Corner-Lot Mixed-Use
For Sale
$889,000
186 Spring Pines Dr, Spring, TX 77386
Includes a garage apartment, detached garage suite with kitchen, and three baths.
Property Size3,456 SF
Days on Market66
Property Features for 186 Spring Pines Dr
General Information
Standard status
Active
Size
3,456 SF
Class
A
Property subtype
Retail, Service-based business, or even live/work setup.
Building Details
Building Size
3,456 SF
Year Built
1969
Listing Agency:
eXp Realty, LLC
(713) 614-2670
Listed By:
Adam Olsen, CCIM · License #TX #0642075
Source:
Thecommercialprofessionals
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 29 at 2:57PM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
Located at 186 Spring Pines Dr, this mixed-use property combines a primary building with additional living and work-oriented space. The improvements include a garage apartment and a detached garage suite equipped with a kitchen, along with 3 baths overall. The property occupies a corner lot and supports both residential and commercial use.
Built in 1969, the property has updated electrical systems completed 3 years ago. Its Spring location places it near I-45, the Grand Parkway, and The Woodlands, providing access to established regional destinations while retaining a flexible small-property configuration.
Built in 1969, the property has updated electrical systems completed 3 years ago. Its Spring location places it near I-45, the Grand Parkway, and The Woodlands, providing access to established regional destinations while retaining a flexible small-property configuration.
Key Highlights
- Corner‑lot mixed‑use property at 186 Spring Pines Dr
- Garage apartment included
- Detached garage suite with kitchen
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
$40,516
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
4.56%
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%
$810,320
$810.3K
Cap Rate 7%
$578,800
$578.8K
Cap Rate 9%
$450,178
$450.2K
Market Conditions
NOI Build-Up for 3,456 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
$69.3K $20.04/SF
− Vacancy
−$15.2K −$4.41/SF
EGI
$54.0K $15.63/SF
− OpEx
−$13.5K −$3.91/SF
NOI
$40.5K $11.72/SF
Area
Montgomery County, TX
Vacancy
22.00%
Lease Rate
$20.04 /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%
$810,320
Cap Rate 7%
$578,800
Cap Rate 9%
$450,178
Alternative Uses
Best Use
Office B
$578.8K
$506.5K – $675.3K
NOI $40,516 @ 7.0% cap · market cap 4.56%
Second Best
Mixed Use
$511.0K
$447.1K – $596.2K
NOI $35,770 @ 7.0% cap · market cap 4.02%
Theoretical Best
Specialty Retail
$872.5K
$763.4K – $1.02M
NOI $61,073 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,300
Businesses Nearby
Explore this area
Business Placement
Demographics for 77386, TX
66,058
Population
22,778
Households
2.9
Avg Household Size
34
Median Age
49%
College-Educated
95%
High-School Grad
40.8 sq mi
ZIP Area
1,619
Density / Sq Mi
$130,094
Median Household Income
$66,481
Median Earnings
$1,878
Median Rent
$346,300
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?
Mixed-use property - Includes a garage apartment, detached garage suite with kitchen, and three baths.
Where is this mixed-use property located?
The property is located at 186 Spring Pines Dr Spring, TX.
What is the asking price?
The asking price for this property is $889,000.
What are key features of this property?
This property features: Corner‑lot mixed‑use property at 186 Spring Pines Dr; Garage apartment included; Detached garage suite with kitchen
