Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to offer for sale the fee simple ownership interest in 1140 Empire Central Dr, located in Dallas, Texas. The property’s major tenants include immigration law offices, insurance offices, a travel management company, and a hospitality service staffing agency. The subject office building was built in 1974 and is positioned as a core value-add Dallas proper office asset. Currently, the property is underperforming the submarket occupancy rate by approximately $3.25 per square-foot. A new owner can take advantage of rolling leases and conservatively capture rent increases from $13.43 square-foot to market rate of $16.67 square-foot plus electricity expense recapture, bringing topline revenue potential from $810,310 to $1,103,273 with a 15 percent general vacancy included. Resulting in a stabilized pro forma EBITDA of $577,839, underwritten with a standard market 3 percent management fee and twenty-five (25) cents per square foot in reserves. The multi-tenant office building has approximately 82,518 rentable square feet. Located at 1140 Empire Central Dr, Dallas, Texas, the office building consists of 56 suites, and 85 percent of the property is occupied. The property is conveniently situated approximately less than a mile from Stemmons Freeway and Texas interstate 183, allowing for easy access to the property. The One Empire office building sees a moderate estimated average daily traffic count of 7,930 vehicles, and benefits from strong demographics serving a five-mile population of approximately 287,452 residents with a five-mile average household income exceeding $116,116.