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

    515 Westheimer Rd Houston, TX 77006-2931

    • Strip malls
    • 14,324 SF
    • 0.89 lot acres
    OFF-MARKET
    Value Estimations
    $565,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-4057140
    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

    • BB's Tex-Orleans / Sandwich Shop / Seafood Restaurant
    • Poke In The Bowl / Poke Bar / Hawaiian Restaurant
    • Osaka Japanese Restaurant / Japanese Restaurant
    • Allcare Dental Center / Dentist
    • World of Lashes / Beauty Salon

    Property Details for 515 Westheimer Rd

    Year built
    2000
    Construction
    BRICK
    Lot size
    0.89 lot acres
    Property size
    14,324 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    1213690010001
    APU
    1213690010001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $585,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $543,000
      Market price range: $263k - $543k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $395,000
      Current use
      OFFICE BUILDING
      $925,000
      Change: +134% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.3882
    Latitude
    29.7442
    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
    $109,581
    $3,855,600
    $1,586,387
    $5,441,987
    -
    $3,855,600
    $1,586,387
    $5,441,987

    Comparable in this City

    • Value Estimation
      $850,000
      8,796 SF

      120 Westheimer Rd

      SHOPPING CENTER, STRIP CENTER • 8,796 SF
      120 Westheimer Rd, Houston, TX 77006-3332
      View Details
    • Value Estimation
      $275,000
      6,000 SF

      2621 Milam St

      SHOPPING CENTER, STRIP CENTER • 6,000 SF
      2621 Milam St, Houston, TX 77006-2382
      View Details
    • Value Estimation
      $305,000
      7,290 SF

      2100 Waugh Dr

      SHOPPING CENTER, STRIP CENTER • 7,290 SF
      2100 Waugh Dr, Houston, TX 77006-1116
      View Details
    • Value Estimation
      $390,000
      6,856 SF

      602 Alabama St

      SHOPPING CENTER, STRIP CENTER • 6,856 SF
      602 Alabama St, Houston, TX 77006-5004
      View Details
    • Value Estimation
      $560,000
      13,784 SF

      2450 Louisiana St

      SHOPPING CENTER, STRIP CENTER • 13,784 SF
      2450 Louisiana St, Houston, TX 77006-2380
      View Details
    • Value Estimation
      $725,000
      10,132 SF

      614 Dennis St

      SHOPPING CENTER, STRIP CENTER • 10,132 SF
      614 Dennis St, Houston, TX 77006-3502
      View Details

    Similar Nearby for Sale

    • $900,000

      Historic Montrose Manor on Westheimer

      Iconic 1915 manor with retail/office potential in Montrose.
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      14,000 SF

      Retail Property Near Galleria Mall

      Retail space near Houston's Galleria Mall with high traffic.
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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.
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    • $330,000

      Midtown Property Near Restaurants, Shopping

      Midtown property near restaurants and shopping available for sale.
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    • $850,000

      Commercial Building in Central Houston

      Income-producing commercial building with parking, close to amenities.
      1638 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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    Similar Nearby for Lease

    • Contact for pricing
      1,848 SF

      Midtown Houston Retail Space

      1848 SF Retail Center, Prime Location
      2450 Louisiana St, Houston, TX 77006
      View Details
    • $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
    • $37 SF/Yr
      2,127 SF

      Retail Space For Rent

      Retail space available for lease in Houston, Texas.
      2600 Travis St, Houston, TX 77006
      View Details
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    515 Westheimer Rd
    Houston, TX 77006-2931
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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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