New Office Condominium
For Sale
Contact for pricing
28789 Hardin Store Rd, Magnolia, TX 77354
Office condominiums in high-demand area, perfect for small business owners.
Property Size1,350 SF
Price / SF$274.07
Days on Market765
Property Features for 28789 Hardin Store Rd
General Information
Standard status
Active
Size
1,350 SF
Class
B
Total Parking Spaces
5
Property subtype
Retail, Office
Lease Type
NNN
Building Details
Year Built
2018
Buildings
5
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Texas Glocal Partners
(281) 747-6334
Listed By:
Pablo Uriegas · License #9003017
Source:
Crexi
Added: Jul 19, 2024
Changed: Aug 21
Last Checked: Aug 22 at 8:21AM
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 Texas Glocal Partners
Investment Insights
Based on property information with market context.
Units are available for sale in a new office condominium project located off Hardin Store Rd & FM 2978. The first phase is complete, with examples of layouts and finishes available to view. Other units are ready for build-to-suit needs. Resale inventory consists of fully built-out 1,350 sq ft units. Phase 2 has units available for purchase. The project will comprise a total of 50 units within 12 buildings, ranging in size from 3-unit to 6-unit configurations. Features include single-story construction, surface parking, and move-in readiness after closing. Individual offices start at 1350 SF with the ability to purchase additional units up to 8,100 SF. The buildings have attractive stone and stucco elevations. Three-phase power promotes energy cost savings. Fiber optic connection provides fast communications. A true 2-hour firewall between units improves soundproofing and energy efficiency. There are no MUD taxes. LED lighting is installed inside and out. Units are pre-plumbed for an optional second restroom. Windows are insulated for energy efficiency. A Property Owners Association is in place with an experienced management company. Glass walls, durable flooring, and smart office technology are available with upgrade options. The location is just one mile south of Woodlands Parkway off FM-2978, near The Woodlands, Magnolia, Tomball, Spring, and the neighborhoods of May Valley, North Grove at Spring Creek, and Ranches at Pinehurst. The process is similar to purchasing a home, with opportunities to select design features tailored to specific business needs, allowing for customization that enhances functionality and aesthetics.
Key Highlights
- Located in a high‑demand area off Hardin Store Rd & FM 2978, near The Woodlands, Magnolia, Tomball, and Spring.
- Units available for build‑to‑suit customization, allowing tailored design features.
- Individual offices start at 1,350 SF with the ability to purchase additional units up to 8,100 SF.
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
$15,827
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%
$316,540
$316.5K
Cap Rate 7%
$226,100
$226.1K
Cap Rate 9%
$175,856
$175.9K
Market Conditions
NOI Build-Up for 1,350 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
$27.1K $20.04/SF
− Vacancy
−$6.0K −$4.41/SF
EGI
$21.1K $15.63/SF
− OpEx
−$5.3K −$3.91/SF
NOI
$15.8K $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%
$316,540
Cap Rate 7%
$226,100
Cap Rate 9%
$175,856
Alternative Uses
Best Use
Office B
$226.1K
$197.8K – $263.8K
NOI $15,827 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$340.8K
$298.2K – $397.6K
NOI $23,857 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
162
Businesses Nearby
Explore this area
Business Placement
Demographics for 77354, TX
40,625
Population
15,747
Households
2.6
Avg Household Size
38
Median Age
42%
College-Educated
93%
High-School Grad
74.2 sq mi
ZIP Area
548
Density / Sq Mi
$112,093
Median Household Income
$58,832
Median Earnings
$1,850
Median Rent
$379,700
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?
Office units - Office condominiums in high-demand area, perfect for small business owners.
Where is this office units located?
The property is located at 28789 Hardin Store Rd Magnolia, TX.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Located in a high‑demand area off Hardin Store Rd & FM 2978, near The Woodlands, Magnolia, Tomball, and Spring.; Units available for build‑to‑suit customization, allowing tailored design features.; Individual offices start at 1,350 SF with the ability to purchase additional units up to 8,100 SF.
