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    Property profile & analytics

    321 W Alabama St Houston, TX 77006

    • Investment properties
    • 3,120 SF
    • 0.33 lot acres
    For Sale
    View listing
    $2,300,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-0829703
    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

    • Area 52 / Vintage Clothing Store / Clothing Store

    Property Details for 321 W Alabama St

    Year built
    1955
    Construction
    BRICK
    Lot size
    0.33 lot acres
    Property size
    3,120 SF
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    82600000001
    APU
    82600000001

    Description

    This exceptional mixed-use property, located at 321 W Alabama St in Houston, Texas, presents a compelling investment opportunity. The 6,720 square foot building, constructed in 1955, sits on a 14,375 square foot lot and boasts a desirable location in the heart of Historic First Montrose Commons, bordering Midtown. The two-story, Class C building features six units: two commercial retail spaces (each with two bathrooms and washer/dryer connections), and four updated residential studios, each with individual electric metering. Additionally, one unit serves as a workshop and owner storage. The property offers 21 parking spaces, a significant advantage in this vibrant area. With 50 feet of frontage on West Alabama Street, the property enjoys excellent visibility and accessibility. The building is a non-contributing structure within the historic district, allowing for potential future development or modifications. Currently operating under a NNN lease with four tenants, the property is offered at $2,300,000, representing a price per square foot of $342.26. This owner/user investment presents a rare blend of historic charm, modern functionality, and strong rental income potential in one of Houston's most coveted neighborhoods. The property's versatility, ample parking, and prime location make it an ideal investment for both seasoned and emerging investors.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $685,000
      6.5%
      $635,000
      7%
      $590,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $585,000
      Market price range: $287k - $586k

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.3842
    Latitude
    29.7384
    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
    $36,871
    $1,653,125
    $243,193
    $1,896,318
    -
    $1,653,125
    $243,193
    $1,896,318

    Comparable in this City

    • Value Estimation
      $640,000
      4,498 SF

      602 Branard St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,498 SF
      602 Branard St, Houston, TX 77006-5020
      View Details
    • Value Estimation by Request
      3,763 SF

      2610 Brazos St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,763 SF
      2610 Brazos St, Houston, TX 77006-2214
      View Details
    • Value Estimation
      $895,000
      7,110 SF

      4500 Montrose Blvd, Unit 8

      OFFICE/RESIDENTIAL (MIXED USE) • 7,110 SF
      4500 Montrose Blvd, Houston, TX 77006-5800
      View Details
    • Value Estimation by Request
      2,752 SF

      3702 Audubon Pl

      OFFICE/RESIDENTIAL (MIXED USE) • 2,752 SF
      3702 Audubon Pl, Houston, TX 77006-4402
      View Details
    • Value Estimation by Request
      2,694 SF

      803 Marshall St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,694 SF
      803 Marshall St, Houston, TX 77006-4605
      View Details
    • Value Estimation by Request
      2,588 SF

      626 Alabama St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,588 SF
      626 Alabama St, Houston, TX 77006-5004
      View Details

    Similar Nearby for Sale

    • $1,200,000

      Montrose Duplex with Live-Work Potential

      Spacious Montrose duplex offers live-work, investment, or conversion options.
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    • $2,300,000
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      Mixed-Use Building in Montrose

      Income-producing commercial building with apartments and retail in Houston.
      321 W Alabama St, Houston, TX 77006
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    • $875,000

      Montrose Multifamily Home For Sale

      Multi-family home in Montrose area with 4 bedrooms/bathrooms.
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      Sleek 1-bed, 1-bath condo in prime Montrose location.
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      Charming 4-unit property with updates and reserved parking.
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      Charming 1920's triplex in Montrose, ideal for investors.
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    Similar Nearby for Lease

    • $25 SF/Yr
      9,900 SF

      Midtown Office Space For Lease

      Modern, divisible office suites in prime location
      3310 Travis St, Houston, TX 77006
      View Details
    • Contact for pricing
      4,000 SF

      Westheimer Road Retail Space

      Prime Houston Retail, 4,000 SF
      208 Westheimer Rd, Houston, TX 77006
      View Details
    • Contact for pricing
      27,820 SF

      Montrose Retail Space Available

      Retail space in the heart of Montrose with patio opportunities.
      1001 Westheimer Rd, Houston, TX 77006
      View Details
    • $18 SF/Yr
      13,891 SF

      Retail Space on Richmond Avenue

      Retail property available for lease on Richmond Avenue.
      5800 Richmond Ave, Houston, TX 77006
      View Details
    • $15 SF/Yr
      1,700 SF

      Office Space Available For Rent

      1700 square feet of office space for lease.
      6300 Richmond Ave, Houston, TX 77006
      View Details
    • $14 SF/Yr
      4,614 SF

      Office Space for Lease

      Office space available for lease featuring on-site management.
      6363 Richmond Ave, Houston, TX 77006
      View Details
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    Houston, TX 77006
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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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