Office-Flex Building with Attached
For Sale
Contact for pricing
27228 HARDY, Spring, TX 77373
Office space includes an attached warehouse, offering a flexible layout for commercial operations with convenient highway access.
Property Size4,200 SF
Lot Size1.25 Acres
Price / SF$273.81
Days on Market290
Property Features for 27228 HARDY
General Information
Standard status
Active
Size
4,200 SF
Lot size
1.25 Acres
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Listing Agency:
NextHome Centurion Realty
Listed By:
George Kawaja · License #0285327
(281) 703-2167
Source:
Moodyscre
Added: Dec 4, 2025
Changed: Sep 11
Last Checked: Sep 19 at 7:37AM
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 NextHome Centurion Realty
Investment Insights
Based on property information with market context.
An office-flex property at 27228 Hardy in Spring, Texas, offering 4,200 SF of office space plus an attached warehouse of 2,760 SF. The building is set on approximately 1.25 acres (54,837 SF of land), supporting a combined office and warehouse configuration suitable for a range of commercial uses.
The location provides quick access to multiple major routes, including Hardy Toll Road, Grand Parkway, and Interstate 45 North, with nearby connectivity to InterContinental Airport. This combination of office space and attached warehouse area makes the property well-suited for operations that need both administrative space and on-site storage or work area.
The location provides quick access to multiple major routes, including Hardy Toll Road, Grand Parkway, and Interstate 45 North, with nearby connectivity to InterContinental Airport. This combination of office space and attached warehouse area makes the property well-suited for operations that need both administrative space and on-site storage or work area.
Key Highlights
- 4,200 SF office space on 1.25 acres (54,837 SF of land)
- Attached 2,760 SF warehouse included with the office
- Property is positioned for commercial operations
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
$49,238
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
4.28%
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%
$984,760
$984.8K
Cap Rate 7%
$703,400
$703.4K
Cap Rate 9%
$547,089
$547.1K
Market Conditions
NOI Build-Up for 4,200 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
$84.2K $20.04/SF
− Vacancy
−$18.5K −$4.41/SF
EGI
$65.7K $15.63/SF
− OpEx
−$16.4K −$3.91/SF
NOI
$49.2K $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%
$984,760
Cap Rate 7%
$703,400
Cap Rate 9%
$547,089
Alternative Uses
Best Use
Office B
$703.4K
$615.5K – $820.6K
NOI $49,238 @ 7.0% cap · market cap 4.28%
Second Best
Warehouse
$370.8K
$324.5K – $432.6K
NOI $25,958 @ 7.0% cap · market cap 2.26%
Theoretical Best
Specialty Retail
$1.06M
$927.8K – $1.24M
NOI $74,221 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
231
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 77373, TX
63,413
Population
23,619
Households
2.7
Avg Household Size
34
Median Age
26%
College-Educated
88%
High-School Grad
23.8 sq mi
ZIP Area
2,664
Density / Sq Mi
$86,693
Median Household Income
$42,384
Median Earnings
$1,649
Median Rent
$221,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Office space includes an attached warehouse, offering a flexible layout for commercial operations with convenient highway access.
Where is this flex space located?
The property is located at 27228 HARDY Spring, TX.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 4,200 SF office space on 1.25 acres (54,837 SF of land); Attached 2,760 SF warehouse included with the office; Property is positioned for commercial operations
