Investment Opportunity — Tomball, TX

SH-249
Flex & Retail Campus

+/-19,344–21,000 SF  ·  4.00 Acres  ·  Flex / Light Industrial / Retail  ·  Tomball Parkway Corridor

Asking Price
$4,000,000
~$22.93/SF land basis
Suggested Strike Price
$3.0M–$3.25M
Redlands guidance
Stabilized NOI (Mid Case)
$290,000
At $15.50–$16.75/SF blended
Stabilized Value (Mid)
$3.05M–$3.63M
At 8.0%–9.5% cap rate
✓  Why You Want It
✓
4 Acres on SH-249 / Tomball Parkway with Costco Adjacency 174,451 SF of land on one of the strongest growth corridors in northwest Houston. Direct Tomball Parkway frontage, Costco next door, Tractor Supply nearby, and dense surrounding residential growth. Land basis at $22.93/SF is well below replacement cost for a fully improved 4-acre commercial site.
✓
Flexible Use: Flex, Retail, Office, Contractor Campus, Owner-User Zoned commercial with city water and sewer. The property supports retail showroom, flex/light industrial, office-retail hybrid, contractor yard, outdoor storage, and owner-user occupancy. 10 demised suites (5 office/retail + 5 flex) are already configured for multi-tenant lease-up. No single-use constraint.
✓
Large Paved Yard and Outdoor Storage Utility The 4-acre site includes a large paved field beyond the buildings, providing significant outdoor storage, contractor staging, parking, or future expansion utility. The existing North Central Storage tenant already pays $4,500/month for a 3,176 SF building plus 1.25 acres of fenced outside area, validating yard rental demand.
✓
HCAD Value Near $3.75M Provides Basis Support HCAD 2026 market value is $3,753,639 with an appraised value of $3,360,000. A buyer entering at $3.0M–$3.25M is acquiring below both the HCAD market value and the HCAD appraised value, providing a meaningful basis cushion and property tax protest leverage from day one.
⚠  Watch Out For
⚠
Materially Vacant Today — Only $54K/Year In-Place Income Only one verified lease: North Central Storage at $4,500/month ($54,000/year). At the $4M seller price, that is a 1.35% current yield. The seller is pricing off future lease-up, not current income. A buyer is paying for the business plan before it has been executed. Underwrite around the vacancy scenario.
⚠
$25/SF Office/Retail Ask Is Aspirational, Not Supported by Comps Tomball office rents average closer to $14–$16/SF. The broker's $25/SF office/retail ask is aggressive for base underwriting. Redlands uses $15–$17/SF for office/retail and $13–$15/SF for flex as the middle-market range. Using the full $25/SF ask produces a stabilized value of $4.38M, which is the seller's number, not a buyer's number.
⚠
Hybrid Asset May Not Suit Conventional Lenders or Buyers The property sits between retail and industrial. Retail tenants may not like the industrial condition; industrial tenants may not pay retail rents. Conventional lenders will heavily discount the vacancy. Expect lender scrutiny and a larger equity requirement. Best buyer is likely an owner-user, contractor, or value-add operator with leasing infrastructure.
⚠
Capex, Roof, HVAC, and North Central Storage Lease Status Unknown Roof age, HVAC condition by suite, paving condition, and TI requirements are all unverified. The North Central Storage lease was a 24-month term from September 2021 with one 24-month renewal option. Confirm whether the lease is still in force, renewed, or month-to-month before underwriting the $54K income as durable.

Financial Analysis

The Numbers

Current Income & Occupancy
North Central Storage In-Place Lease
3,176 SF bldg + 1.25 ac yard · $4,500/mo
Office/Retail Suites (5) Vacant — For Lease
9,788 SF · $15–$17/SF target
Flex Suites (5) Vacant — For Lease
9,450 SF · $13–$15/SF target
Current Annual Income $54,000/yr
Current Yield at Ask 1.35%
Known Occupancy ~15%–16%
Stabilized NOI (Mid Case) $275K–$300K/yr
Valuation & Offer Guidance
Asking Price $4,000,000
Price / SF (Land) ~$22.93/SF
Price / SF (Building) ~$190–$207/SF
HCAD Market Value (2026) $3,753,639
HCAD Appraised Value $3,360,000
Redlands Guidance
Suggested Strike Price $3,000,000 – $3,250,000
Redlands MAO $3,250,000 – $3,350,000
Conditional Stretch MAO $3,500,000
Stabilized Exit (Mid Case, 8.5% Cap)
Stabilized NOI ~$290,000
Projected Exit Value ~$3,410,000
Entry Yield at $3.0M 9.67%

Lease-Up Scenarios

Stabilized Value by Case

Scenario Blended Rent Stabilized NOI Value at 8.5% Cap Value at 8.0% Cap Verdict
Conservative $13.50–$15/SF $245K–$265K $2.88M–$3.12M $3.06M–$3.31M Supports $3.0M strike
Middle-Market (Base Case) $15.50–$16.75/SF $275K–$300K $3.24M–$3.53M $3.44M–$3.75M Redlands base case
Broker / Listing Case $16–$25/SF $340K–$365K $4.00M–$4.29M $4.25M–$4.56M Seller's number; treat as upside
Owner-User / Contractor Campus N/A (occupancy value) N/A $3.25M–$4.00M N/A Best buyer type for $4M

The seller's $4M price is only supported under the broker/listing case or for an owner-user who eliminates rent. A value-add investor entering at $3.0M–$3.25M achieves a 9.2%–10.0% stabilized yield under the middle-market case. Do not underwrite the full $25/SF office/retail rent as the base case.

Location

Tomball Parkway Corridor, Northwest Houston

27210 State Highway 249, Tomball TX 77375  ·  Costco adjacent  ·  SH-249 / Tomball Parkway frontage  ·  ~30 miles northwest of Downtown Houston

Property Photography

The Site

Aerial drone view, 27210 SH-249 campus and surrounding residential growth
SH-249 frontage, buildings visible from Tomball Parkway Street-level view, flex building facades and paved yard Costco Wholesale adjacent, SH-249 corridor context

Property Details

Quick Facts

Address
27210 State Hwy 249
Tomball, TX 77375
Submarket
Tomball / NW Houston
SH-249 / Tomball Parkway Corridor
Building Size
+/-19,344 SF
21,000 SF per listing; HCAD 19,344 SF
Land Size
4.00 Acres
174,451 SF per HCAD
Occupancy
~15%–16%
North Central Storage, In-Place
Current Income
$54,000/yr
$4,500/mo from North Central Storage
Construction
Metal Buildings
Built 1980; City Water & Sewer
Suite Configuration
10 Suites
5 Office/Retail + 5 Flex (1,500–2,812 SF)
Zoning / Use
Commercial
Retail, Flex, Office, or Industrial
HCAD Value (2026)
$3,753,639
Appraised: $3,360,000
Owner
Black Forest Flex Park LLC
Asking $4,000,000
Deal Type
Value-Add
Lease-Up / Owner-User / Flex Campus

Ready to Move?

Talk to the Team

Samuel Smith
Samuel Smith
Managing Partner
979-571-5087
Call Samuel
TX Lic #697734
Brent Arents
Brent Arents
Commercial Agent
979-229-8820
Call Brent

This investment summary is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security or investment. Prepared by Redlands Commercial Group. All figures are based on information believed to be reliable but not guaranteed. All numbers remain subject to rent roll, HCAD, survey, and physical due diligence verification. Lease status for North Central Storage must be independently confirmed. Full financials and offering memorandum available after NDA execution. Redlands Commercial Group · Brokered by Walzel Properties · TX Lic #697734