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Property profile & analytics
OFF-MARKET
Estimated value
$950,000
Garden apartment buildings
2400 Spg Rain Dr 232 Spring, TX 77379-2540
Entity Owned
4-yr Hold
Absentee Owner
Free & Clear
Property ID
US83-3913522
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
2000
Construction
WOOD FRAME
Total area
25,232 SF
Lot
14.11 ac (614,501 SF)
APN
1148110010001
UPID
US83-3913522
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
-
Ebene Hair Braiding Hair Salon
-
Corporate Housing Advantage Housing Authority
-
The Pines on Spring Rain Apartment Building Apartment Complex
-
Alloy Alliance Factory Production Facility
-
Mindspark Tutoring Service
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$780k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.12M
Blend (final)
Blend
$950k
Owner & transaction history
Ecp II Ravinia Owner LLC · 4 yrs held
Ecp II Ravinia Owner LLC
since 2022
3 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 Spring submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Spring 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
$780,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$1,170,000
Current use
Blend value · Realmo final
$950k
Range $855k – $1.05M · ±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
$38 / 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
$542,950
Tax year 2022
Assessed value
$24,398,988
Assessed 2024
Previous assessed
$31,033,493
-21.4% YoY
Effective rate
2.23%
On assessed value
Assessed land
$4,183,217
Assessed improvement
$20,215,771
Land market value
$4,183,217
Improvement market value
$20,215,771
Total market value
$24,398,988
Applied tax rate
17.0000
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
2000
Construction
WOOD FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
13
Stories
3
Rooms
1
Bathrooms
1
Total area
25,232 SF
Lot
14.11 ac (614,501 SF)
APN
1148110010001
UPID
US83-3913522
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
$1.2M
APARTMENT HOUSE (5+ UNITS) Current
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
2000
Construction
WOOD FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
3
Buildings
13
Rooms
1
Bathrooms
1
Lot
14.11 ac
Current owner
From public records · entity-resolved
Ecp II Ravinia Owner LLC
Entity
Free & Clear · 4 yrs held
Mailing address
8235 DOUGLAS AVE STE #600, DALLAS, TX 75225-6006
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 19, 2022
—
Ecp II Ravinia Owner LLC
Fiber Stream Communication INC
Agreement Of Sale
—
Oct 14, 2015
—
Ravinia Apartments LP
Vr Ravinia LP
Quit Claim Deed
related
$16,555,000 · Berkeley Point Cap
Dec 1, 2005
—
Vr Ravinia LP
Spring Rain Apartments Ltd
Venders Lien
$13,150,000 · Wachovia Bank NA
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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