11970 Spring Cypress Rd - Drug Store FOR SALE


Tomball, TX 77377
$4,928,571 USD
619-297-0055
11970 Spring Cypress Rd, Tomball, TX for Sale
$4,928,571 USD
Drug Store - FOR SALE
1/2
null | 7% Cap Rate

11970 Spring Cypress Rd
Tomball, TX 77377


HIGHLIGHTS

  • In 2022, Walgreens extended its lease out 10 years, showing the tenant's long-term commitment to the location.
  • Amplify Tomball (0.5 mi N) and Willow Creek Manor (1.5 mi E) are bringing 434 new MF units to the immediate neighborhood in 2026.
  • Walgreens is paying $25.27/sf in rent, which is in line with the local retail market rents of $26/sf.
  • Located in a Houston suburb, the average household income within 1 mile of the property is over $140,000.
  • Situated on a signalized hard corner with a combined 47k VPD and located less than a 1-mi from the ingress/egress for TX-249 with 101K VPD.
  • There is over 3.1 million square feet of existing retail space within 2 miles of the property, with a vacancy rate under 4%.

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$4,928,571 USD

PRICE/SF

$366 USD /SF

CAP RATE

7%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Replaceable Rent Levels | 2022 Lease Ext

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2003

SPRINKLERS

-

PARKING SPACES

33

LAND DETAILS

LAND ACRES

1 AC

LAND SF

43,560 SF

ZONING

-

APN/PARCEL ID

1237860010001

ASK ABOUT THIS PROPERTY

Jason PongsrikulPharma Property Group- Drugstore SpecialistsMore Info
619-297-0055

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Jason PongsrikulPharma Property Group- Drugstore SpecialistsMore Info
619-297-0055

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.