Office Condominium Unit with
For Sale
Contact for pricing
Pending
8118 Fry Road, Houston, TX 77433
Tenant-occupied office condominium currently used by a chiropractic practice with reception, offices, a breakroom, and storage.
Property Size1,176 SF
Days on Market55
Property Features for 8118 Fry Road
General Information
Standard status
Pending
Size
1,176 SF
Class
B
Property subtype
Office
Lease Type
NNN
Investment Type
Owner/User
Net Operating Income
$34,300
Additional Details
Asking Price
$415,000
Building Details
Year Built
2022
Buildings
9
Stories
1
Units
1
Tenancy
Single
Owner Occupied
No
Listing Agency:
T & T Real Estate Company
Listed By:
Tuyet Nguyen · License #TX 0529878
Source:
Crexi
Added: Jul 23
Changed: Sep 5
Last Checked: Sep 14 at 6:18AM
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 T & T Real Estate Company
Investment Insights
Based on property information with market context.
This office condominium unit at 8118 Fry Road (Unit 902) is tenant-occupied and currently utilized by a chiropractic practice. Built in 2022, the unit offers a functional layout with a welcoming reception area and lobby, four private offices or treatment rooms, one restroom, and a breakroom that includes additional storage space. The space is designed to support a range of professional and medical office uses.
The unit is positioned on the high-traffic Fry Road corridor near West Road within the rapidly growing Cypress area. For investors, the current tenancy provides immediate rental income. For owner-users, the current tenants are described as flexible and may accommodate an earlier move-in if needed.
With its efficient configuration and newer construction, this office condo unit is a practical option for professional office occupancy or as part of an investment portfolio.
The unit is positioned on the high-traffic Fry Road corridor near West Road within the rapidly growing Cypress area. For investors, the current tenancy provides immediate rental income. For owner-users, the current tenants are described as flexible and may accommodate an earlier move-in if needed.
With its efficient configuration and newer construction, this office condo unit is a practical option for professional office occupancy or as part of an investment portfolio.
Key Highlights
- Tenant‑occupied office condominium unit, currently used by a chiropractic practice
- Reception area and lobby plus four private offices or treatment rooms
- Breakroom with additional storage space
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
$16,003
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
3.86%
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%
$320,060
$320.1K
Cap Rate 7%
$228,614
$228.6K
Cap Rate 9%
$177,811
$177.8K
Market Conditions
NOI Build-Up for 1,176 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
$29.6K $25.20/SF
− Vacancy
−$3.0K −$2.52/SF
EGI
$26.7K $22.68/SF
− OpEx
−$10.7K −$9.07/SF
NOI
$16.0K $13.61/SF
Area
Houston, TX
Vacancy
10.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$320,060
Cap Rate 7%
$228,614
Cap Rate 9%
$177,811
Alternative Uses
Best Use
Healthcare Medical
$228.6K
$200.0K – $266.7K
NOI $16,003 @ 7.0% cap · market cap 3.86%
Second Best
Office B
$196.0K
$171.5K – $228.6K
NOI $13,717 @ 7.0% cap · market cap 3.31%
Theoretical Best
Office A
$302.4K
$264.6K – $352.8K
NOI $21,168 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
607
Businesses Nearby
Explore this area
Business Placement
Demographics for 77433, TX
106,663
Population
34,420
Households
3.1
Avg Household Size
34
Median Age
52%
College-Educated
95%
High-School Grad
59.0 sq mi
ZIP Area
1,808
Density / Sq Mi
$137,348
Median Household Income
$64,583
Median Earnings
$1,904
Median Rent
$384,400
Median Home Value
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Market
Vacancy Rate% for Office in Houston, TX
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Frequently Asked Questions
What type of property is this?
Office units - Tenant-occupied office condominium currently used by a chiropractic practice with reception, offices, a breakroom, and storage.
Where is this office units located?
The property is located at 8118 Fry Road Houston, TX.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Tenant‑occupied office condominium unit, currently used by a chiropractic practice; Reception area and lobby plus four private offices or treatment rooms; Breakroom with additional storage space
