Corner Storefront with Open
For Sale
Contact for pricing
3802 Hardy Street, Houston, TX 77009
Open commercial space with on-site parking and additional street parking along two sides.
Property Size2,640 SF
Price / SF$160.98
Days on Market117
Property Features for 3802 Hardy Street
General Information
Standard status
Active
Size
2,640 SF
Class
C
Property subtype
Retail, Office
Lease Type
Modified Gross
Additional Details
Corner Location
Yes
Building Details
Units
1
Tenancy
Single
Listing Agency:
Coldwell Banker Universal
Listed By:
Bridgett Badillo · License #tx 528145
Source:
Crexi
Added: May 9
Changed: Aug 29
Last Checked: Aug 29 at 8:01PM
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 Coldwell Banker Universal
Investment Insights
Based on property information with market context.
This 2640-square-foot storefront property occupies a corner at Hardy Street and Alber Street in Houston. Its open interior can support retail, showroom, creative studio, office, or professional service operations. Dedicated parking is available on the site, with additional street parking along the building’s front and side.
The property is approximately 10 minutes from Downtown Houston and sits in an area with multiple nearby new construction projects. Prior occupants included a church and a convenience store, providing context for the building’s adaptable commercial configuration.
The property is approximately 10 minutes from Downtown Houston and sits in an area with multiple nearby new construction projects. Prior occupants included a church and a convenience store, providing context for the building’s adaptable commercial configuration.
Key Highlights
- 2640‑square‑foot storefront property
- Corner position at Hardy Street and Alber Street
- Open‑concept interior for retail, showroom, studio, office, or professional service use
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
$35,797
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
8.42%
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%
$715,940
$715.9K
Cap Rate 7%
$511,386
$511.4K
Cap Rate 9%
$397,744
$397.7K
Market Conditions
NOI Build-Up for 2,640 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
$54.2K $20.52/SF
− Vacancy
−$3.0K −$1.15/SF
EGI
$51.1K $19.37/SF
− OpEx
−$15.3K −$5.81/SF
NOI
$35.8K $13.56/SF
Area
Houston, 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%
$715,940
Cap Rate 7%
$511,386
Cap Rate 9%
$397,744
Alternative Uses
Best Use
Retail
$511.4K
$447.5K – $596.6K
NOI $35,797 @ 7.0% cap · market cap 8.42%
Second Best
Office B
$439.9K
$384.9K – $513.2K
NOI $30,793 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$678.9K
$594.0K – $792.0K
NOI $47,520 @ 7.0% cap · market cap 11.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
579
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77009, TX
36,425
Population
17,890
Households
2
Avg Household Size
37
Median Age
39%
College-Educated
78%
High-School Grad
6.2 sq mi
ZIP Area
5,875
Density / Sq Mi
$81,921
Median Household Income
$49,446
Median Earnings
$1,229
Median Rent
$403,600
Median Home Value
Market
Vacancy Rate% for Office in Houston, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Open commercial space with on-site parking and additional street parking along two sides.
Where is this storefront property located?
The property is located at 3802 Hardy Street Houston, TX.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2640‑square‑foot storefront property; Corner position at Hardy Street and Alber Street; Open‑concept interior for retail, showroom, studio, office, or professional service use
