North Houston Office Space
For Sale
Contact for pricing
6620 Cypresswood Dr, Spring, TX 77379
End-cap office space in Spring, Texas with convenient access.
Property Size21,751 SF
Price / SF$142.75
Days on Market207
Property Features for 6620 Cypresswood Dr
General Information
Standard status
Active
Size
21,751 SF
Class
C
Total Parking Spaces
90
Property subtype
Office
Occupancy
87%
Lease Type
Net
Investment Type
Net Lease
Net Operating Income
$154,712
Building Details
Year Built
2000
Year Renovated
2018
Buildings
1
Stories
2
Units
7
Tenancy
Multi
Listing Agency:
Bryan Luong, CCIM South Texas Prime Properties
(713) 530-8886
Listed By:
Bryan Luong, CCIM · License #TX 474045
Source:
Crexi
Added: Feb 3
Changed: Aug 8
Last Checked: Jul 30 at 5:41AM
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 Bryan Luong, CCIM South Texas Prime Properties
Investment Insights
Based on property information with market context.
Located at 6620 Cypresswood Dr. in Spring, Texas, this property offers an office space opportunity in North Houston. The 21,615 square foot building features modern architecture and contains multiple build-out spaces. One available space of 2,827 square feet is located on Level 2. The location provides convenient access to I-45, SH 249, and FM 1960. Ample parking is available. The surrounding area has a thriving population with an average household income of $137,756 within a 1-mile radius.
Key Highlights
- Prime end‑cap office space available in North Houston.
- Convenient access to I‑45, SH 249, and FM 1960.
- Modern 21,615 SF building with quality build‑out spaces.
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
$254,996
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
8.21%
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%
$5,099,920
$5.1M
Cap Rate 7%
$3,642,800
$3.6M
Cap Rate 9%
$2,833,289
$2.8M
Market Conditions
NOI Build-Up for 21,751 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
$435.9K $20.04/SF
− Vacancy
−$95.9K −$4.41/SF
EGI
$340.0K $15.63/SF
− OpEx
−$85.0K −$3.91/SF
NOI
$255.0K $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%
$5,099,920
Cap Rate 7%
$3,642,800
Cap Rate 9%
$2,833,289
Alternative Uses
Best Use
Office B
$3.64M
$3.19M – $4.25M
NOI $254,996 @ 7.0% cap · market cap 8.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.49M
$4.80M – $6.41M
NOI $384,377 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
569
Businesses Nearby
Explore this area
Business Placement
Demographics for 77379, TX
84,704
Population
30,004
Households
2.8
Avg Household Size
38
Median Age
49%
College-Educated
95%
High-School Grad
25.8 sq mi
ZIP Area
3,283
Density / Sq Mi
$110,712
Median Household Income
$58,474
Median Earnings
$1,618
Median Rent
$335,900
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 building - End-cap office space in Spring, Texas with convenient access.
Where is this office building located?
The property is located at 6620 Cypresswood Dr Spring, TX.
What is the asking price?
The asking price for this property is $3,105,000.
What are key features of this property?
This property features: Prime end‑cap office space available in North Houston.; Convenient access to I‑45, SH 249, and FM 1960.; Modern 21,615 SF building with quality build‑out spaces.
