New Small-Bay Flex
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32120 Hunt Road, Fulshear, TX 77423
Vacant flex property with grade-level bays for owner occupancy and leasing of unused space.
Property Size12,032 SF
Price / SF$160.82
Days on Market12
Property Features for 32120 Hunt Road
General Information
Standard status
Active
Size
12,032 SF
Property subtype
Industrial
Investment Type
Owner/User
Additional Details
Asking Price
$1,935,000
Building Details
Year Built
2023
Buildings
1
Units
8
Building Size
12,032 SF
Listing Agency:
Reality 1 Partners
Listed By:
Kris Bender · License #TX 00324828
Source:
Crexi
Added: Aug 21
Changed: Aug 30
Last Checked: Sep 1 at 4:27AM
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 Reality 1 Partners
Investment Insights
Based on property information with market context.
Completed in 2023, this flex property contains approximately 12,032 SF arranged across 8 grade-level bays. The building is delivered vacant, allowing an owner-occupant to use the full facility, select the space needed, or lease remaining bays for income.
The property is located at 32120 Hunt Road in Fulshear, along the FM 359 corridor. Its small-bay configuration provides a practical format for users seeking dedicated commercial space with the ability to retain flexibility within the building.
The property is located at 32120 Hunt Road in Fulshear, along the FM 359 corridor. Its small-bay configuration provides a practical format for users seeking dedicated commercial space with the ability to retain flexibility within the building.
Key Highlights
- 2023 construction with approximately 12,032 SF
- 8 grade‑level bays in a small‑bay flex configuration
- Delivered 100% vacant for flexible occupancy planning
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
$74,363
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
3.84%
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%
$1,487,260
$1.5M
Cap Rate 7%
$1,062,329
$1.1M
Cap Rate 9%
$826,256
$826.3K
Market Conditions
NOI Build-Up for 12,032 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
$93.4K $7.76/SF
− Vacancy
−$5.9K −$0.49/SF
EGI
$87.5K $7.27/SF
− OpEx
−$13.1K −$1.09/SF
NOI
$74.4K $6.18/SF
Area
Fort Bend County, TX
Vacancy
6.30%
Lease Rate
$7.76 /SF/Yr
Expense Ratio
15.00%
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%
$1,487,260
Cap Rate 7%
$1,062,329
Cap Rate 9%
$826,256
Alternative Uses
Best Use
Warehouse
$1.06M
$929.5K – $1.24M
NOI $74,363 @ 7.0% cap · market cap 3.84%
Second Best
Industrial
$874.9K
$765.5K – $1.02M
NOI $61,240 @ 7.0% cap · market cap 3.16%
Theoretical Best
Multifamily LT 5
$149.89M
$131.15M – $174.87M
NOI $10,492,252 @ 7.0% cap · market cap 542.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77423, TX
16,152
Population
5,612
Households
2.9
Avg Household Size
34
Median Age
28%
College-Educated
82%
High-School Grad
148.6 sq mi
ZIP Area
109
Density / Sq Mi
$82,280
Median Household Income
$49,918
Median Earnings
$1,340
Median Rent
$266,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Vacant flex property with grade-level bays for owner occupancy and leasing of unused space.
Where is this flex space located?
The property is located at 32120 Hunt Road Fulshear, TX.
What is the asking price?
The asking price for this property is $1,935,000.
What are key features of this property?
This property features: 2023 construction with approximately 12,032 SF; 8 grade‑level bays in a small‑bay flex configuration; Delivered 100% vacant for flexible occupancy planning
