Listed by Northmarq - Houston
$2,136,000
STATE-LEASED PORTFOLIO - ANGLETON
Details
APN 207038
Property Type Office
Sub Type Traditional Office, Government
Square Footage 11,156
Units 1
Cap Rate 8.31%
NOI $170,822
Occupancy 100%
Tenancy Multi
Rent Bumps Yes
Year Built 1998
Year Renovated 2020
Stories 1
Acreage 1.690
Ownership Fee Simple
Houston MSA | AAA Credit Rated Teant
Marketing description
Northmarq is pleased to offer for sale to qualified investors the opportunity to acquire the fee simple interest in a government office building leased to the State of Texas. The State of Texas carries an investment-grade credit rating of AAA by Standard & Poor's and Aaa by Moody's.
Investment highlights
- STATE OF TEXAS LEASE | The Properties are leased to the State of Texas which carries an investment-grade credit rating of AAA by Standard & Poor's and Aaa by Moody's.
- TWO AGENCIES | The Department of Family and Protective Services (DFPS) is a tenant at Angleton. Health and Human Services (HHSC) is also a tenant at Angleton.
- SUBURBAN LOCATIONS = STICKY TENANTS | There are very few locations that support the suburbs. These strategic locations serve specific geographic areas. Most locations with the same tenant are 30+ miles away. Therefore, these tend to be sticky tenants with long-term occupancy at their locations.
- BUILD-TO-SUIT | Angleton was originally built in 1998 but taken down to the studs and re-built in 2020. The Angleton tenant has been here for over 26 years!
- REMAINING TERM WITH INCREASES | Each lease has 3 to 5 years of remaining term, along with two options remaining to extend the term. They all feature annual CPI increases equivalent to 50% of the CPI, the highest percentage allowed by the State of Texas.
Listing Contacts
Listed by Northmarq - Houston
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$170,822.00
$14,235.17/mo
Valuation Metrics
0
DSCR
8%
Cap Rate
8%
ROI
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