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Chasewood Bank Bldg 8500 Cypresswood Dr 29,810 SF 97% Leased Office Building Spring, TX 77379 $4,200,000 ($140.89/SF) 11.74% Cap Rate

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EXECUTIVE SUMMARY

Energy-efficient reflective glass
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
Convenient access to Highway 249, Beltway 8 and Grand Parkway 99

PROPERTY FACTS

Sale Type

Investment

Property Type

Office

Building Size

29,810 SF

Building Class

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

1,000 Spaces (4 Spaces per 1,000 SF Leased)

Air Conditioning

SPACE AVAILABILITY

SPACE
SIZE
SPACE USE
CONDITION
AVAILABLE

1st Fl-Ste 102
785 SF
Office
Full Build-Out
Jan 2026

Space	Size	Space Use	Condition	Available
1st Fl-Ste 102	785 SF	Office	Full Build-Out	Jan 2026

Size

785 SF

Space Use

Office

Condition

Full Build-Out

Available

Jan 2026

1 1

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 1 Mi. 3 Miles 3 Mi. 5 Miles 5 Mi.

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

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%

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

B. Pennington Commercial Real Estate is a tenant advocate team; since 1979, their professionals have diligently worked in a proactive fashion to provide their clients with ideal work place solutions. They offer tenants the convenience and confidence in locating the best options for office environment needs. Their leasing associates are skilled with marketing strategies that come with years of experience. B. Pennington Commercial Real Estate is known for its integrity, honesty, superior customer service, and commitment to clients. Their goal is to equip you with powerful information and experienced representation. They subscribe to national databases, while offering a customized hands on approach. With over 750 researchers, they have the ability to stay in tune with all opportunities available on a real time basis. They leverage local market knowledge and relationships to support your business objectives.

www.penningtoncommercial.com