Flex Business
For Sale
$4,000,000
1730 - 1734 Elmview Drive, Houston, TX 77080
1984 flex property offering business park space for sale with additional area available for lease.
Property Size33,293 SF
Price / SF$120.15
Days on Market109
Property Features for 1730 - 1734 Elmview Drive
General Information
Standard status
Active
Size
33,293 SF
Property subtype
Industrial
Building Details
Building Size
33,293 SF
Year Built
1984
Listing Agency:
Lee & Associates - Houston
Listed By:
Jeff Charbonneau · License #TX #832636
(713) 744-7448
Source:
Lee-associates
Added: May 18
Changed: Aug 31
Last Checked: Sep 2 at 2:06PM
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 Lee & Associates - Houston
Investment Insights
Based on property information with market context.
This flex property comprises a 33,293-square-foot business park completed in 1984. The offering includes 14,410 square feet identified as available for lease, providing both ownership and leasing components within the same commercial asset.
The property is located on Elmview Drive in Houston, between Hammerly Boulevard and Long Point Road, approximately two blocks west of Blalock Road.
The property is located on Elmview Drive in Houston, between Hammerly Boulevard and Long Point Road, approximately two blocks west of Blalock Road.
Key Highlights
- 33,293 SF business park offered for sale
- 14,410 SF available for lease
- Flex space classification
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
$346,680
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
8.67%
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%
$6,933,600
$6.9M
Cap Rate 7%
$4,952,571
$5.0M
Cap Rate 9%
$3,852,000
$3.9M
Market Conditions
NOI Build-Up for 33,293 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
$599.3K $18.00/SF
− Vacancy
−$65.9K −$1.98/SF
EGI
$533.4K $16.02/SF
− OpEx
−$186.7K −$5.61/SF
NOI
$346.7K $10.41/SF
Area
Houston, TX
Vacancy
11.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$6,933,600
Cap Rate 7%
$4,952,571
Cap Rate 9%
$3,852,000
Alternative Uses
Best Use
Flex RnD
$4.95M
$4.33M – $5.78M
NOI $346,680 @ 7.0% cap · market cap 8.67%
Second Best
Industrial
$2.68M
$2.35M – $3.13M
NOI $187,723 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$8.56M
$7.49M – $9.99M
NOI $599,274 @ 7.0% cap · market cap 14.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
807
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77080, TX
45,428
Population
17,394
Households
2.6
Avg Household Size
33
Median Age
27%
College-Educated
68%
High-School Grad
6.4 sq mi
ZIP Area
7,098
Density / Sq Mi
$63,056
Median Household Income
$33,658
Median Earnings
$1,253
Median Rent
$311,600
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 - 1984 flex property offering business park space for sale with additional area available for lease.
Where is this flex space located?
The property is located at 1730 - 1734 Elmview Drive Houston, TX.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 33,293 SF business park offered for sale; 14,410 SF available for lease; Flex space classification
