Single-Tenant Office
For Sale
Contact for pricing
15581 Horizon Blvd, Horizon City, TX 79928
Leased office facility occupied by the State of Texas Department of Criminal Justice.
Property Size4,532 SF
Price / SF$175.86
Days on Market683
Property Features for 15581 Horizon Blvd
General Information
Standard status
Active
Size
4,532 SF
Class
C
Property subtype
Office
Occupancy
100%
Lease Type
Gross
Investment Type
Net Lease
Net Operating Income
$63,741
Building Details
Year Built
2008
Buildings
1
Stories
1
Units
1
Tenancy
Single
Owner Occupied
No
Listing Agency:
Northmarq - Houston
Listed By:
Brian Corriston · License #TX 516241
(832) 368-0374
Source:
Crexi
Added: Oct 21, 2024
Changed: Aug 31
Last Checked: Aug 31 at 1:17AM
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 Northmarq - Houston
Investment Insights
Based on property information with market context.
The property is a 4,532-square-foot office building completed in 2008 and occupied by a single tenant. The facility is leased to the State of Texas, operating through the Texas Department of Criminal Justice, and is offered as a leased fee interest.
Located at 15581 Horizon Blvd in Horizon City, Texas, the property carries an identified state-government tenancy. The State of Texas is reported with investment-grade credit ratings of AAA from Standard & Poor’s and Aaa from Moody’s.
Located at 15581 Horizon Blvd in Horizon City, Texas, the property carries an identified state-government tenancy. The State of Texas is reported with investment-grade credit ratings of AAA from Standard & Poor’s and Aaa from Moody’s.
Key Highlights
- 4,532‑square‑foot office building
- Built in 2008
- Single‑tenant facility leased to the State of Texas
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
$46,041
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
5.78%
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%
$920,820
$920.8K
Cap Rate 7%
$657,729
$657.7K
Cap Rate 9%
$511,567
$511.6K
Market Conditions
NOI Build-Up for 4,532 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
$74.0K $16.32/SF
− Vacancy
−$12.6K −$2.77/SF
EGI
$61.4K $13.55/SF
− OpEx
−$15.3K −$3.39/SF
NOI
$46.0K $10.16/SF
Area
ZIP 79928
Vacancy
17.00%
Lease Rate
$16.32 /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%
$920,820
Cap Rate 7%
$657,729
Cap Rate 9%
$511,567
Alternative Uses
Best Use
Office B
$657.7K
$575.5K – $767.4K
NOI $46,041 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$792.5K
$693.4K – $924.5K
NOI $55,472 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Explore this area
Business Placement
Demographics for 79928, TX
78,971
Population
24,841
Households
3.2
Avg Household Size
29
Median Age
24%
College-Educated
85%
High-School Grad
209.9 sq mi
ZIP Area
376
Density / Sq Mi
$73,704
Median Household Income
$37,406
Median Earnings
$1,145
Median Rent
$188,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Leased office facility occupied by the State of Texas Department of Criminal Justice.
Where is this office building located?
The property is located at 15581 Horizon Blvd Horizon City, TX.
What is the asking price?
The asking price for this property is $797,000.
What are key features of this property?
This property features: 4,532‑square‑foot office building; Built in 2008; Single‑tenant facility leased to the State of Texas
