Refurbished Waller Building with Expansion
For Sale
Contact for pricing
2302 Main St, Waller, TX 77484
11,250 SF building in downtown Waller with additional land.
Property Size11,250 SF
Lot Size0.29 Acres
Price / SF$202.22
Days on Market837
Property Features for 2302 Main St
General Information
Standard status
Active
Size
11,250 SF
Lot size
0.29 Acres
Property subtype
Retail
Occupancy
100%
Building Details
Tenancy
Multi
Listing Agency:
Waller County Land Company
(936) 372-9181
Listed By:
Timothy Phelan · License #TX
Source:
Crexi
Added: May 7, 2024
Changed: Aug 8
Last Checked: Aug 21 at 11:08AM
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 Waller County Land Company
Investment Insights
Based on property information with market context.
Located in downtown Waller, near City Hall and the City Park, this multi-purpose property features an 11,250 square-foot building constructed in 1935 and recently refurbished. The property is situated in a high-growth area experiencing commercial and residential development. The building is currently two-thirds leased, with a gym and a hair salon as established tenants. Approximately 3,800 square feet remains available on the north end of the building, suitable for various uses. In addition to the building, the property includes approximately 12,426 square feet of land, offering room for future development or expansion. The location provides access to Highway 290, the Grand Parkway, FM 2920, and FM 362, facilitating access to the greater Houston area. This property is suited for investors seeking immediate cash flow with expansion opportunities.
Key Highlights
- Prime downtown Waller location near City Hall and City Park.
- Significant growth area with booming commercial and residential developments.
- Immediate cash flow from existing tenants (gym and hair salon) with 2/3 of the building leased.
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
$133,670
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
5.88%
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%
$2,673,400
$2.7M
Cap Rate 7%
$1,909,571
$1.9M
Cap Rate 9%
$1,485,222
$1.5M
Market Conditions
NOI Build-Up for 11,250 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
$202.5K $18.00/SF
− Vacancy
−$11.5K −$1.03/SF
EGI
$191.0K $16.97/SF
− OpEx
−$57.3K −$5.09/SF
NOI
$133.7K $11.88/SF
Area
Harris County, TX
Vacancy
5.70%
Lease Rate
$18.00 /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%
$2,673,400
Cap Rate 7%
$1,909,571
Cap Rate 9%
$1,485,222
Alternative Uses
Best Use
Retail
$1.91M
$1.67M – $2.23M
NOI $133,670 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.07M
$2.69M – $3.58M
NOI $215,028 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
469
Businesses Nearby
11k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 61%
Shops & Services 39%
Hometown Hardware
Home Improvements & Furnishings
6,508 visits/mo
0.4 miles
Shell
Shops & Services
2,354 visits/mo
0.2 miles
Napa Auto Parts
Shops & Services
1,797 visits/mo
0.1 miles
Demographics for 77484, TX
13,449
Population
5,180
Households
2.6
Avg Household Size
39
Median Age
25%
College-Educated
84%
High-School Grad
151.0 sq mi
ZIP Area
89
Density / Sq Mi
$71,446
Median Household Income
$35,091
Median Earnings
$1,075
Median Rent
$243,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail property - 11,250 SF building in downtown Waller with additional land.
Where is this retail property located?
The property is located at 2302 Main St Waller, TX.
What is the asking price?
The asking price for this property is $2,275,000.
What are key features of this property?
This property features: Prime downtown Waller location near City Hall and City Park.; Significant growth area with booming commercial and residential developments.; Immediate cash flow from existing tenants (gym and hair salon) with 2/3 of the building leased.
