Rockmead Drive
9.25% Cap | 92.6% occ | Suburban Medical & Professional Office | Strong Houston, TX MSA
Marketing description
CBRE is pleased to present to qualified investors the outstanding opportunity to acquire the fee simple interest in a 92.6% eased, stable investment prominently located on Highway 59 (Interstate 69) in Kingwood, TX. The property is surrounded by banks, hotels, restaurants and shopping with proximity numerous premier golf courses. It is also 15 minutes from Bush International Airport and Beltway 8.
Comprised of 53,578 square feet, 800 Rockmead Drive is leased to a high quality roster of tenants with 2.62 years of weighted average lease term. The property is heavily leased to 37.5% medical tenancy, 32.3% engineering & construction, 17.9% legal, and 3.4% financial services.
The property consists of a two-story multi-tenant atrium office building situated on approximately 3.61 acres. Built in 1981, this property is well-maintained with extensive renovations in the amount of $1,558,448 completed in 2022 and 2023. The Property features lush trees, park-like surroundings and pathways, as well as ample parking with access to 605 parking spaces.
The offering is priced at an attractive 9.25% cap ($7,217,011) allowing for ample positive leverage and cash flow growth with 4.64% NOI CAGR.
Investment highlights
- 92.6% Occupied, Class B Office Building
- Priced below replacement cost and equivalent to recent comps
- 2.62 Years WALT- Diversified tenancy with staggered lease expirations
- 3.72% In-place lease rates 3.72% below market
- Secure in-place cash flow with upside rent growth opportunity
- Strong rent roll - Medical: 37.5%, Engineering & Construction: 32.3%, and Legal: 17.9%
- Significant CAPEX investment of ± $1,558,448 for renovations
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