Listed by Long View Equity
$3,200,000
601 Crystal Falls Pkwy
Details
Property Type Office, Retail
Sub Type Medical Office, Shopping Center
Square Footage 9,556
Net Rentable (SqFt) 9,556
Units 5
Cap Rate 7.66%
NOI $245,216
Occupancy 100%
Tenancy Multi
Lease Type NNN
Lease Term 7.1
Lease Expiration 07/01/2027
Remaining Term 1.1
Rent Bumps Yes
Lease Options Two (2) Fixed Rate, for 24 Months each
Price per SqFt $335
Broker Co-Op Yes
Class B
Year Built 2020
Buildings 1
Stories 1
Acreage 0.970
Zoning (GC) - General Commercial
Parking Spaces 48 per 1,000 sq ft
Investment Type Stabilized
Tenant Credit Credit Rated
Lease Commencement 06/01/2020
Ground Lease No
Sale Condition 1031 exchange
Wellmed | 7.66% CAP | Leander, TX
Marketing description
Built in 2020, this 9,556 SF multi-tenant medical/retail building is in rapidly growing Leander, TX along one of the major East/West thoroughfares. The property is 73% leased by Wellmed Medical Management (UnitedHealth) and serves as their main clinic to serve the Cedar Park/Leander areas.
Favorable zoning (General Commercial) allows for a variety of uses, including medical, office and retail. A 5:1,000 SF parking ratio ensures that this property will be able to accommodate heavy parking uses.
Investment highlights
- 7.66% cap or $3,200,000 ($334/SF)
- $245,216 NOI
- 0.96 Acres
- Wellmed lease expiration of 5/31/27 with two (2) twenty-four (24) month fixed-rate renewal options
- Leo’s Funzone lease expiration of 9/30/27 with one (1) twenty-four (24) month FMV renewal option
- Wellmed has $0.75/SF annual escalations that continue through renewal options
- Leo’s Funzone has a 3% annual escalator
Listing Contacts
Listed by Long View Equity
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$245,216.00
$20,434.67/mo
Valuation Metrics
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DSCR
7.66%
Cap Rate
7.66%
ROI
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