New Flex Space with
New
For Sale
$1,950,000
8382 Miller Rd, Magnolia, TX 77354
Unrestricted corner-lot property combines finished living/office areas with substantial warehouse space.
Property Size8,600 SF
Price / SF$226.74
Days on Market2
Property Features for 8382 Miller Rd
General Information
Standard status
Active
Size
8,600 SF
Property subtype
Farm and Ranch Properties
Building Details
Building Size
8,600 SF
Year Built
2026
Listing Agency:
(281) 794-1185
Listed By:
Trey Benton · License #0656101
(281) 794-1185
Source:
Elliman
Added: Aug 9
Changed: Aug 10
Last Checked: Aug 10 at 8:14AM
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 Trey Benton
Investment Insights
Based on property information with market context.
Completed in 2026, this approximately ±8,600 SF flex property occupies just over 1 acre of unrestricted land. The building includes a finished living and office component with three rooms configured as bedrooms and/or offices, a kitchen, one full bathroom, two half bathrooms, and open workspace. A substantial warehouse area adds functional capacity for flex operations, storage, or combined work and living use.
The corner-lot setting includes two gated entrances and ample parking. The property is positioned near The Woodlands and supports residential, commercial, mixed-use, and live/work applications. Its newly built improvements and combination of finished interior space with warehouse area provide a flexible owner-user configuration.
The corner-lot setting includes two gated entrances and ample parking. The property is positioned near The Woodlands and supports residential, commercial, mixed-use, and live/work applications. Its newly built improvements and combination of finished interior space with warehouse area provide a flexible owner-user configuration.
Key Highlights
- ±8,600 SF flex property on just over 1 acre
- Unrestricted land supports residential, commercial, mixed‑use, and live/work use
- Finished area includes 3 bedrooms and/or offices, kitchen, full bath, and 2 half baths
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
$100,821
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
5.17%
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%
$2,016,420
$2.0M
Cap Rate 7%
$1,440,300
$1.4M
Cap Rate 9%
$1,120,233
$1.1M
Market Conditions
NOI Build-Up for 8,600 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
$172.3K $20.04/SF
− Vacancy
−$37.9K −$4.41/SF
EGI
$134.4K $15.63/SF
− OpEx
−$33.6K −$3.91/SF
NOI
$100.8K $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%
$2,016,420
Cap Rate 7%
$1,440,300
Cap Rate 9%
$1,120,233
Alternative Uses
Best Use
Office B
$1.44M
$1.26M – $1.68M
NOI $100,821 @ 7.0% cap · market cap 5.17%
Second Best
Mixed Use
$1.27M
$1.11M – $1.48M
NOI $89,010 @ 7.0% cap · market cap 4.56%
Theoretical Best
Specialty Retail
$2.17M
$1.90M – $2.53M
NOI $151,976 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77354, TX
40,625
Population
15,747
Households
2.6
Avg Household Size
38
Median Age
42%
College-Educated
93%
High-School Grad
74.2 sq mi
ZIP Area
548
Density / Sq Mi
$112,093
Median Household Income
$58,832
Median Earnings
$1,850
Median Rent
$379,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Unrestricted corner-lot property combines finished living/office areas with substantial warehouse space.
Where is this flex space located?
The property is located at 8382 Miller Rd Magnolia, TX.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: ±8,600 SF flex property on just over 1 acre; Unrestricted land supports residential, commercial, mixed‑use, and live/work use; Finished area includes 3 bedrooms and/or offices, kitchen, full bath, and 2 half baths
