Retail Storefront with
For Sale
Contact for pricing
1301 Griffin St, Houston, TX 77009
Vacant vintage storefront with an operating laundromat setup and adjacent convenience store area, plus limited front parking.
Property Size1,672 SF
Price / SF$220.69
Days on Market115
Property Features for 1301 Griffin St
General Information
Standard status
Active
Size
1,672 SF
Property subtype
Retail
Building Details
Year Built
1972
Listing Agency:
HomeSmart
Listed By:
vidhi nayak · License #748138
Source:
Crexi
Added: May 14
Changed: Aug 24
Last Checked: Aug 31 at 4:57PM
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 HomeSmart
Investment Insights
Based on property information with market context.
This vacant retail storefront features a dual-purpose layout combining a compact laundromat area with an adjacent convenience store section. The laundromat includes washing machines and dryers that are older models, with 10 dryers working and 13 washers working, out of a total of 16 dryers and 15 washers. The space is well-worn but maintained, with vintage seating for customers to wait.
The convenience store area is set up with a limited selection of everyday items, including canned goods, basic toiletries, snacks, beverages, and household essentials. Outside, the property has weathered but well-maintained signage and exterior lighting that provides evening illumination. Limited parking is available in front of the property.
The convenience store area is set up with a limited selection of everyday items, including canned goods, basic toiletries, snacks, beverages, and household essentials. Outside, the property has weathered but well-maintained signage and exterior lighting that provides evening illumination. Limited parking is available in front of the property.
Key Highlights
- Built in 1972 vintage commercial property featuring a laundromat and an adjacent convenience store area
- Laundromat has 15 washers total, with 13 washers currently working
- Laundromat has 16 dryers total, with 10 dryers currently working
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
$25,732
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
6.97%
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%
$514,640
$514.6K
Cap Rate 7%
$367,600
$367.6K
Cap Rate 9%
$285,911
$285.9K
Market Conditions
NOI Build-Up for 1,672 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
$36.1K $21.60/SF
− Vacancy
−$1.8K −$1.08/SF
EGI
$34.3K $20.52/SF
− OpEx
−$8.6K −$5.13/SF
NOI
$25.7K $15.39/SF
Area
Houston, TX
Vacancy
5.00%
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%
$514,640
Cap Rate 7%
$367,600
Cap Rate 9%
$285,911
Alternative Uses
Best Use
Specialty Retail
$367.6K
$321.7K – $428.9K
NOI $25,732 @ 7.0% cap · market cap 6.97%
Second Best
Retail
$323.9K
$283.4K – $377.9K
NOI $22,672 @ 7.0% cap · market cap 6.14%
Theoretical Best
Office A
$429.9K
$376.2K – $501.6K
NOI $30,096 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
472
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77009, TX
36,425
Population
17,890
Households
2
Avg Household Size
37
Median Age
39%
College-Educated
78%
High-School Grad
6.2 sq mi
ZIP Area
5,875
Density / Sq Mi
$81,921
Median Household Income
$49,446
Median Earnings
$1,229
Median Rent
$403,600
Median Home Value
Market
Vacancy Rate% for Retail in Houston, TX
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Helmers Food Store — 6417 Helmers St, Houston, TX 77022
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Vacant vintage storefront with an operating laundromat setup and adjacent convenience store area, plus limited front parking.
Where is this grocery and convenience store located?
The property is located at 1301 Griffin St Houston, TX.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Built in 1972 vintage commercial property featuring a laundromat and an adjacent convenience store area; Laundromat has 15 washers total, with 13 washers currently working; Laundromat has 16 dryers total, with 10 dryers currently working
