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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
- Chasewood Bank Building presents an exciting opportunity to own a 97% leased office with a compelling 11.74% cap rate, above the submarket average.
- Well-supported by the flourishing Champions market, with household incomes over $136,000 and over 50% of residents holding a bachelor’s or higher.
- Strategic central location amid major arterial routes, such as Highway 249, Beltway 8, Interstate 45, and Grand Parkway 99, and 25 miles from Houston.
- Immersed in top-rated amenities, with Kroger within walking distance, and renowned shopping centers nearby, like Vintage Park and Willowbrook Mall.
Executive Summary
Chasewood Bank Building at 8500 Cypresswood Drive is a Class B building, constructed in 1999, featuring energy-efficient reflective glass and a two-story steel-frame design. This remarkable office offers 29,703 square feet, is situated on 1.95 acres, and supplies ample parking with over 100 spaces available. Investors have a value-driven opportunity to claim a piece of Houston, with an attractive 11.74% cap rate at 97% leased.
8500 Cypresswood Drive is exceptionally accessible, with a central location between some of Houston’s most significant roadways, including Highway 249, Beltway 8, Interstate 45, and Grand Parkway 99. Ideally positioned near shopping, restaurants, and fitness options, this office enjoys numerous lifestyle-enriching amenities. Within a 10-minute drive, access upscale shopping destinations, such as Vintage Park and Willowbrook Mall, as well as H-E-B, Target, Planet Fitness, and more.
Chasewood Bank Building sits in the dynamic Champions area of Houston, experiencing significant population growth, strong labor pools, and robust economic momentum. Residents within a mile radius of the office have an astonishing average household income of $136,181, which contributes to $134,186,776 in annual consumer spending. Utilize the highly educated workforce, where 57% of residents hold a bachelor’s degree or higher, and 75% of them are employed in the white-collar sector, per Houston’s State of Health.
8500 Cypresswood Drive is exceptionally accessible, with a central location between some of Houston’s most significant roadways, including Highway 249, Beltway 8, Interstate 45, and Grand Parkway 99. Ideally positioned near shopping, restaurants, and fitness options, this office enjoys numerous lifestyle-enriching amenities. Within a 10-minute drive, access upscale shopping destinations, such as Vintage Park and Willowbrook Mall, as well as H-E-B, Target, Planet Fitness, and more.
Chasewood Bank Building sits in the dynamic Champions area of Houston, experiencing significant population growth, strong labor pools, and robust economic momentum. Residents within a mile radius of the office have an astonishing average household income of $136,181, which contributes to $134,186,776 in annual consumer spending. Utilize the highly educated workforce, where 57% of residents hold a bachelor’s degree or higher, and 75% of them are employed in the white-collar sector, per Houston’s State of Health.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
29,810 SF
Building Class
B
Year Built
1999
Price
$4,200,000
Price Per SF
$140.89
Cap Rate
11.74%
NOI
$493,094
Percent Leased
97%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
14,905 SF
Building FAR
0.35
Lot Size
1.95 AC
Zoning
None
Parking
120 Spaces (4 Spaces per 1,000 SF Leased)
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
1 mile
3 mile
5 mile
2020 Population
9,293
106,265
294,885
2024 Population
8,888
104,749
286,632
Population Growth '20-'24
-4.4%
-1.4%
-2.8%
2020 Households
3,610
40,384
103,927
2024 Households
3,445
39,714
100,727
Household Growth '20-'24
-4.6%
-1.7%
-3.1%
Average Age
45
39
38
Median Household Income
$106,586
$78,737
$75,743
Daytime Employees
3,410
52,774
105,003
Total Businesses
516
7,374
14,053
College Degree + Higher
57%
40%
36%
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
Parcel Number
1148610090039
Land Assessment
$847,680
Improvements Assessment
$2,313,397
Total Assessment
$3,161,077
About the Seller
Read More
Other Properties in the BRENDA PENNINGTON COMMERCIAL REAL ESTATE, INC. Portfolio
About the Architect
Billy D. Tippit Architects Inc.
Read More
Other Properties in the Billy D. Tippit Architects Inc. Portfolio
Sale Advisors
Sale Advisors
Dana Khan, Leasing & Sales Agent
Dana Khan is a Leasing and Sales Agent for Greenwood Corporation L.P.
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Presented by
Greenwood Corporation L.P.
Chasewood Bank Building | 8500 Cypresswood Dr
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