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    Property profile & analytics

    708 Alabama St Katy, TX 77494-1125

    • Apartment buildings
    • 30,511 SF
    • 0.53 lot acres
    OFF-MARKET
    Last Sale
    Jul 01, 2021
    Value Estimations
    $895,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-4481495
    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

    • Falcon Point Apartments / Apartment Building

    Property Details for 708 Alabama St

    Year built
    1989
    Lot size
    0.53 lot acres
    Property size
    30,511 SF
    Property type
    Apartment buildings
    APN
    0393-00-000-0020-914
    APU
    393000000020914

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $895,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Katy
    County
    Fort Bend
    State
    Texas
    Longitude
    -95.8365
    Latitude
    29.7845
    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
    2023
    $36,003
    $230,868
    $1,847,781
    $2,078,649
    -
    $230,868
    $1,847,781
    $2,078,649

    Comparable in this City

    • Value Estimation
      $555,000
      9.46 Acres

      25500 Westheimer Pkwy

      APARTMENT HOUSE (5+ UNITS) • 9.46 Acres
      25500 Westheimer Pkwy, Katy, TX 77494-7302
      View Details
    • Value Estimation
      $1,035,000
      200,793 SF

      24001 Cinco Vlg Ctr Blvd

      APARTMENT HOUSE (5+ UNITS) • 200,793 SF
      24001 Cinco Vlg Ctr Blvd, Katy, TX 77494-8419
      View Details
    • Value Estimation
      $1,000,000
      72,499 SF

      2425 Katy Flewellen Rd

      APARTMENT HOUSE (5+ UNITS) • 72,499 SF
      2425 Katy Flewellen Rd, Katy, TX 77494-5431
      View Details
    • Value Estimation
      $1,065,000
      95,597 SF

      2855 Commercial Ctr Blvd

      APARTMENT HOUSE (5+ UNITS) • 95,597 SF
      2855 Commercial Ctr Blvd, Katy, TX 77494-6343
      View Details
    • Value Estimation
      $1,165,000
      320,427 SF

      6800 Gaston Rd

      APARTMENT HOUSE (5+ UNITS) • 320,427 SF
      6800 Gaston Rd, Katy, TX 77494-6961
      View Details
    • Value Estimation
      $565,000
      6.00 Acres

      3030 Greenbusch Rd

      APARTMENT HOUSE (5+ UNITS) • 6.00 Acres
      3030 Greenbusch Rd, Katy, TX 77494-5523
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Grand Parkway Land - 76.52 Acres

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      76.52 Acres

      Grand Parkway Land - Huge Potential

      ±159 Acres, Prime Houston Location
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      82.75 Acres

      Grand Parkway Land - 82.75 Acres

      Prime Houston acreage, diverse zoning potential.
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    • $9,321,840
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      Katy Freeway Development Land

      10.7 Acres, Prime Retail Location
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      Katy Auto Shop For Sale

      Auto shop property in Katy's Old Towne neighborhood.
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      7,381 SF

      Katy Land Available For Sale

      Land available for sale in Katy, Texas.
      1958 Fm 1463 Rd, Katy, TX 77494
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    Similar Nearby for Lease

    • Contact for pricing
      12,692 SF

      Fulshear Bend Retail Center - For Lease

      12,692 SF Retail Space, Katy, TX
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      View Details
    • $264 SF/Yr
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      Katy Office Space for Lease

      1,000-2,250 SF Suites Available
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    • Contact for pricing
      40,000 SF

      Katy I-10 Retail Space Available

      Prime Katy location, 2,400 sq ft retail space.
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      3,500 SF

      Kroger-Anchored Retail Space in Katy

      Retail and restaurant spaces available in a growing Katy location.
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      3,600 SF

      Medical Space on Grand Parkway

      Medical spaces available with Grand Parkway frontage and high accessibility.
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    • Contact for pricing

      Prime Land Tracts in Katy

      Available land tracts at 4-way intersections in Katy market.
      Spring Green Blvd, Katy, TX 77494
      View Details
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    708 Alabama St
    Katy, TX 77494-1125
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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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