Hardin Store Retail
For Sale
Contact for pricing
28910 Hardin Store Rd, Magnolia, TX 77354
Two-property retail offering with additional land for future office or retail development.
Property Size23,200 SF
Price / SF$322.84
Days on Market14
Property Features for 28910 Hardin Store Rd
General Information
Standard status
Active
Size
23,200 SF
Property subtype
Retail
Building Details
Buildings
2
Listing Agency:
First Millennium Realty
(281) 465-9466
Listed By:
Charles Lee · License #TX
Source:
Crexi
Added: Aug 19
Changed: Aug 31
Last Checked: Sep 1 at 4:30AM
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 First Millennium Realty
Investment Insights
Based on property information with market context.
This offering includes two properties totaling 23,200 square feet in Magnolia, Texas. The retail asset is accompanied by additional land identified for construction of up to 20,000 square feet of office or retail space.
The properties are located at 28910 Hardin Store Rd, providing a combined opportunity for an existing retail use and additional office or retail development on the same offering.
The properties are located at 28910 Hardin Store Rd, providing a combined opportunity for an existing retail use and additional office or retail development on the same offering.
Key Highlights
- Two properties included in the offering
- 23,200 square feet across the properties
- Additional land for future development
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
$314,583
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
4.20%
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%
$6,291,660
$6.3M
Cap Rate 7%
$4,494,043
$4.5M
Cap Rate 9%
$3,495,367
$3.5M
Market Conditions
NOI Build-Up for 23,200 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
$476.1K $20.52/SF
− Vacancy
−$26.7K −$1.15/SF
EGI
$449.4K $19.37/SF
− OpEx
−$134.8K −$5.81/SF
NOI
$314.6K $13.56/SF
Area
Montgomery County, TX
Vacancy
5.60%
Lease Rate
$20.52 /SF/Yr
Expense Ratio
30.00%
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%
$6,291,660
Cap Rate 7%
$4,494,043
Cap Rate 9%
$3,495,367
Alternative Uses
Best Use
Retail
$4.49M
$3.93M – $5.24M
NOI $314,583 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.86M
$5.12M – $6.83M
NOI $409,983 @ 7.0% cap · market cap 5.47%
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
697
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Storage King USA
Shops & Services
697 visits/mo
0.1 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two-property retail offering with additional land for future office or retail development.
Where is this retail space located?
The property is located at 28910 Hardin Store Rd Magnolia, TX.
What is the asking price?
The asking price for this property is $7,490,000.
What are key features of this property?
This property features: Two properties included in the offering; 23,200 square feet across the properties; Additional land for future development
