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    Property profile & analytics

    6141 Griggs Rd Houston, TX 77023-6400

    • Grocery and convenience stores
    • 13,395 SF
    • 1.74 lot acres
    OFF-MARKET
    Value Estimations
    $1,535,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-4151249
    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

    • Quality Texas Meat / Butcher / Big Box & Wholesale Store
    • DolEx Dollar Express / Bank / Credit Union
    • Proteus Professional Pruemb ASrqw / Alternative Medicine Practice
    • Panchos Meat Market # 1 / Grocery & Convenience Store / Food Market
    • Estetica Unisex Angelinas's / Barber Shop

    Property Details for 6141 Griggs Rd

    Year built
    2002
    Construction
    CONCRETE BLOCKS
    Lot size
    1.74 lot acres
    Property size
    13,395 SF
    Property type
    Grocery and convenience stores
    APN
    1177490010001
    APU
    1177490010001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,375,000
      Market price range: $506k - $1.59M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,045,000
      Current use
      COMMERCIAL (GENERAL)
      $1,955,000
      Change: +87% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,420,000
      Change: +36% Conversion: Difficult
      OFFICE BUILDING
      $1,335,000
      Change: +27% Conversion: Easy
      RESTAURANT
      $1,270,000
      Change: +21% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $1,090,000
      Change: +4% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.3165
    Latitude
    29.7033
    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
    $41,997
    $226,782
    $1,843,717
    $2,070,499
    -
    $226,782
    $1,843,717
    $2,070,499

    Comparable in this City

    • Value Estimation
      $1,915,000
      30,813 SF

      4002 Polk St

      GROCERY, SUPERMARKET • 30,813 SF
      4002 Polk St, Houston, TX 77023-1728
      View Details
    • Value Estimation by Request
      4,214 SF

      1001 Telephone Rd

      CONVENIENCE STORE • 4,214 SF
      1001 Telephone Rd, Houston, TX 77023-3123
      View Details
    • Value Estimation by Request
      2,450 SF

      901 Fair Oaks Rd

      CONVENIENCE STORE • 2,450 SF
      901 Fair Oaks Rd, Houston, TX 77023-2203
      View Details
    • Value Estimation by Request
      1,520 SF

      2505 Beatty St

      CONVENIENCE STORE • 1,520 SF
      2505 Beatty St, Houston, TX 77023-5506
      View Details
    • Value Estimation
      $1,935,000
      58,264 SF

      800 Wayside Dr

      GROCERY, SUPERMARKET • 58,264 SF
      800 Wayside Dr, Houston, TX 77023-2310
      View Details
    • Value Estimation
      $630,000
      8,746 SF

      7005 Griggs Rd

      RETAIL STORES (PERSONAL SERVICES) • 8,746 SF
      7005 Griggs Rd, Houston, TX 77023
      View Details

    Similar Nearby for Sale

    • $935,000
      14,956 SF

      East End Mixed-Use Building

      14,956 SF building with retail and warehouse spaces for sale.
      7126 Lawndale St, Houston, TX 77023
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    • $310,000

      High-Traffic Lot for Development

      13,502 SqFt lot ideal for retail, office, or residential development.
      6239 Griggs Rd, Houston, TX 77023
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    • $2,199,000
      16,785 SF

      East End Retail and Warehouse

      Retail and warehouse space in Houston's East End.
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    • Contact for pricing

      Eastwood Land with Building

      2.3 acres with a 41,580 SF building in Eastwood.
      1102 Telephone Rd, Houston, TX 77023
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    • $2,199,000

      Prime Land in East End

      Four lots totaling 1.8 acres in a sought-after location.
      7151 Lawndale St, Houston, TX 77023
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    • $450,000

      Fully Leased Multifamily Investment Opportunity

      Seven-unit apartment complex near Downtown, Texas Medical Center, and University of Houston.
      2712 Oakcliff St, Houston, TX 77023
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    Similar Nearby for Lease

    • $43 SF/Yr
      2,500 SF

      Retail Space Available For Lease

      Retail space available for lease in Houston, TX.
      7049-7061 Lawndale St, Houston, TX 77023
      View Details
    • Contact for pricing
      101,707 SF

      Showroom/Warehouse Space Available

      82,593 SF showroom/warehouse available immediately, additional space in 2025.
      5901 Griggs Rd, Houston, TX 77023
      View Details
    • Contact for pricing
      8,914 SF

      Endcap Retail Space Available

      Retail space with excellent visibility, estimated completion in Q2/Q3 2026.
      1001 N Wayside Dr, Houston, TX 77023
      View Details
    • Contact for pricing
      21,130 SF

      Retail/Office Redevelopment on Gulf Freeway

      Retail and office spaces available in a redeveloped mixed-use center.
      5815 Gulf Fwy, Houston, TX 77023
      View Details
    • Contact for pricing

      Telephone Road Commercial Opportunity

      Prime retail space in Houston's East End, high-visibility location.
      2606 Telephone Rd, Houston, TX 77023
      View Details
    • Contact for pricing
      3,650 SF

      Retail Center on Gulf Freeway

      29,364 SF retail center with excellent visibility.
      5819-5823 Gulf Fwy, Houston, TX 77023
      View Details
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    Houston, TX 77023-6400
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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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