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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    241 Milby St Houston, TX 77003-1966

    • Office buildings
    • 13,654 SF
    • 0.43 lot acres
    OFF-MARKET
    Value Estimations
    $670,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-0238533
    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.

    Current Use by Public Records

    • Elevated Flow / Yoga Studio
    • KDENCE / Training Centre
    • GARZA STUDIOS / Live Music Venue / Event Venue
    • Blanca's Cafe / Coffee Shop
    • AFA / Non-Profit Organization / Music School

    Property Details for 241 Milby St

    Year built
    2018
    Construction
    METAL FRAME
    Lot size
    0.43 lot acres
    Property size
    13,654 SF
    Property type
    Office buildings
    APN
    1372150010001
    APU
    1372150010001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $660,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $679,000
      Market price range: $307k - $988k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $685,000
      Current use
      RETAIL STORES
      $990,000
      Change: +44% Conversion: Moderate
      MEDICAL BUILDING
      $870,000
      Change: +27% Conversion: Easy
      WAREHOUSE, STORAGE
      $605,000
      Change: -11% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.3339
    Latitude
    29.7526
    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
    $55,689
    $982,852
    $2,185,148
    $3,168,000
    -
    $982,852
    $2,185,148
    $3,168,000

    Comparable in this City

    • Value Estimation
      $1,075,000
      49,700 SF

      2311 Canal St

      OFFICE BUILDING • 49,700 SF
      2311 Canal St, Houston, TX 77003-1565
      View Details
    • Value Estimation
      $735,000
      136,606 SF

      2410 Polk St

      OFFICE BUILDING • 136,606 SF
      2410 Polk St, Houston, TX 77003-4321
      View Details
    • Value Estimation by Request
      7,859 SF

      501 York St

      OFFICE BUILDING • 7,859 SF
      501 York St, Houston, TX 77003-1386
      View Details
    • Value Estimation
      $370,000
      6,968 SF

      3101 Harrisburg Blvd

      OFFICE BUILDING • 6,968 SF
      3101 Harrisburg Blvd, Houston, TX 77003-2333
      View Details
    • Value Estimation
      $280,000
      1,500 SF

      19 York St

      OFFICE BUILDING • 1,500 SF
      19 York St, Houston, TX 77003-1827
      View Details
    • Value Estimation
      $630,000
      27,762 SF

      413 Bastrop St

      OFFICE BUILDING • 27,762 SF
      413 Bastrop St, Houston, TX 77003-2201
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.80 Acres

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      Midtown Houston Medical Office

      5,480 SF Vacant Medical Building, $2.6M
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      0.19 Acres

      Leeland Street Development Land

      0.19-acre lot, prime Houston location.
      2500 Leeland St, Houston, TX 77003
      View Details
    • $2,000,000
      9,664 SF

      Downtown Houston Corner Lot Redevelopment

      Mixed-use, 9,664 SF, prime location.
      3425 Harrisburg Blvd, Houston, TX 77003
      View Details
    • Contact for pricing
      0.35 Acres

      EaDo Land: Prime Redevelopment Site

      0.35-acre lot, excellent location, easy freeway access.
      1913 Napoleon St, Houston, TX 77003
      View Details
    • $10,000,000
      2.17 Acres

      EaDo Land: Prime Houston Investment

      2.17 Acres, $10M Asking Price
      0 Bastrop St, Houston, TX 77003
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      8,936 SF

      Two-Story Office Building for Lease

      8,936 SF office building in Midtown Houston for lease.
      2105 Jackson St, Houston, TX 77003
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    • Contact for pricing
      320,000 SF

      East Blocks: Prime Houston Space

      Modern Houston Office & Distribution Space
      2215 Mckinney St, Houston, TX 77003
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    • Contact for pricing
      13,481 SF

      Prime Houston Executive Office Space

      13,481 SF Single-Tenant Retail/Office
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    • Contact for pricing
      33,000 SF

      815 Saint Charles St Office Space

      Historic Houston Office Building, Flexible Space Available
      815 St Charles St, Houston, TX 77003
      View Details
    • Contact for pricing
      2,515 SF

      Creative Space with Exposed Structure

      Creative space featuring exposed steel and wood beam structure.
      2327 Commerce St, Houston, TX 77003
      View Details
    • Contact for pricing
      72,376 SF

      Houston Executive Office Space

      72,376 SF Office Building, 21,053 SF Vacant
      908 Live Oak St, Houston, TX 77003
      View Details
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    241 Milby St
    Houston, TX 77003-1966
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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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