Two-Story Office
For Sale
$1,995,000
1645 Greens Prairie Rd W Unit 404, College Station, TX 77845
Flexible professional workspace includes private offices, conference facilities, kitchen space, and storage.
Property Size5,362 SF
Price / SF$372.06
Days on Market42
Property Features for 1645 Greens Prairie Rd W Unit 404
General Information
Standard status
Active
Size
5,362 SF
Building Details
Year Built
2018
Listing Agency:
Walsh &Mangan Premier RE Group
(979) 587-8626
Listed By:
Morgan Mangan
Source:
Doorstephomegroup
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 29 at 5:43PM
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 Walsh &Mangan Premier RE Group
Investment Insights
Based on property information with market context.
Built in 2018, this 5,362-square-foot office property offers a two-story configuration with 13 private offices and a dedicated conference room. The conference room has windows along two walls, while the main level combines a large bullpen workspace with two bathrooms, a working kitchen, and two walk-in storage closets. High ceilings and an open arrangement support a range of professional office layouts.
The property is located at 1645 Greens Prairie Rd W Unit 404 in College Station, Texas. Its mix of enclosed offices, collaborative workspace, meeting space, amenities, and storage creates a practical setting for established or expanding office operations.
The property is located at 1645 Greens Prairie Rd W Unit 404 in College Station, Texas. Its mix of enclosed offices, collaborative workspace, meeting space, amenities, and storage creates a practical setting for established or expanding office operations.
Key Highlights
- 5,362‑square‑foot office property built in 2018
- Two‑story layout with 13 private offices
- Conference room with windows on two walls
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
$70,517
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
3.53%
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%
$1,410,340
$1.4M
Cap Rate 7%
$1,007,386
$1.0M
Cap Rate 9%
$783,522
$783.5K
Market Conditions
NOI Build-Up for 5,362 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
$112.6K $21.00/SF
− Vacancy
−$18.6K −$3.47/SF
EGI
$94.0K $17.54/SF
− OpEx
−$23.5K −$4.38/SF
NOI
$70.5K $13.15/SF
Area
College Station, TX
Vacancy
16.50%
Lease Rate
$21.00 /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%
$1,410,340
Cap Rate 7%
$1,007,386
Cap Rate 9%
$783,522
Alternative Uses
Best Use
Office B
$1.01M
$881.5K – $1.18M
NOI $70,517 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,424 @ 7.0% cap · market cap 4.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
590
Businesses Nearby
Explore this area
Business Placement
Demographics for 77845, TX
70,108
Population
31,464
Households
2.2
Avg Household Size
30
Median Age
61%
College-Educated
96%
High-School Grad
142.5 sq mi
ZIP Area
492
Density / Sq Mi
$90,434
Median Household Income
$46,532
Median Earnings
$1,384
Median Rent
$349,900
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 building - Flexible professional workspace includes private offices, conference facilities, kitchen space, and storage.
Where is this office building located?
The property is located at 1645 Greens Prairie Rd W Unit 404 College Station, TX.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 5,362‑square‑foot office property built in 2018; Two‑story layout with 13 private offices; Conference room with windows on two walls
