The Heights Convenience Store
For Sale
Contact for pricing
2012 W 34th St, Houston, TX 77018
Prime location with store, parking, and redevelopment potential.
Property Size5,316 SF
Lot Size1.13 Acres
Price / SF$526.71
Days on Market863
Property Features for 2012 W 34th St
General Information
Standard status
Active
Size
5,316 SF
Class
C
Lot size
1.13 Acres
Property subtype
Retail, Office
Investment Type
Redevelopment
Building Details
Year Built
1950
Buildings
1
Stories
1
Units
1
Listing Agency:
Berkshire Hathaway Premier Properties - Commercial Division
Listed By:
Donna Winfrey · License #TX 618453
Source:
Crexi
Added: Apr 22, 2024
Changed: Aug 22
Last Checked: Aug 31 at 2:16AM
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 Berkshire Hathaway Premier Properties - Commercial Division
Investment Insights
Based on property information with market context.
Located in a busy business district in The Heights, Houston, this property includes 4 adjacent parcels, one of which is a residential parcel known as 0 Lou Ellen Ln, totaling 49,147 square feet of land. The convenience store is approximately 5,300 square feet and features 2 walk-in freezers, a cooled display case for meat, sandwiches or desserts, display cases for drinks, and a mini-kitchen with a range, other kitchen appliances and seating. The property offers 3 curb cuts on West 34th Street and 2 street access points. Ample parking is available on both sides and behind the convenience store, with additional access from Lou Ellen Ln. The property is located within 1 mile from Interstate 610, providing several routes to downtown Houston and to Hobby or Bush Airport. The property is suitable for continued use as a convenience store, or for the construction of new retail and homes.
Key Highlights
- Large land area: 49,147 square feet across 4 parcels.
- Prime location in a busy business district in The Heights.
- Ample parking, a rarity in The Heights, with multiple access points.
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
$81,813
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
2.92%
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%
$1,636,260
$1.6M
Cap Rate 7%
$1,168,757
$1.2M
Cap Rate 9%
$909,033
$909.0K
Market Conditions
NOI Build-Up for 5,316 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
$114.8K $21.60/SF
− Vacancy
−$5.7K −$1.08/SF
EGI
$109.1K $20.52/SF
− OpEx
−$27.3K −$5.13/SF
NOI
$81.8K $15.39/SF
Area
Houston, TX
Vacancy
5.00%
Lease Rate
$21.60 /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%
$1,636,260
Cap Rate 7%
$1,168,757
Cap Rate 9%
$909,033
Alternative Uses
Best Use
Specialty Retail
$1.17M
$1.02M – $1.36M
NOI $81,813 @ 7.0% cap · market cap 2.92%
Second Best
Retail
$1.03M
$901.0K – $1.20M
NOI $72,083 @ 7.0% cap · market cap 2.57%
Theoretical Best
Office A
$1.37M
$1.20M – $1.59M
NOI $95,688 @ 7.0% cap · market cap 3.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,107
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 77018, TX
27,870
Population
13,335
Households
2.1
Avg Household Size
38
Median Age
60%
College-Educated
92%
High-School Grad
6.8 sq mi
ZIP Area
4,099
Density / Sq Mi
$121,658
Median Household Income
$75,487
Median Earnings
$1,256
Median Rent
$543,800
Median Home Value
Market
Vacancy Rate% for Retail in Houston, TX
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Prime location with store, parking, and redevelopment potential.
Where is this grocery and convenience store located?
The property is located at 2012 W 34th St Houston, TX.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Large land area: 49,147 square feet across 4 parcels.; Prime location in a busy business district in The Heights.; Ample parking, a rarity in The Heights, with multiple access points.
