Two-Building Flex
For Sale
$309,000
22360 HWY 321, Cleveland, TX 77327
Single-story configuration pairs office space with warehouse, storage, or light industrial functionality.
Property Size2,000 SF
Lot Size1.01 Acres
Days on Market152
Property Features for 22360 HWY 321
General Information
Standard status
Active
Size
2,000 SF
Class
Class B
Lot size
1.01 Acres
Property subtype
Retail - Freestanding
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
2,000 SF
Year Built
2013
Buildings
2
Stories
1
Units
3
Tenancy
Single
Listing Agency:
The Commercial Professionals
(888) 519-7431
Listed By:
Adam Olsen, CCIM · License ##0642075
Source:
Commercialcafe
Added: Apr 3
Changed: Aug 30
Last Checked: Aug 30 at 5:19AM
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 The Commercial Professionals
Investment Insights
Based on property information with market context.
This Class B flex property includes two single-story buildings arranged for complementary commercial functions. The smaller structure is suited to office operations, while the larger building supports warehouse, storage, or light industrial use. The property is configured for single-tenant occupancy and can accommodate service, distribution, or contractor operations.
The site encompasses approximately 1.01 acres along State Highway 321 in Cleveland, with access to US Highway 59 and I-69. Its location provides connectivity toward Houston, Dayton, and other regional markets. The surrounding area includes ongoing residential and commercial development within Liberty County.
The site encompasses approximately 1.01 acres along State Highway 321 in Cleveland, with access to US Highway 59 and I-69. Its location provides connectivity toward Houston, Dayton, and other regional markets. The surrounding area includes ongoing residential and commercial development within Liberty County.
Key Highlights
- Two‑building layout with separate office and larger warehouse structures
- Approximately 1.01 acres along State Highway 321
- Constructed in 2013 and classified as a Class B asset
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
$12,361
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
4.00%
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%
$247,220
$247.2K
Cap Rate 7%
$176,586
$176.6K
Cap Rate 9%
$137,344
$137.3K
Market Conditions
NOI Build-Up for 2,000 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
$15.5K $7.76/SF
− Vacancy
−$978 −$0.49/SF
EGI
$14.5K $7.27/SF
− OpEx
−$2.2K −$1.09/SF
NOI
$12.4K $6.18/SF
Area
Liberty County, TX
Vacancy
6.30%
Lease Rate
$7.76 /SF/Yr
Expense Ratio
15.00%
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%
$247,220
Cap Rate 7%
$176,586
Cap Rate 9%
$137,344
Alternative Uses
Best Use
Warehouse
$176.6K
$154.5K – $206.0K
NOI $12,361 @ 7.0% cap · market cap 4.00%
Second Best
Industrial
$145.4K
$127.3K – $169.7K
NOI $10,180 @ 7.0% cap · market cap 3.29%
Theoretical Best
Multifamily LT 5
$22.42M
$19.62M – $26.16M
NOI $1,569,607 @ 7.0% cap · market cap 507.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
49
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77327, TX
32,269
Population
12,967
Households
2.5
Avg Household Size
33
Median Age
10%
College-Educated
75%
High-School Grad
339.1 sq mi
ZIP Area
95
Density / Sq Mi
$57,538
Median Household Income
$39,382
Median Earnings
$1,001
Median Rent
$144,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
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 - Single-story configuration pairs office space with warehouse, storage, or light industrial functionality.
Where is this flex space located?
The property is located at 22360 HWY 321 Cleveland, TX.
What is the asking price?
The asking price for this property is $309,000.
What are key features of this property?
This property features: Two‑building layout with separate office and larger warehouse structures; Approximately 1.01 acres along State Highway 321; Constructed in 2013 and classified as a Class B asset
