Updated Willow Park Condo
For Sale
Contact for pricing
Pending
12832 Willow Centre Dr Unit E & F, Houston, TX 77066
Two updated condo units ideal for owner occupant or investment.
Property Size1,350 SF
Days on Market612
Property Features for 12832 Willow Centre Dr Unit E & F
General Information
Standard status
Pending
Size
1,350 SF
Class
B
Property subtype
Office
Lease Type
NNN
Listing Agency:
eXp Commercial
Listed By:
Huy Nguyen · License #621921
Source:
Crexi
Added: Dec 9, 2024
Changed: Aug 10
Last Checked: Aug 12 at 10:28AM
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 eXp Commercial
Investment Insights
Based on property information with market context.
These updated condo units, designated E and F, offer a combined space of 1350 square feet within a gated community. Positioned next to each other, each unit features a reception area, two private rooms, a half-bath, and a kitchen/coffee bar. The layout is suitable for either an owner-occupant or an investor. The Homeowner Association (HOA) covers trash, grass maintenance, exterior building upkeep, and water services. Potential uses include a dentist office, chiropractor, boutique hair salon, massage, head spa, office, or executive office. The units have been recently updated, allowing for immediate occupancy with minimal modifications. Potential lease rates are $1400 for each unit individually or $2400 when combined. The monthly HOA fee is $297, covering trash, grass maintenance, exterior maintenance, and water.
Key Highlights
- Two adjacent units (E and F) totaling 1360 sq ft, providing flexibility for use.
- Each unit includes a reception area, two private rooms, a half‑bath, and a kitchen/coffee bar.
- Opportunity for owner‑occupancy or investment with potential lease income of $1400 per unit or $2400 combined.
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
$15,746
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
6.88%
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%
$314,920
$314.9K
Cap Rate 7%
$224,943
$224.9K
Cap Rate 9%
$174,956
$175.0K
Market Conditions
NOI Build-Up for 1,350 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
$29.2K $21.60/SF
− Vacancy
−$8.2K −$6.05/SF
EGI
$21.0K $15.55/SF
− OpEx
−$5.2K −$3.89/SF
NOI
$15.7K $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%
$314,920
Cap Rate 7%
$224,943
Cap Rate 9%
$174,956
Alternative Uses
Best Use
Office B
$224.9K
$196.8K – $262.4K
NOI $15,746 @ 7.0% cap · market cap 6.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$347.1K
$303.8K – $405.0K
NOI $24,300 @ 7.0% cap · market cap 10.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,021
Businesses Nearby
Explore this area
Business Placement
Demographics for 77066, TX
34,443
Population
12,156
Households
2.8
Avg Household Size
35
Median Age
20%
College-Educated
77%
High-School Grad
8.6 sq mi
ZIP Area
4,005
Density / Sq Mi
$83,545
Median Household Income
$36,865
Median Earnings
$1,396
Median Rent
$217,500
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?
Office units - Two updated condo units ideal for owner occupant or investment.
Where is this office units located?
The property is located at 12832 Willow Centre Dr Unit E & F Houston, TX.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Two adjacent units (E and F) totaling 1360 sq ft, providing flexibility for use.; Each unit includes a reception area, two private rooms, a half‑bath, and a kitchen/coffee bar.; Opportunity for owner‑occupancy or investment with potential lease income of $1400 per unit or $2400 combined.
