Frontage Flex
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21755 I-45 Building 1, Spring, TX 77388
Multi-functional flex space with Commercial / Industrial zoning and direct frontage along Interstate 45 S.
Property Size8,570 SF
Price / SF$200
Days on Market33
Property Features for 21755 I-45 Building 1
General Information
Standard status
Active
Size
8,570 SF
Class
B
Property subtype
Office, Industrial
Zoning
Commercial / Industrial
Lease Type
Gross
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2000
Year Renovated
2023
Buildings
1
Stories
1
Tenancy
Multi
Building Size
8,570 SF
Listing Agency:
SVN | J. Beard Real Estate
Listed By:
Jeff Beard · License #0400693
(281) 367-2220
Source:
Crexi
Added: Aug 6
Changed: Sep 5
Last Checked: Sep 7 at 6:45AM
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 SVN | J. Beard Real Estate
Investment Insights
Based on property information with market context.
This 8,570 SF flex building combines adaptable commercial space with a multi-functional layout. Constructed in 2000, the property is zoned Commercial / Industrial and is suited to flexible business operations supported by that designation.
The building occupies frontage along Interstate 45 S in Spring, Texas, less than one mile from the Grand Parkway and just north of FM 2920. Its position along the interstate frontage provides a clearly identified transportation-oriented setting for the property.
The building occupies frontage along Interstate 45 S in Spring, Texas, less than one mile from the Grand Parkway and just north of FM 2920. Its position along the interstate frontage provides a clearly identified transportation-oriented setting for the property.
Key Highlights
- 8,570 SF multi‑functional flex building
- Commercial / Industrial zoning
- Frontage along Interstate 45 S
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
$100,470
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
5.86%
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%
$2,009,400
$2.0M
Cap Rate 7%
$1,435,286
$1.4M
Cap Rate 9%
$1,116,333
$1.1M
Market Conditions
NOI Build-Up for 8,570 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
$171.7K $20.04/SF
− Vacancy
−$37.8K −$4.41/SF
EGI
$134.0K $15.63/SF
− OpEx
−$33.5K −$3.91/SF
NOI
$100.5K $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%
$2,009,400
Cap Rate 7%
$1,435,286
Cap Rate 9%
$1,116,333
Alternative Uses
Best Use
Office B
$1.44M
$1.26M – $1.67M
NOI $100,470 @ 7.0% cap · market cap 5.86%
Second Best
Industrial
$623.1K
$545.2K – $727.0K
NOI $43,619 @ 7.0% cap · market cap 2.54%
Theoretical Best
Specialty Retail
$2.16M
$1.89M – $2.52M
NOI $151,446 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
960
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77388, TX
51,483
Population
18,924
Households
2.7
Avg Household Size
37
Median Age
34%
College-Educated
92%
High-School Grad
13.4 sq mi
ZIP Area
3,842
Density / Sq Mi
$101,588
Median Household Income
$53,925
Median Earnings
$1,809
Median Rent
$264,600
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.
Similar Off Market Nearby
- Event Elementz — 25444 Aldine Westfield Rd, Spring, TX 77373
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-functional flex space with Commercial / Industrial zoning and direct frontage along Interstate 45 S.
Where is this flex space located?
The property is located at 21755 I-45 Building 1 Spring, TX.
What is the asking price?
The asking price for this property is $1,714,000.
What are key features of this property?
This property features: 8,570 SF multi‑functional flex building; Commercial / Industrial zoning; Frontage along Interstate 45 S
