Mixed-Use Property with
For Sale
$1,500,000
31608 Old Hempstead Road, Magnolia, TX 77355
Acreage, MAGNOLIA, TX
Property Size2,624 SF
Lot Size2.50 Acres
Price / SF$571.65
Days on Market224
Property Features for 31608 Old Hempstead Road
General Information
Property type
Land
Property subtype
Other
Subdivision
Abst-A4
High school district
36 - Magnolia
Directions
From Magnolia, take FM 1488 and head south. Turn right onto Old Hempstead Road. In 300 feet, the house will be on your right. The restaurant will be in the next driveway.
Standard status
Active
APN
56300
Lot size
2.50 Acres
Utilities
Water source
Public
Amenities
covered seating area
walk up window
Listing Agency:
Capitol Ranch Real Estate
(855) 968-1200
Listed By:
Cody Maxwell, Broker · License #09004403
(979) 530-7010
Added: Mar 5
Changed: Sep 22
Last Checked: Oct 15 at 8:06PM
MLS# 157689
Copyright © 2026 South Central Texas Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This mixed-use property includes a 2,624-square-foot restaurant building and a separate 1,800-square-foot residence on 2.497 acres. The restaurant contains a cooking area, restroom, office space, covered outdoor seating, and a walk-up ordering window. The residence provides 3 bedrooms, 2 bathrooms, and an office area.
The property has frontage along FM 1488 and Old Hempstead Road, with approximately 80 feet on FM 1488 and 170 feet on Old Hempstead Road. City water serves both structures, while separate aerobic septic systems are in place for the restaurant and home. The address is 31608 Old Hempstead Road in Magnolia, Texas 77355.
The property has frontage along FM 1488 and Old Hempstead Road, with approximately 80 feet on FM 1488 and 170 feet on Old Hempstead Road. City water serves both structures, while separate aerobic septic systems are in place for the restaurant and home. The address is 31608 Old Hempstead Road in Magnolia, Texas 77355.
Key Highlights
- 2.497‑acre mixed‑use property with restaurant and residence
- 2,624‑square‑foot restaurant building with cooking area, office, restroom, covered seating, and walk‑up window
- Separate 1,800‑square‑foot home with 3 bedrooms, 2 bathrooms, and office area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,370
Cap Rate
3.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$927,400
$927.4K
Cap Rate 7%
$662,429
$662.4K
Cap Rate 9%
$515,222
$515.2K
Market Conditions
NOI Build-Up for 2,624 SF
Gross rent
$65.5K $24.96/SF
− Vacancy
−$3.7K −$1.40/SF
EGI
$61.8K $23.56/SF
− OpEx
−$15.5K −$5.89/SF
NOI
$46.4K $17.67/SF
Area
Montgomery County, TX
Vacancy
5.60%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$927,400
Cap Rate 7%
$662,429
Cap Rate 9%
$515,222
Alternative Uses
Best Use
Specialty Retail
$662.4K
$579.6K – $772.8K
NOI $46,370 @ 7.0% cap · market cap 3.09%
Second Best
Mixed Use
$388.0K
$339.5K – $452.6K
NOI $27,158 @ 7.0% cap · market cap 1.81%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
186
Businesses Nearby
Explore this area
Business Placement
Demographics for 77355, TX
29,300
Population
11,279
Households
2.6
Avg Household Size
40
Median Age
27%
College-Educated
89%
High-School Grad
55.6 sq mi
ZIP Area
527
Density / Sq Mi
$101,270
Median Household Income
$57,481
Median Earnings
$1,472
Median Rent
$329,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial property combining restaurant improvements, a separate residence, and public water service on a nearly 2.5-acre site.
Where is this mixed-use property located?
The property is located at 31608 Old Hempstead Road Magnolia, TX.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 2.497‑acre mixed‑use property with restaurant and residence; 2,624‑square‑foot restaurant building with cooking area, office, restroom, covered seating, and walk‑up window; Separate 1,800‑square‑foot home with 3 bedrooms, 2 bathrooms, and office area
