Flex Space With Dock and Bay
For Sale
Contact for pricing
11225 Neeshaw Drive, Houston, TX 77065
Warehouse and office improvements with showroom, kitchen, and truck access near Highway 290.
Property Size17,500 SF
Price / SF$130.57
Days on Market23
Property Features for 11225 Neeshaw Drive
General Information
Standard status
Active
Size
17,500 SF
Property subtype
Retail, Industrial
Investment Type
Owner/User
Warehouse & Industrial
Warehouse Space
17,500 SF
Office Build-Out
1,560 SF
Dock-High Doors
1
Additional Details
Highway Access
Yes
Amenities
3 offices
showroom
2 bathrooms
shower
kitchen
1-truck well dock
3 bay doors
Building Details
Year Built
2004
Listing Agency:
Lee & Associates - Houston
(713) 744-7471
Listed By:
Andrew McGuire · License #828106
Source:
Crexi
Added: Aug 10
Changed: Aug 31
Last Checked: Sep 1 at 12:23PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lee & Associates - Houston
Investment Insights
Based on property information with market context.
Built in 2004, this flex property includes 17,500 square feet of warehouse space and 1560 square feet of office space. The office component includes three offices, a showroom, two bathrooms, a shower, and a kitchen. Warehouse features include one truck well dock, three bay doors, a 14 ft eave, and 24 height.
The site has a large parking lot with access suitable for large trucks. Its position just off Highway 290 provides a direct connection to the regional roadway network. The property combines warehouse, office, showroom, and service-oriented improvements in one commercial facility.
The site has a large parking lot with access suitable for large trucks. Its position just off Highway 290 provides a direct connection to the regional roadway network. The property combines warehouse, office, showroom, and service-oriented improvements in one commercial facility.
Key Highlights
- 17,500 sq ft warehouse with 1560 office space
- Three offices, showroom, two bathrooms, shower, and kitchen
- One‑truck well dock and three bay doors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$204,120
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.93%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,082,400
$4.1M
Cap Rate 7%
$2,916,000
$2.9M
Cap Rate 9%
$2,268,000
$2.3M
Market Conditions
NOI Build-Up for 17,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$378.0K $21.60/SF
− Vacancy
−$105.8K −$6.05/SF
EGI
$272.2K $15.55/SF
− OpEx
−$68.0K −$3.89/SF
NOI
$204.1K $11.66/SF
Area
Houston, TX
Vacancy
28.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,082,400
Cap Rate 7%
$2,916,000
Cap Rate 9%
$2,268,000
Alternative Uses
Best Use
Office B
$2.92M
$2.55M – $3.40M
NOI $204,120 @ 7.0% cap · market cap 8.93%
Second Best
Flex RnD
$2.60M
$2.28M – $3.04M
NOI $182,228 @ 7.0% cap · market cap 7.97%
Theoretical Best
Office A
$4.50M
$3.94M – $5.25M
NOI $315,000 @ 7.0% cap · market cap 13.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,140
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77065, TX
37,144
Population
17,110
Households
2.2
Avg Household Size
36
Median Age
30%
College-Educated
89%
High-School Grad
8.2 sq mi
ZIP Area
4,530
Density / Sq Mi
$75,496
Median Household Income
$44,334
Median Earnings
$1,371
Median Rent
$257,800
Median Home Value
Market
Vacancy Rate% for Office in Houston, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse and office improvements with showroom, kitchen, and truck access near Highway 290.
Where is this flex space located?
The property is located at 11225 Neeshaw Drive Houston, TX.
What is the asking price?
The asking price for this property is $2,285,000.
What are key features of this property?
This property features: 17,500 sq ft warehouse with 1560 office space; Three offices, showroom, two bathrooms, shower, and kitchen; One‑truck well dock and three bay doors
