OFFERING SUMMARY
Price: $2,653,000
Cap Rate: 7.00%
Gross Leasable Area: 18,571 SF
NOI: $185,710
OFFERING HIGHLIGHTS
- Best in Class Tenant
- Austin MSA
- Ten-Year Lease Extension Executed in 2017
- Attractive Building with New Roof and HVAC
- Sustainable Rent Per SF
- Strong Population
INVESTMENT OVERVIEW
The subject offering provides qualified investors with the opportunity to acquire a free-standing Office Depot in Marble Falls, Texas. Office Depot has been at this location for almost 20 years and executed a ten-year extension early in 2017, showing a strong commitment to this location. Office Depot has three, five-year options remaining with builtin rent increases and currently pays a very sustainable ten dollars a foot. Additionally, the building is just over 18,000 square feet making it much more amenable to secondary uses than the traditional in-line location. The current lease is double net in nature with the landlord responsible for maintenance of the roof and structure while the tenant is responsible for maintaining the parking lot, CAM, taxes, and insurance.
Located just off Highway 281 in Marble Falls, this property benefits from strong traffic counts, excellent visibility, and strong retail synergy with the neighboring Home Depot and other national retailers. Marble Falls sits northwest of Austin, Texas, and has greatly benefited from the city’s continued growth. Marble Falls’s population has increased by almost 20 percent in the last decade and over 3,800 new homes are expected to be built in the next few years as Austin’s growth continues to push out into the Hill Country.
