -
    $2,227,500
    $460,710
    $2,688,210

    Comparable in this City

    • Value Estimation
      $660,000
      32,400 SF

      2504 Amherst St

      SHOPPING CENTER, STRIP CENTER • 32,400 SF
      2504 Amherst St, Houston, TX 77005-3238
      View Details
    • Value Estimation
      $660,000
      25,990 SF

      2370 Rice Blvd

      SHOPPING CENTER, STRIP CENTER • 25,990 SF
      2370 Rice Blvd, Houston, TX 77005-2652
      View Details
    • Value Estimation
      $505,000
      3,459 SF

      6115 Edloe St

      SHOPPING CENTER, STRIP CENTER • 3,459 SF
      6115 Edloe St, Houston, TX 77005-2808
      View Details
    • Value Estimation
      $660,000
      18,352 SF

      3315 Westpark Dr

      SHOPPING CENTER, STRIP CENTER • 18,352 SF
      3315 Westpark Dr, Houston, TX 77005-4262
      View Details
    • Value Estimation by Request
      8,160 SF

      2455 Rice Blvd

      SHOPPING CENTER, STRIP CENTER • 8,160 SF
      2455 Rice Blvd, Houston, TX 77005-3202
      View Details
    • Value Estimation by Request
      18,755 SF

      6723 Stella Link Rd

      SHOPPING CENTER, STRIP CENTER • 18,755 SF
      6723 Stella Link Rd, Houston, TX 77005-4318
      View Details

    Similar Nearby for Sale

    • $875,000
      Pending

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      Investment opportunity near Rice University with two 3-bedroom units.
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    • $649,000

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      Prime lot in West University, ready for new construction.
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      3,240 SF

      West University Mixed-Use Opportunity

      Mixed-use building in prime location with redevelopment potential.
      5135 Edloe St, Houston, TX 77005
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      Land Available on Bissonnet Street

      Land for sale on Bissonnet Street, Houston, Texas.
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    • $1,870,000

      Land For Sale Houston

      Land available in Houston, Texas.
      6611 Belmont St, Houston, TX 77005
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    Similar Nearby for Lease

    • Contact for pricing
      9,230 SF

      Retail Space Available For Lease

      9,230 square foot retail property for lease.
      Rice Blvd, Houston, TX 77005
      View Details
    • Contact for pricing
      354,713 SF

      Weslayan Plaza Retail Space

      Houston Retail, Multiple Suites Available
      5586 Weslayan St, Houston, TX 77005
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    • Contact for pricing

      Retail or Medical Space Available

      2,812 SF retail or medical space in Rice Village.
      5407 Kelvin Dr, Houston, TX 77005
      View Details
    • Contact for pricing
      2,160 SF

      Warehouse-Style Building with Signage

      Warehouse-style building with roll-up doors and ample parking.
      2417 Bissonnet St, Houston, TX 77005
      View Details
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    Houston, TX 77005-2667
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    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
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