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Chasewood Bank Building 8500 Cypresswood Dr 29,810 SF 97% Leased Office Building Spring, TX 77379 $4,200,000 ($140.89/SF) 11.74% Cap Rate
INVESTMENT HIGHLIGHTS
- Convenient access to Highway 249, Beltway 8 and Grand Parkway 99
EXECUTIVE SUMMARY
Class B+ Building
Constructed in 1999
Parking ratio: 4/1,000 (surface)
Total rentable square footage: 29,703 SF
1.95 acres
Two-story, steel frame construction
Near shopping, restaurants, and fitness outlets
PROPERTY FACTS
AMENITIES
- Air Conditioning
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
- 1st Fl-Ste 102
- 785 SF
- Office
- Full Build-Out
- Now
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste 102 | 785 SF | Office | Full Build-Out | Now |
1st Fl-Ste 102
| Size |
| 785 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
ABOUT FM 1960/CHAMPIONS
The Champions area is located close to parts of Houston that have experienced significant population and employment growth, including Cypress and Tomball. It has easy access to Interstate 45, Texas State Highway 249, the Grand Parkway, and Sam Houston Tollway, some of Houston’s key arteries.
Since 2010, more than 80% of the population growth that has occurred in Harris County has been in its unincorporated areas, not far from the Champions area. Its business services and healthcare tenants (such as Aduro Inc. and Kelsey-Seybold Clinic) benefit from the strong labor pool and customer base of residents and commuters to the area. Meanwhile, nearby retail centers including the North Oaks Shopping Center and the Champion Forest Center all provide local office workers with plenty of casual lunch options.
Investors are also attracted to this area because of the relative value assets here provide. Pricing is favorable, with the average price per square foot still below the Houston region’s average and at a significant discount to neighboring The Woodlands and West Belt.
DEMOGRAPHICS
Demographics
NEARBY AMENITIES
RESTAURANTS |
|||
|---|---|---|---|
| Espresso Moon | - | - | In Building |
| H' Sam Oriental Bistro | Bistro | $ | 6 min walk |
| Starbucks | Cafe | $ | 6 min walk |
| Subway | - | - | 6 min walk |
RETAIL |
||
|---|---|---|
| Tide Cleaners | Laundry | 6 min walk |
| Kroger | Supermarket | 6 min walk |
| PNC Bank | Bank | 6 min walk |
| Goodwill | Dollar/Variety/Thrift | 6 min walk |
| PostNet | Business/Copy/Postal Services | 6 min walk |
HOTELS |
|
|---|---|
| Red Roof Inn |
40 rooms
7 min drive
|
| Econo Lodge |
37 rooms
7 min drive
|
| OYO |
70 rooms
7 min drive
|
| Hyatt Place |
130 rooms
7 min drive
|
| Holiday Inn |
132 rooms
7 min drive
|
PROPERTY TAXES
| Parcel Number | 1148610090039 | Improvements Assessment | $2,313,397 |
| Land Assessment | $847,680 | Total Assessment | $3,161,077 |
PROPERTY TAXES
ABOUT THE SELLER
OTHER PROPERTIES IN THE BRENDA PENNINGTON COMMERCIAL REAL ESTATE, INC. PORTFOLIO
ABOUT THE ARCHITECT
OTHER PROPERTIES IN THE BILLY D. TIPPIT ARCHITECTS INC. PORTFOLIO
SALE ADVISORS
SALE ADVISORS
Dana Khan, Leasing & Sales Agent
Presented by
Greenwood Corporation L.P.
Chasewood Bank Building | 8500 Cypresswood Dr
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