Multi-Tenant Flex Industrial
For Sale
$22,500,000
9934 Jones Rd, Houston, TX 77065
Multi-tenant flex buildings totaling 120,195 SF, 96% occupied, with triple-net leases and canopied space.
Property Size120,195 SF
Lot Size8.05 Acres
Price / SF$187.20
Days on Market126
Property Features for 9934 Jones Rd
General Information
Standard status
Active
Size
120,195 SF
Lot size
8.05 Acres
Property subtype
Shopping Strip
Occupancy
96%
Additional Details
Cap Rate
7.26%
Traffic Count
48,286 vehicles/day
Amenities
Multi-Tenant Flex Center Comprised of 15 Buildings Situated on Two Land Parcels for a Combined Gross Leasable Area of 120,195 Square Feet
Stabilized Asset | All Leases are on Triple-Net Terms
Current Average Rents are Below Market | Approximately 5,280-Square-Feet of Vacancy | Potential Future Upside with Many Leases on Month-to-Month Status
Located on Jones Road | High Traffic Counts Exceeding 48,286 Vehicles per Day
Building Details
Building Size
120,195 SF
Year Built
2017
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Dallas
(972) 755-5225
Listed By:
Philip Levy · License #License(s): TX: 0522087-SA
(972) 755-5225
Source:
Marcusmillichap
Added: Apr 8
Changed: Aug 8
Last Checked: Aug 11 at 4:42AM
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 Marcus & Millichap - Dallas
Investment Insights
Based on property information with market context.
The property consists of 15 multi-tenant flex buildings totaling 120,195 square feet of leasable area, including 10,500 square feet of canopied space. The center is 96 percent occupied, and all leases are on triple-net terms. The buildings were constructed between 2017 and 2021 and feature metal roofs, situated on 8.05 acres with concrete parking.
Located in the northwestern quadrant of Houston, the center is positioned on Jones Road near Linh Dao City Centre and Linh Dao Plaza, where traffic counts exceed 48,286 vehicles per day. It sits within a dense retail trade area and is near a range of national and regional retailers, including H-E-B, Kroger, ALDI, Walmart Supercenter, Target, The Home Depot, and others. Nearby employers include Toshiba International Corporation, supporting an estimated daytime employment population of approximately 153,220 people within a five-mile radius.
With a service-oriented, internet-resistant tenant mix and a mix of standard and canopied flex space, the center offers a consolidated setting for businesses serving the surrounding area.
Located in the northwestern quadrant of Houston, the center is positioned on Jones Road near Linh Dao City Centre and Linh Dao Plaza, where traffic counts exceed 48,286 vehicles per day. It sits within a dense retail trade area and is near a range of national and regional retailers, including H-E-B, Kroger, ALDI, Walmart Supercenter, Target, The Home Depot, and others. Nearby employers include Toshiba International Corporation, supporting an estimated daytime employment population of approximately 153,220 people within a five-mile radius.
With a service-oriented, internet-resistant tenant mix and a mix of standard and canopied flex space, the center offers a consolidated setting for businesses serving the surrounding area.
Key Highlights
- 15 multi‑tenant flex buildings totaling 120,195 SF of leasable area
- 96% occupied with all leases on triple‑net (NNN) terms
- Buildings built between 2017 and 2021 (Year built listed as 2017) with metal roofs
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
$1,629,798
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
7.24%
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%
$32,595,960
$32.6M
Cap Rate 7%
$23,282,829
$23.3M
Cap Rate 9%
$18,108,867
$18.1M
Market Conditions
NOI Build-Up for 120,195 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
$2.47M $20.52/SF
− Vacancy
−$138.1K −$1.15/SF
EGI
$2.33M $19.37/SF
− OpEx
−$698.5K −$5.81/SF
NOI
$1.63M $13.56/SF
Area
Houston, TX
Vacancy
5.60%
Lease Rate
$20.52 /SF/Yr
Expense Ratio
30.00%
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%
$32,595,960
Cap Rate 7%
$23,282,829
Cap Rate 9%
$18,108,867
Alternative Uses
Best Use
Retail
$23.28M
$20.37M – $27.16M
NOI $1,629,798 @ 7.0% cap · market cap 7.24%
Second Best
Flex RnD
$17.88M
$15.64M – $20.86M
NOI $1,251,591 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$30.91M
$27.04M – $36.06M
NOI $2,163,510 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
48,286 VPD
Traffic count
96%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
371
Businesses Nearby
Well-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 Industrial in Houston, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-tenant flex buildings totaling 120,195 SF, 96% occupied, with triple-net leases and canopied space.
Where is this flex space located?
The property is located at 9934 Jones Rd Houston, TX.
What is the asking price?
The asking price for this property is $22,500,000.
What are key features of this property?
This property features: 15 multi‑tenant flex buildings totaling 120,195 SF of leasable area; 96% occupied with all leases on triple‑net (NNN) terms; Buildings built between 2017 and 2021 (Year built listed as 2017) with metal roofs
