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Property profile & analytics
OFF-MARKET
Estimated value
$1,535,000
Garden apartment buildings
407 Richey St 468 Pasadena, TX 77506-1900
Entity Owned
8-yr Hold
Absentee Owner
Free & Clear
Property ID
US82-1707266
Property profile
Verified
Property type
Garden apartment buildings
Use group
GARDEN APT, COURT APT (5+ UNITS)
Year built
1970
Construction
FRAME
Total area
10,880 SF
Lot
16.92 ac (737,144 SF)
APN
281750020002
UPID
US82-1707266
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
-
Pasadena Holdings LLC Apartment Building
-
Falls of Las Villas Apartment Complex
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.72M
Comparable Approach
Comparable
$1.35M
Blend (final)
Blend
$1.54M
Owner & transaction history
Falls Of Las Villas LLC · 8 yrs held
Falls Of Las Villas LLC
since 2017
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.0M
+102.9%
Restaurant
$1.5M
+51.6%
Auto repair, garage
$1.4M
+40.2%
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%
$1,855,000
6.5%
$1,715,000
7%
$1,590,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$980,000
Current use
COMMERCIAL (GENERAL)
$1,985,000
Change: +103% · Conversion: Moderate
RESTAURANT
$1,485,000
Change: +52% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,375,000
Change: +40% · Conversion: Difficult
RETAIL STORES
$1,135,000
Change: +16% · Conversion: Difficult
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
$141 / 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
$409,380
Tax year 2022
Assessed value
$30,624,198
Assessed 2024
Previous assessed
$36,011,599
-15.0% YoY
Effective rate
1.34%
On assessed value
Assessed land
$4,422,870
Assessed improvement
$26,201,328
Land market value
$4,422,870
Improvement market value
$26,201,328
Total market value
$30,624,198
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
1970
Construction
FRAME
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
30
Stories
2
Rooms
1
Bathrooms
5
Total area
10,880 SF
Lot
16.92 ac (737,144 SF)
APN
281750020002
UPID
US82-1707266
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
$980,000
COMMERCIAL (GENERAL)
Est. value
$2.0M
RESTAURANT
Est. value
$1.5M
AUTO REPAIR, GARAGE
Est. value
$1.4M
RETAIL STORES
Est. value
$1.1M
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
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
1970
Construction
FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
30
Rooms
1
Bathrooms
5
Lot
16.92 ac
Current owner
From public records · entity-resolved
Falls Of Las Villas LLC
Entity
Free & Clear · 8 yrs held
Mailing address
9303 TOWN PARK DR #2, HOUSTON, TX 77036-2441
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 31, 2022
—
Falls Of Alta Vista LLC
—
Deed
related
$10,000 · Owemanco Mortgage Holding Corporation
Sep 21, 2017
—
Falls Of Las Villas LLC
Alta Villas Nominee LLC
Grant Deed
related
—
Jul 31, 2014
—
Alta Villas Nominee LLC
Focus Compton LLC
Trustees Deed
$20,000,000 · Natixis R/e Cap
Nov 3, 2011
—
Focus Compton LLC
Pasadena Holdings LLC
Grant Deed
$5,307,000 · C-iii Commercial Mtg LLC
Apr 24, 2006
—
Pasadena Holdings LLC
Houtex I & II
Grant Deed
related
$12,650,000 · Wells Fargo Bank
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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