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    Property profile & analytics

    23609 Hardy Rd Spring, TX 77373-5713

    • Warehouses
    • 8,200 SF
    • 2.38 lot acres
    OFF-MARKET
    Value Estimations
    $505,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-4376713
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Lubchem, Inc / Chemical Manufacturer / Manufacturer

    Property Details for 23609 Hardy Rd

    Year built
    1978
    Construction
    METAL FRAME
    Lot size
    2.38 lot acres
    Property size
    8,200 SF
    Property type
    Warehouses
    APN
    421680000042
    APU
    421680000042

    Description

    This exceptional Spring, Texas industrial property offers 27,894 square feet of versatile flex space across four buildings situated on a 2.38-acre lot (103,620 sq ft). Built in 1978 and renovated in 2020, the property boasts a mix of office and warehouse space, ideal for owner-users. The main building features approximately 4,000 square feet of professional office space, including multiple offices, a conference room, breakroom, and employee amenities. The warehouse areas, totaling approximately 23,894 square feet, are fully insulated, equipped with energy-efficient lighting, grade-level roll-up doors, and additional carport storage. The primary production warehouse space is located in the rear buildings, providing ample interior and exterior storage. A convenient semi-circular driveway ensures easy access for heavy trucks, and the property is fully secured with fencing. The property includes 30 parking spaces and features 1200 AMP/480V heavy power. The property is currently 100% occupied by an owner-occupant who will vacate upon closing. This prime location in Spring, Texas, offers easy access to Beltway 8 and the Grand Parkway (SH-99), providing convenient north and south access via toll roads. The asking price is $2,995,000, representing a pro-forma cap rate of 8.38% and a pro-forma NOI of $251,040. The property is zoned for commercial buildings and is offered as a fee-simple ownership opportunity. The property's utilities include a septic sewer system, a well water system with an enclosed pump room, and a wastewater collection system serviced by a wastewater company.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $490,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $754,000
      Market price range: $261k - $754k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Spring
    County
    Harris
    State
    Texas
    Longitude
    -95.4106
    Latitude
    30.0496
    CBSA code
    26420
    CBSA name
    HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $15,054
    $414,480
    $1,507,735
    $1,922,215
    -
    $414,480
    $1,507,735
    $1,922,215

    Comparable in this City

    • Value Estimation
      $820,000
      30,360 SF

      1220 Riley Fuzzel Rd

      MINI-WAREHOUSE, STORAGE • 30,360 SF
      1220 Riley Fuzzel Rd, Spring, TX 77373-8203
      View Details
    • Value Estimation
      $220,000
      9,975 SF

      25702 Aldine Westfield Rd

      WAREHOUSE, STORAGE • 9,975 SF
      25702 Aldine Westfield Rd, Spring, TX 77373-5978
      View Details
    • Value Estimation
      $725,000
      84,050 SF

      22330 Interstate 45

      MINI-WAREHOUSE, STORAGE • 84,050 SF
      22330 Interstate 45, Spring, TX 77373-8219
      View Details
    • Value Estimation by Request
      6,132 SF

      24127 Hardy Rd

      WAREHOUSE, STORAGE • 6,132 SF
      24127 Hardy Rd, Spring, TX 77373-5760
      View Details
    • Value Estimation
      $335,000
      8,000 SF

      22930 Interstate 45

      WAREHOUSE, STORAGE • 8,000 SF
      22930 Interstate 45, Spring, TX 77373-8225
      View Details
    • Value Estimation
      $240,000
      840 SF

      23208 Aldine Westfield Rd, Unit B

      WAREHOUSE, STORAGE • 840 SF
      23208 Aldine Westfield Rd, Spring, TX 77373-7736
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      17,600 SF

      Cypresswood Business Complex

      Multi-use property, high growth area
      23801 Cypresswood Dr, Spring, TX 77373
      View Details
    • Contact for pricing
      12,600 SF

      Remodeled Office/Warehouse Space For Sale

      Remodeled 12,600 SF office/warehouse near I-45 and Hardy Toll.
      612 Spring Cypress Rd, Spring, TX 77373
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    • Contact for pricing
      12,600 SF

      Spring Cypress Road Warehouse

      12,600 SF Warehouse, Recently Remodeled
      612 Spring Cypress Rd, Spring, TX 77373
      View Details
    • Contact for pricing
      15,000 SF

      Prime Spring, TX Warehouse

      15,000 SF Warehouse - Ideal for Storage
      20404 Whitewood Dr, Spring, TX 77373
      View Details
    • $800,000

      Unrestricted Land with Office/Warehouse

      3.73 acres with office/warehouse near IAH and Woodlands.
      6504 Treaschwig Rd, Spring, TX 77373
      View Details
    • $3,300,000

      Spring Land Approved for Development

      Land approved for RV/truck parking, industrial, mixed-use, or storage.
      4807 Treaschwig Rd, Spring, TX 77373
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      15,000 SF

      Spring, TX Warehouse For Lease

      15,000 SF Warehouse - Immediate Occupancy
      20404 Whitewood Dr, Spring, TX 77373
      View Details
    • $1,950,000
      19,950 SF

      Warehouse and Showroom Space

      19,950 SF warehouse and showroom available for lease.
      5833 Treaschwig Rd, Spring, TX 77373
      View Details
    • Contact for pricing
      3,600 SF

      Office/Warehouse Space in Spring, TX

      Divisible office/warehouse space for lease in Spring, TX.
      25330 Aldine Westfield Rd, Spring, TX 77373
      View Details
    • $18 SF/Yr
      49,000 SF

      Hardy Suite 406 Warehouse Space

      Prime Harris County warehouse, 49,000 sqft
      27323 Hardy Rd, Spring, TX 77373
      View Details
    • $14 SF/Yr
      14,000 SF

      Spring Warehouse Space Available

      14,000 SF warehouse space for lease in Spring, TX.
      27347 W Hardy Rd, Spring, TX 77373
      View Details
    • $15 SF/Yr
      1,134 SF

      Industrial Space Available For Rent

      Industrial property with 1,134 square feet available for rent.
      322 Spring Hill Pl, Spring, TX 77373
      View Details
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    23609 Hardy Rd
    Spring, TX 77373-5713
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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