Replaceable Rent Levels | 2022 Lease Ext 11970 Spring Cypress Rd 13,448 SF Retail Building Tomball, TX 77377 $4,928,571 ($366.49/SF) 7% Cap Rate

We are pleased to market for sale the Walgreens property located at 11970 Spring Cypress Rd, Tomball, TX 77377 (“The Property”). Walgreens has been operating at this location for 23 years and in 2022 extended its lease for an additional 10 years, reinforcing the tenant’s long-term commitment to the location. Walgreens is on an absolute NNN lease with zero landlord obligations whatsoever.
The Property is located in a dense retail corridor in an affluent suburb of Houston, benefiting from strong surrounding demographics and continued local development. Walgreens is currently paying $25.27 per square foot, which is in line with local retail market rents of $26/sf, providing investors the rare opportunity to acquire a national net-leased tenant with replaceable rent levels.
Located in an affluent suburb of Houston, the average household income within 1 mile exceeds $140,000, supporting consistent retail demand. Additionally, the Property is surrounded by over 3.1 million square feet of retail space within a 2-mile radius, with a retail vacancy rate below 4%, reflecting the strength and stability of the trade area.
There are 434 new multifamily units under development at Amplify Tomball and Willow Creek Manor, located within 1.5 miles of the Property, and both are expected to be completed in 2026. Situated at the signalized hard corner of Spring Cypress Rd and N Eldridge Pkwy, the Property is visible to a combined 47,000 VPD and located less than a mile from the ingress/egress for Tomball Parkway (TX-249) with over 101,000 VPD.
Listed in conjunction with Brian Brockman, Bang Realty - Texas, 513-898-1551, wg@bangrealty.com, TX DRE Lic. 701472.