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Department of Family & Protective Services 200 University St 4,560 SF Office Building Wharton, TX 77488 $581,000 ($127.41/SF) 8% Cap Rate
INVESTMENT HIGHLIGHTS
- State of Texas Lease | AAA Credit
- Sticky Tenant Needed in this Market | Houston Suburb | No State Income Taxes
- Recent Lease Renewal | Annual CPI Increases
- Low Price Point | Adjacent Lot Available
- Build to Suit | Long Tenure | Renovations
- Located Directly behind Eastgate Plaza
EXECUTIVE SUMMARY
Northmarq is pleased to offer for sale to qualified investors the opportunity to acquire the fee simple interest in the property located at 200 University Ave, Wharton, Texas (the "Property"). The property is leased to the State of Texas, which carries an investment-grade credit rating of AAA by Standard & Poor's and Aaa by Moody's. This location is operated by the Department of Family and Protective Services (DFPS).
The DFPS has been at this location for just over 10 years, since 2015. They just renewed for an additional 5 years. The lease features annual CPI increases of 50% of the CPI, the highest allowed by the State of Texas. The Building was a Build-to-Suit for the DFPS in 2014. The building is a total of 4,560 SF, however the Tenant's lease is based on the net useable 3,821 SF.
The DFPS has been at this location for just over 10 years, since 2015. They just renewed for an additional 5 years. The lease features annual CPI increases of 50% of the CPI, the highest allowed by the State of Texas. The Building was a Build-to-Suit for the DFPS in 2014. The building is a total of 4,560 SF, however the Tenant's lease is based on the net useable 3,821 SF.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Building Size
4,560 SF
Building Class
B
Year Built
2014
Price
$581,000
Price Per SF
$127.41
Cap Rate
8%
NOI
$46,480
Tenancy
Single
Building Height
1 Story
Typical Floor Size
4,560 SF
Building FAR
0.08
Lot Size
1.34 AC
Opportunity Zone
Yes
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- State of Texas DFPS
- Administrative and Support Services
-
99,999 SF
- -
-
Jan 0000
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| State of Texas DFPS | Administrative and Support Services | 99,999 SF | - | Jan 0000 |
1 1
PROPERTY TAXES
| Parcel Number | R018444 | Improvements Assessment | $572,080 |
| Land Assessment | $96,670 | Total Assessment | $668,750 |
PROPERTY TAXES
Parcel Number
R018444
Land Assessment
$96,670
Improvements Assessment
$572,080
Total Assessment
$668,750
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Department of Family & Protective Services | 200 University St
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