Stabilized Office/Warehouse
For Sale
$3,245,000
2519 N Frazier St. Building III, Conroe, TX 77303
Fully stabilized office/warehouse building with private offices, conference room, and break-kitchen setup for professional tenants.
Property Size10,083 SF
Price / SF$321.86
Days on Market50
Property Features for 2519 N Frazier St. Building III
General Information
Standard status
Active
Size
10,083 SF
Class
B
Property subtype
Office
Occupancy
100%
Additional Details
Business Included
Yes
Highway Access
Yes
Building Details
Building Size
10,083 SF
Year Built
2020
Tenancy
Multi
Listing Agency:
The Commercial Professionals
(713) 614-2670
Listed By:
Adam Olsen, CCIM · License #TX #0642075
Source:
Thecommercialprofessionals
Added: Jun 24
Changed: Aug 8
Last Checked: Aug 11 at 5:35AM
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 offering is a fully stabilized office/warehouse building that includes a welcoming entry lobby, multiple private offices, a conference room, break/kitchen area, and restrooms. The space is designed to support professional services, medical, or light flex operations, with an emphasis on functional interior rooming for day-to-day office use.
Building III is available for lease within an established Conroe business park environment. The building is currently occupied by multiple tenants, including Digital Bible Society, Wellwise Pharmacy, Dr. Faison, Changes Hair Studio, and FAA, with lease expirations varying and extending from January 2026 through September 2030. Suites are individually metered, and on-site parking supports straightforward ingress and egress. The property is described as being minutes from I-45, Downtown Conroe, and The Woodlands.
For investors, the asset is presented as part of a three-building stabilized office portfolio, with each building approximately 10,080 SF and currently 100% occupied. Investors can acquire the assets individually or as a combined portfolio, providing tenant diversification across professional services and medical uses. For owner-users, the individually metered suite configuration may support flexibility in assembling space based on operational needs and future occupancy timing.
Building III is available for lease within an established Conroe business park environment. The building is currently occupied by multiple tenants, including Digital Bible Society, Wellwise Pharmacy, Dr. Faison, Changes Hair Studio, and FAA, with lease expirations varying and extending from January 2026 through September 2030. Suites are individually metered, and on-site parking supports straightforward ingress and egress. The property is described as being minutes from I-45, Downtown Conroe, and The Woodlands.
For investors, the asset is presented as part of a three-building stabilized office portfolio, with each building approximately 10,080 SF and currently 100% occupied. Investors can acquire the assets individually or as a combined portfolio, providing tenant diversification across professional services and medical uses. For owner-users, the individually metered suite configuration may support flexibility in assembling space based on operational needs and future occupancy timing.
Key Highlights
- 10,000+ SF office/warehouse building in an established Conroe business park, built in 2020
- Suite 3400 (10,082 SF) is occupied with multiple tenants including Wellwise Pharmacy, Dr. Faison, and Changes Hair Studio
- Professionally designed interior includes entry lobby, multiple private offices, conference room, break/kitchen area, and restrooms
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
$149,176
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
4.60%
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%
$2,983,520
$3.0M
Cap Rate 7%
$2,131,086
$2.1M
Cap Rate 9%
$1,657,511
$1.7M
Market Conditions
NOI Build-Up for 10,082 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
$298.8K $29.64/SF
− Vacancy
−$50.2K −$4.98/SF
EGI
$248.6K $24.66/SF
− OpEx
−$99.5K −$9.86/SF
NOI
$149.2K $14.80/SF
Area
Montgomery County, TX
Vacancy
16.80%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
40.00%
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%
$2,983,520
Cap Rate 7%
$2,131,086
Cap Rate 9%
$1,657,511
Alternative Uses
Best Use
Healthcare Medical
$2.13M
$1.86M – $2.49M
NOI $149,176 @ 7.0% cap · market cap 4.60%
Second Best
Office B
$1.69M
$1.48M – $1.97M
NOI $118,195 @ 7.0% cap · market cap 3.64%
Theoretical Best
Specialty Retail
$2.55M
$2.23M – $2.97M
NOI $178,166 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
367
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77303, TX
20,974
Population
9,516
Households
2.2
Avg Household Size
36
Median Age
14%
College-Educated
84%
High-School Grad
60.9 sq mi
ZIP Area
344
Density / Sq Mi
$72,827
Median Household Income
$42,956
Median Earnings
$1,157
Median Rent
$232,200
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?
Flex space - Fully stabilized office/warehouse building with private offices, conference room, and break-kitchen setup for professional tenants.
Where is this flex space located?
The property is located at 2519 N Frazier St. Building III Conroe, TX.
What is the asking price?
The asking price for this property is $3,245,000.
What are key features of this property?
This property features: 10,000+ SF office/warehouse building in an established Conroe business park, built in 2020; Suite 3400 (10,082 SF) is occupied with multiple tenants including Wellwise Pharmacy, Dr. Faison, and Changes Hair Studio; Professionally designed interior includes entry lobby, multiple private offices, conference room, break/kitchen area, and restrooms
