Flex Warehouse with
For Sale
Contact for pricing
18937 Aldine Westfield Road, Houston, TX 77073
Warehouse and office setup with existing loading access and utilities, positioned for convenient IAH and toll road access.
Property Size23,500 SF
Price / SF$212.77
Days on Market59
Property Features for 18937 Aldine Westfield Road
General Information
Standard status
Active
Size
23,500 SF
Class
C
Property subtype
Industrial
Investment Type
Owner/User
Warehouse & Industrial
Dock-High Doors
2
Drive-In Doors
2
Heavy Power
Yes
Additional Details
Highway Access
Yes
Building Details
Year Built
1999
Year Renovated
2009
Buildings
1
Listing Agency:
Internet Property.Com Inc
(713) 953-2127
Listed By:
Royce Marek · License #TX 468974
Source:
Crexi
Added: Jun 15
Changed: Aug 11
Last Checked: Aug 12 at 3:36PM
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 Internet Property.Com Inc
Investment Insights
Based on property information with market context.
This flex warehouse property includes existing office space of approximately 2,000 SF with a kitchen and bathrooms, along with warehouse loading features. The building has two overhead doors with dock wells for loading and unloading, and approximately 440 power already available to the site. The property is served by a private water well and septic sewer system and offers room for expansion.
The location provides close access to IAH as well as the Sam Houston Toll Road and Hardy Toll Road, supporting convenient regional connectivity.
The combination of office amenities and warehouse loading access makes this property practical for companies that need on-site administrative space alongside operational space. The private water and septic setup can also be a consideration for tenants or owners evaluating how utilities are supported at the site, along with the existing electrical capacity and dock-ready door configuration for day-to-day logistics.
The location provides close access to IAH as well as the Sam Houston Toll Road and Hardy Toll Road, supporting convenient regional connectivity.
The combination of office amenities and warehouse loading access makes this property practical for companies that need on-site administrative space alongside operational space. The private water and septic setup can also be a consideration for tenants or owners evaluating how utilities are supported at the site, along with the existing electrical capacity and dock-ready door configuration for day-to-day logistics.
Key Highlights
- 1999‑built warehouse with existing office space of about 2,000 SF, including kitchen and bathrooms
- Convenient access to IAH, Sam Houston Toll Road, and Hardy Toll Road
- On private water well and septic sewer system
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
$274,104
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
5.48%
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%
$5,482,080
$5.5M
Cap Rate 7%
$3,915,771
$3.9M
Cap Rate 9%
$3,045,600
$3.0M
Market Conditions
NOI Build-Up for 23,500 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
$507.6K $21.60/SF
− Vacancy
−$142.1K −$6.05/SF
EGI
$365.5K $15.55/SF
− OpEx
−$91.4K −$3.89/SF
NOI
$274.1K $11.66/SF
Area
Houston, TX
Vacancy
28.00%
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%
$5,482,080
Cap Rate 7%
$3,915,771
Cap Rate 9%
$3,045,600
Alternative Uses
Best Use
Office B
$3.92M
$3.43M – $4.57M
NOI $274,104 @ 7.0% cap · market cap 5.48%
Second Best
Flex RnD
$3.50M
$3.06M – $4.08M
NOI $244,706 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$6.04M
$5.29M – $7.05M
NOI $423,000 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
2
Drive-in doors
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
165
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77073, TX
46,071
Population
14,989
Households
3.1
Avg Household Size
30
Median Age
14%
College-Educated
79%
High-School Grad
14.6 sq mi
ZIP Area
3,156
Density / Sq Mi
$72,271
Median Household Income
$37,132
Median Earnings
$1,330
Median Rent
$206,700
Median Home Value
Market
Vacancy Rate% for Office in Houston, TX
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Warehouse and office setup with existing loading access and utilities, positioned for convenient IAH and toll road access.
Where is this flex space located?
The property is located at 18937 Aldine Westfield Road Houston, TX.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 1999‑built warehouse with existing office space of about 2,000 SF, including kitchen and bathrooms; Convenient access to IAH, Sam Houston Toll Road, and Hardy Toll Road; On private water well and septic sewer system
