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Property profile & analytics
OFF-MARKET
Estimated value
$1,535,000
Garden apartment buildings
3823 Red Blf Rd 244 Pasadena, TX 77503-3633
Entity Owned
5-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US83-3135491
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1961
Construction
BRICK
Total area
16,749 SF
Lot
11.43 ac (497,882 SF)
APN
460300000024
UPID
US83-3135491
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
-
Krause & Associates Association / Organization
-
MYROD Co Customs Department Store
-
Tarsus Temple Spiritual Center
-
Red Pines Apartments Apartment Building Apartment Complex
-
Cleaning and More Hardware & Home Improvement
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.36M
Blend (final)
Blend
$1.54M
Owner & transaction history
Red Pines Apartments LLC · 5 yrs held
Red Pines Apartments LLC
since 2021
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.4M
+136.5%
Auto repair, garage
$1.7M
+71.3%
Restaurant
$1.4M
+43.7%
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 Pasadena submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Pasadena 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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$995,000
Current use
COMMERCIAL (GENERAL)
$2,360,000
Change: +137% · Conversion: Moderate
AUTO REPAIR, GARAGE
$1,710,000
Change: +71% · Conversion: Difficult
RESTAURANT
$1,435,000
Change: +44% · Conversion: Difficult
RETAIL STORES
$1,265,000
Change: +27% · Conversion: Difficult
MEDICAL BUILDING
$1,220,000
Change: +22% · Conversion: Moderate
OFFICE BUILDING
$1,020,000
Change: +2% · Conversion: Moderate
Blend value · Realmo final
$1.54M
Range $1.38M – $1.69M · ±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
$92 / 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
$201,256
Tax year 2022
Assessed value
$13,486,128
Assessed 2024
Previous assessed
$17,703,782
-23.8% YoY
Effective rate
1.49%
On assessed value
Assessed land
$2,987,292
Assessed improvement
$10,498,836
Land market value
$2,987,292
Improvement market value
$10,498,836
Total market value
$13,486,128
Applied tax rate
21.0000
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
1961
Construction
BRICK
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
23
Stories
2
Rooms
1
Bathrooms
1
Total area
16,749 SF
Lot
11.43 ac (497,882 SF)
APN
460300000024
UPID
US83-3135491
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
$995,000
COMMERCIAL (GENERAL)
Est. value
$2.4M
AUTO REPAIR, GARAGE
Est. value
$1.7M
RESTAURANT
Est. value
$1.4M
RETAIL STORES
Est. value
$1.3M
MEDICAL BUILDING
Est. value
$1.2M
OFFICE BUILDING
Est. value
$1.0M
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
RESTAURANT
RETAIL STORES
MEDICAL BUILDING
OFFICE BUILDING
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
1961
Construction
BRICK
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
23
Rooms
1
Bathrooms
1
Lot
11.43 ac
Current owner
From public records · entity-resolved
Red Pines Apartments LLC
Entity
Mailing address
8 GREENWAY PLZ STE #800, HOUSTON, TX 77046-1204
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2021
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
Jun 1, 2022
—
Red Pines Pasadena LLC
—
Deed
related
$22,000,000 · Bellco Cu
Mar 30, 2021
—
Red Pines Apartments LLC
Augusta Red Pines LLC
Venders Lien
$17,620,000 · Readycap Commercial LLC
Jul 17, 2017
—
Augusta Red Pines LLC
Apartments LP Palms
Grant Deed
$10,350,000 · Berkeley Point Cap
Aug 3, 2010
—
Apartments LP Palms
—
Trustees Deed
related
$5,323,000 · Pnc Bank
Feb 14, 2008
—
State Of Texas
Palms Apartments
Grant Deed
related
—
Jul 3, 2007
—
Apartments Palms
Palm Apartments LLC
Quit Claim Deed
related
$5,400,000 · National City Bank
Oct 30, 1997
—
Pastex Apartments LP
Naify,emil M & Marshall
Grant Deed
related
—
—
—
Apartment LP Palms
—
Deed Of Trust
related
$5,350,000 · Pillar Multifamily LLC
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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