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Office

8300 Cypress Creek Pkwy

8300 Cypress Creek Parkway, Houston, TX 77070

Listing Price: $6,100,000

Cap Rate
6.87%
Rentable SF
68,959
Lot Size
4.55 acres
Year Built
1986

Investment Overview

8300 Cypress Creek Parkway is located at the crossroads of Northwest Houston near the intersection of Highway 249 and Cypress Creek Parkway. Highway 249 is the direct connector to the Sam Houston Parkway, to the south, which encircles the entire Houston MSA, and to the northwest, Highway 99, aka the Grand Parkway where explosive growth is taking place in communities of Cypress, Tomball, and Magnolia. Cypress Creek Parkway is the major 6-8 lane artery connecting I-45 N to the east and Highway 290 to the west. Area tenants and owners include Noble Energy, Lone Star College, Methodist Hospital, and HP Enterprises. The area is estimated to have a daytime population of 101,249 and within a five mile radius the average annual income is estimated to be $96,858. The 4-story, 68,959 RSF office building is by far the nicest office building in its class for the entire Cypress Creek Parkway office corridor. The property has been extremely well maintained (with no known deferred maintenance) during the current owner’s almost nine year tenure. With over 9.7 MM of office space in this office submarket, 8300 offers a future owner not only a value-add play at 74 percent occupancy, but also at a price far below replacement cost for less than $89.00/RSF. Commanding an average rental rate of almost $21.00/RSF/YR Gross, 8300 offers a tenant a competitive rental rate to office versus other nearby buildings along Highway 249 commanding rates of $25.00 - $33.00/RSF/YR Gross. Capital Improvements for the last four (4) years include: Both Rooftop Chillers Replaced All Common Area Corridors and Lobbies Upgraded New LED Lighting in all Common Areas

Investment Highlights

  • Value-Add Opportunity at 74% Occupancy (New Tenant Lease Pending)
  • Highest Average Office Market Rents for the Cypress Creek Office Submarket
  • Located at Crossroads of Northwest Houston at Highway 249 & Cypress Creek Parkway
  • Immaculately Maintained Office Building
  • Upgraded Lobbies and Common Areas
  • Covered Parking Available
  • Building and Monument Signage
  • Fully Sprinkled Building

Exclusively Listed By

Financing By

Listing Price: $6,100,000

Cap Rate
6.87%
Rentable SF
68,959
Lot Size
4.55 acres
Year Built
1986

Investment Highlights

  • Value-Add Opportunity at 74% Occupancy (New Tenant Lease Pending)
  • Highest Average Office Market Rents for the Cypress Creek Office Submarket
  • Located at Crossroads of Northwest Houston at Highway 249 & Cypress Creek Parkway
  • Immaculately Maintained Office Building
  • Upgraded Lobbies and Common Areas
  • Covered Parking Available
  • Building and Monument Signage
  • Fully Sprinkled Building

Investment Overview

8300 Cypress Creek Parkway is located at the crossroads of Northwest Houston near the intersection of Highway 249 and Cypress Creek Parkway. Highway 249 is the direct connector to the Sam Houston Parkway, to the south, which encircles the entire Houston MSA, and to the northwest, Highway 99, aka the Grand Parkway where explosive growth is taking place in communities of Cypress, Tomball, and Magnolia. Cypress Creek Parkway is the major 6-8 lane artery connecting I-45 N to the east and Highway 290 to the west. Area tenants and owners include Noble Energy, Lone Star College, Methodist Hospital, and HP Enterprises. The area is estimated to have a daytime population of 101,249 and within a five mile radius the average annual income is estimated to be $96,858. The 4-story, 68,959 RSF office building is by far the nicest office building in its class for the entire Cypress Creek Parkway office corridor. The property has been extremely well maintained (with no known deferred maintenance) during the current owner’s almost nine year tenure. With over 9.7 MM of office space in this office submarket, 8300 offers a future owner not only a value-add play at 74 percent occupancy, but also at a price far below replacement cost for less than $89.00/RSF. Commanding an average rental rate of almost $21.00/RSF/YR Gross, 8300 offers a tenant a competitive rental rate to office versus other nearby buildings along Highway 249 commanding rates of $25.00 - $33.00/RSF/YR Gross. Capital Improvements for the last four (4) years include: Both Rooftop Chillers Replaced All Common Area Corridors and Lobbies Upgraded New LED Lighting in all Common Areas

Exclusively Listed By

Financing By

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