Leased Office Condominium
For Sale
$995,000
11601 Spring Cypress Road, Tomball, TX 77377
Four separately platted office units provide diversified occupancy with net leases and independent entrances, restrooms, and HVAC systems.
Property Size3,719 SF
Days on Market8
Property Features for 11601 Spring Cypress Road
General Information
Standard status
Active
Size
3,719 SF
Property subtype
Office
Zoning
Commercial – Office Condominium
Amenities
100% leased. Four office condominium units total 3,719 SF with three tenants and approximately $73,800 in in-place NOI at a $995,000 asking price.
Lease expirations are staggered through August 2027, May 2029 and June 2030. No single expiration represents more than 40% of rentable area.
Each unit carries a personal guaranty from the tenant’s principal, with no dollar cap or burn-off, covering all 3,719 SF of the rent roll.
Net leases require tenants to reimburse association dues and property taxes at $9.45/SF. The association maintains the grounds, parking and exterior.
CoStar reports 12.8% vacancy and a $26.66/SF asking rate for 3-Star office in the FM 1960/Hwy 249 submarket, with no space under construction.
The five-mile trade area includes 247,578 residents, 90,495 households and a $110,510 median household income, based on 2026 Esri estimates.
Building Details
Building Size
3,719 SF
Year Built
2007
Listing Agency:
Commercial Advisors Group, RE/MAX Integrity
Listed By:
Patrick Buckhoff · License #9005284
(281) 686-9445
Source:
Remaxcommercial
Added: Aug 28
Changed: Sep 2
Last Checked: Sep 2 at 1:11PM
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 Commercial Advisors Group, RE/MAX Integrity
Investment Insights
Based on property information with market context.
This offering combines four office condominium units totaling 3,719 SF within a single-story masonry building constructed in 2007. The property is fully leased to three unrelated tenants: a children’s learning center, wellness spa, and regional hospice provider. Each unit has its own entrance, restroom, and dedicated HVAC system. Unit B’s HVAC equipment was replaced in 2022, Unit A’s in 2025, and the interiors were remodeled in 2023.
Lease terms run through August 2027, May 2029, and June 2030, with no single expiration accounting for more than 40% of the rentable area. All leases are net, and each tenant’s principal provides a personal guaranty without a stated dollar cap or burn-off. The condominium units are separately platted, maintain individual appraisal district accounts, and are offered together.
The property occupies the northeast corner of Spring Cypress Road and Trail Cypress Boulevard in Tomball, approximately one mile west of SH 249 and four miles east of the Grand Parkway. The deed-restricted business park includes 12 freestanding buildings on 8.34 acres, with surface parking, monument signage, 24-hour access, a lake, and an owners’ conference center.
Lease terms run through August 2027, May 2029, and June 2030, with no single expiration accounting for more than 40% of the rentable area. All leases are net, and each tenant’s principal provides a personal guaranty without a stated dollar cap or burn-off. The condominium units are separately platted, maintain individual appraisal district accounts, and are offered together.
The property occupies the northeast corner of Spring Cypress Road and Trail Cypress Boulevard in Tomball, approximately one mile west of SH 249 and four miles east of the Grand Parkway. The deed-restricted business park includes 12 freestanding buildings on 8.34 acres, with surface parking, monument signage, 24-hour access, a lake, and an owners’ conference center.
Key Highlights
- Four office condominium units totaling 3,719 SF; 100% leased to three unrelated tenants
- Lease expirations extend through August 2027, May 2029 and June 2030
- No single lease expiration represents more than 40% of rentable area
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
$48,712
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
4.90%
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%
$974,240
$974.2K
Cap Rate 7%
$695,886
$695.9K
Cap Rate 9%
$541,244
$541.2K
Market Conditions
NOI Build-Up for 3,719 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
$85.7K $23.04/SF
− Vacancy
−$20.7K −$5.58/SF
EGI
$64.9K $17.46/SF
− OpEx
−$16.2K −$4.37/SF
NOI
$48.7K $13.10/SF
Area
Harris County, TX
Vacancy
24.20%
Lease Rate
$23.04 /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%
$974,240
Cap Rate 7%
$695,886
Cap Rate 9%
$541,244
Alternative Uses
Best Use
Office B
$695.9K
$608.9K – $811.9K
NOI $48,712 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$888.5K – $1.18M
NOI $71,083 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
867
Businesses Nearby
Explore this area
Business Placement
Demographics for 77377, TX
39,711
Population
13,625
Households
2.9
Avg Household Size
37
Median Age
46%
College-Educated
93%
High-School Grad
35.2 sq mi
ZIP Area
1,128
Density / Sq Mi
$123,015
Median Household Income
$66,548
Median Earnings
$1,676
Median Rent
$352,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Four separately platted office units provide diversified occupancy with net leases and independent entrances, restrooms, and HVAC systems.
Where is this office units located?
The property is located at 11601 Spring Cypress Road Tomball, TX.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Four office condominium units totaling 3,719 SF; 100% leased to three unrelated tenants; Lease expirations extend through August 2027, May 2029 and June 2030; No single lease expiration represents more than 40% of rentable area
