Pierce Investments
Listed by Pierce Investments
$5,650,000
5796 E. Hwy 114
Details
Property Type Retail, Office
Sub Type Executive Office, Commercial
Square Footage 21,500
Cap Rate 6.50%
Occupancy 83%
Year Built 2019, 2018, 2017, 2021
Buildings 4
Acreage 2.186
Investment Type Value Add
Retail | 6.50% CAP | 21,500 SqFt
Marketing description
This property comprises four buildings on a 2.186-acre site at the southeast corner of
SH 114 and CR 4841, with a current occupancy rate of 83%. The diverse tenant mix
includes an oil industry service company, a doctor’s office, a pharmacy, general
contractors, and insurance companies, collectively occupying 21,500 square feet of
leasable space across nine tenants. Each tenant's lease includes annual rate
escalations, with lease terms staggered over the next eight years.
Investment highlights
- Strategic Location: Situated along the rapidly developing Hwy 114 corridor, the property benefits from increasing traffic volumes, enhancing visibility and accessibility.
- Robust Economic Growth: The Dallas-Fort Worth (DFW) Metroplex, encompassing Haslet, has experienced substantial population and employment growth. The North Central Texas Council of Governments (NCTCOG) forecasts a 69% increase in both population and employment over a 30-year period, reflecting strong development trends.
- Infrastructure Enhancements: Ongoing improvements, such as road expansions and utility upgrades, have further stimulated local growth, supporting commercial activities in the area.
- Building 1: Office space, 5,900 SF, built in 2021.
- Building 2: Office space, 6,000 SF, built in 2018.
- Building 3: Office space, 3,600 SF, built in 2017.
- Building 4: Office space, 6,000 SF, built in 2019.
- Expansion Potential: Building 3 can be expanded by an additional 2,400 SF, increasing the property's leasable area.
- Utility Upgrades: Connecting to the new public sewer system, approximately two miles away, could enhance the property's infrastructure and support future developments.
- Additional Land Acquisition: Purchasing adjacent property from the state could provide extra parking space, accommodating tenant and customer needs.
- Potential Roadway Acquisition: Purchasing adjacent roadway from the county could provide enhanced parking/access for tenants and their customers.
- New Construction: Post sewer connection, there's potential to add a new 6,000 SF building, further increasing rental income.
- Traffic Improvements: Plans to add a traffic light at the 114 and 4841 intersection are underway, which would improve accessibility and potentially increase property value.
Listing Contacts
Pierce Investments
Listed by Pierce Investments
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