Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    647 Westport Pkwy Grapevine, TX 76051-6740

    • Warehouses
    • 19,500 SF
    • 2.12 lot acres
    OFF-MARKET
    Last Sale
    Sep 07, 2022
    Value Estimations
    $615,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-4402957
    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

    • Freeman Decorating Services / Interior Designer
    • Wiremasters Inc. / Manufacturer / Aerospace Company

    Property Details for 647 Westport Pkwy

    Year built
    2004
    Lot size
    2.12 lot acres
    Property size
    19,500 SF
    Property type
    Warehouses
    APN
    40456F-3-3
    APU
    40456F33

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $590,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $645,000
      Market price range: $160k - $721k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $460,000
      Current use
      AUTO REPAIR, GARAGE
      $885,000
      Change: +94% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $810,000
      Change: +76% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Grapevine
    County
    Tarrant
    State
    Texas
    Longitude
    -97.0913
    Latitude
    32.9045
    CBSA code
    19100
    CBSA name
    DALLAS-FORT WORTH-ARLINGTON, 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
    2023
    $29,421
    $276,849
    $1,478,151
    $1,755,000
    -
    $276,849
    $1,478,151
    $1,755,000

    Comparable in this City

    • Value Estimation
      $2,185,000
      188,702 SF

      751 Prt America Pl

      WAREHOUSE, STORAGE • 188,702 SF
      751 Prt America Pl, Grapevine, TX 76051-7638
      View Details
    • Value Estimation
      $1,390,000
      84,095 SF

      2045 State Hwy 114

      MINI-WAREHOUSE, STORAGE • 84,095 SF
      2045 State Hwy 114, Grapevine, TX 76051
      View Details
    • Value Estimation
      $500,000
      17,762 SF

      1060 Texan Trl

      WAREHOUSE, STORAGE • 17,762 SF
      1060 Texan Trl, Grapevine, TX 76051-3703
      View Details
    • Value Estimation by Request
      2,616 SF

      417 Wall St

      WAREHOUSE, STORAGE • 2,616 SF
      417 Wall St, Grapevine, TX 76051-5203
      View Details
    • Value Estimation
      $950,000
      43,880 SF

      1201 Minters Chapel Rd

      WAREHOUSE, STORAGE • 43,880 SF
      1201 Minters Chapel Rd, Grapevine, TX 76051-7636
      View Details
    • Value Estimation
      $1,355,000
      80,680 SF

      1100 Dallas Rd

      WAREHOUSE, STORAGE • 80,680 SF
      1100 Dallas Rd, Grapevine, TX 76051-3736
      View Details

    Similar Nearby for Sale

    • $5,240,000
      7,330 SF

      Grapevine Restaurant - NNN Lease

      High-Income Area, Long-Term Lease, Strong NOI
      1295 Main St, Grapevine, TX 76051
      View Details
    • Contact for pricing

      Prime Commercial Land Available

      Land available near Grapevine Mills Mall and Highway 121.
      2750 Grapevine Mills Pkwy, Grapevine, TX 76051
      View Details
    • $699,000

      Land for Sale

      Land available for purchase in Grapevine, Texas.
      2601 Heritage Ave, Grapevine, TX 76051
      View Details
    • $795,000
      0.06 Acres

      Historic Retail Space on Main

      Retail space in historic downtown Mansfield, great visibility and traffic.
      130 N Main St, Mansfield, TX 76051
      View Details
    • $1,592,544
      66,356 SF

      Crossroads Drive Restaurant Redevelopment

      Prime Grapevine Restaurant Site - 66,356 SF
      1701 Cross Roads Dr, Grapevine, TX 76051
      View Details
    • $1,500,000
      1.58 Acres

      Grapevine Land: Prime Development Site

      1.58 Acres, Lakeside Business District, DFW Access
      Tbd Lakeside Dr, Grapevine, TX 76051
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      13,000 SF

      Grapevine Warehouse Space Available

      13,000 square foot warehouse space for lease in Grapevine.
      750 Port America Pl, Grapevine, TX 76051
      View Details
    • Contact for pricing
      94,905 SF

      Grapevine Warehouse Space Available

      94,905 SF warehouse space for lease in Grapevine, TX.
      615 Westport Pkwy, Grapevine, TX 76051
      View Details
    • Contact for pricing
      14,165 SF

      Grapevine Warehouse Space Available

      14,165 square foot warehouse space for lease in Grapevine.
      1722 Minters Chapel Rd, Grapevine, TX 76051
      View Details
    • $17 SF/Yr
      5,000 SF

      Industrial Space Available For Lease

      5,000 square foot industrial space for lease.
      621 Industrial Blvd, Grapevine, TX 76051
      View Details
    • Contact for pricing
      66,212 SF

      Grapevine Warehouse Space Available

      Industrial property with easy access to major thoroughfares and airport.
      801 Industrial Blvd, Grapevine, TX 76051
      View Details
    • $12 SF/Yr
      1,500 SF

      Industrial/Distribution Space For Lease

      1,500 SF industrial/distribution space available for lease.
      1065 Texan Trl, Grapevine, TX 76051
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    647 Westport Pkwy
    Grapevine, TX 76051-6740
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.