5116 Westheimer RdHouston, TX 77056

  • Retail properties
  • 8,441 SF
For Sale
$8,000,000 View listing

Property Details for 5116 Westheimer Rd

Year built
1950
Construction
WOOD FRAME
Lot size
0.46 AC
Property size (Sq ft)
8,441 SF
Property type
Retail properties
Property subtype
Retail space
APN
451400060442
APU
451400060442

Description

This exceptional redevelopment opportunity presents a significant investment in a high-traffic Houston location. Situated directly across from The Galleria Mall, one of Houston's premier shopping destinations attracting 25 million visitors annually, this property boasts unparalleled visibility and accessibility. The 0.46-acre lot encompasses a substantial 20,115 square feet, offering significant potential for a variety of mixed-use developments. The existing building comprises approximately 7,000 square feet on each of its two floors, providing a solid foundation for future plans. Its strategic location on Westheimer Road, a major Houston thoroughfare, ensures high foot and vehicle traffic. Furthermore, its proximity to key transportation arteries, including the 610 Loop, US Highway 59, I-10, and the Westpark Tollway, enhances its appeal and accessibility. The land value is assessed at $425 per square foot, reflecting the prime location and development potential. This property is offered at $8,000,000, presenting a compelling investment opportunity for discerning buyers seeking a high-return project in a thriving Houston market. The property's current zoning and permitted uses should be independently verified.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $2,541,234
    6.5%
    $2,345,755
    7%
    $2,178,201
  • Comparable approach

    Method
    Valuation
    Relative Method
    $3,144,099
    Geo Method
    $6,368,420
  • Alternative Use

    Use
    Valuation
    Residential
    $1,978,732
    Hospitality
    $1,812,508
    Educational
    $1,507,985
    Medical
    $1,559,847
    Retail
    $2,345,755
5116 Westheimer Rd, Houston, Texas

Location Insight

City
Houston
County
Harris
State
Texas
Latitude
29.7409
Longitude
-95.4654
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
$50,640
$2,011,500
$369,248
$2,380,748
-
$2,011,500
$369,248
$2,380,748

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