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Property profile & analytics
FOR LEASE
Commercial real estate
5110 Griggs Rd Houston, TX 77021
Individually Owned
11-yr Hold
Absentee Owner
Property ID
US83-0459118
For Lease
1 / 11
$15 SF/Yr
5110 Griggs Rd, Houston, TX 77021
View Listing →
Property summary
AI-generated overview
The Village at Palm Center, a Class A office complex in Houston, Texas, offers a variety of traditional and creative office spaces. This 276,000 square foot property, built in 2016, features eleven buildings with four stories each and boasts 222 suites. Units range from a minimum of 2,657 square feet to a maximum contiguous space of 5,952 square feet, with 13,525 square feet currently vacant. The property sits on a 4.89-acre lot (375,897 square feet) and includes ample open parking. Building amenities include 20-foot ceilings, elevators, and readily available power. Located at 5110 Griggs Rd, Houston, TX 77021, near Martin Luther King Blvd, this property offers a prime location in Harris County. Property taxes are $21 per square foot. The building's load factor is 1. The zoning is not available. The APN is 1394520000001.
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL CONDOMINUIM
Year built
2015
Construction
BRICK
Total area
20,755 SF
Lot
0.34 ac (14,884 SF)
APN
1394520000001
UPID
US83-0459118
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
-
Chop TV Radio Station Telecommunications Service
-
J Designer Eyewear Ophthalmologist (Bike/Boat/Book/etc) Store
-
University of Houston University
-
overheaddoorhouston Construction Company General Contractor
-
Village at Palm Center Apartment Complex
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$4.22M
Comparable Approach
Comparable
$3.81M
Blend (final)
Blend
$4.02M
Owner & transaction history
Houston 5110 Griggs Road Resid · 11 yrs held
Houston 5110 Griggs Road Resid
since 2014
1 recorded transaction
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 Houston submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Houston 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%
$4,565,000
6.5%
$4,215,000
7%
$3,915,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$3,060,000
Current use
RESTAURANT
$2,835,000
Change: -7% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,805,000
Change: -8% · Conversion: Difficult
Blend value · Realmo final
$4.02M
Range $3.61M – $4.42M · ±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
$193 / 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
$44,406
Tax year 2022
Assessed value
$2,510,693
Assessed 2024
Previous assessed
$2,204,000
+13.9% YoY
Effective rate
1.77%
On assessed value
Assessed land
$357,264
Assessed improvement
$2,153,429
Land market value
$357,264
Improvement market value
$2,153,429
Total market value
$2,510,693
Applied tax rate
1.0000
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
Commercial real estate
Use group
COMMERCIAL CONDOMINUIM
Status
For Lease
Year built
2015
Construction
BRICK
Heating
FORCED AIR
Cooling
CENTRAL
Buildings
1
Stories
1
Total area
20,755 SF
Lot
0.34 ac (14,884 SF)
APN
1394520000001
UPID
US83-0459118
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
COMMERCIAL (GENERAL) Current
Est. value
$3.1M
RESTAURANT
Est. value
$2.8M
AUTO REPAIR, GARAGE
Est. value
$2.8M
COMMERCIAL (GENERAL) Current
RESTAURANT
AUTO REPAIR, GARAGE
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
2015
Construction
BRICK
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
1
Lot
0.34 ac
Current owner
From public records · entity-resolved
Houston 5110 Griggs Road Resid
Individual
Mailing address
3735 HONEYWOOD TRL, PORT ARTHUR, TX 77642-8500
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 9, 2014
—
Houston 5110 Griggs Road Resid
—
Grant Deed
related
$20,000,000 · Housing Fin Agcy
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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