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Office

Ashford Place

1500 S Dairy Ashford Rd, Houston, TX 77077

Listing Price: $5,995,000

Cap Rate
5.26%
Gross SF
134,049
Rentable SF
134,049
Price/Gross SF
$44.72
Lot Size
3.38 acres
Year Built
1982

Investment Overview

Ashford Place, located at 1500 S. Dairy Ashford Road, is strategically located near the Southwest corner of South Dairy Ashford Road and Briar Forest Drive. The 134,000+ RSF four (4) story office building offers an investor or owner/occupier an outstanding location at a busy intersection on Houstons west side. The rectangular shaped property, totaling approximately 3.38 acres, offers three (3) ingress/egress points: two (2) on S. Dairy Ashford Road and one (1) along Briar Forest Drive. The property includes a metal structured garage at the rear of the building.
Ashford Place is only minutes South of I-10 West, the main East-West Freeway dissecting Houston, and has been a proven location for both large and small tenants including First American Titles back-office operations for the entire Houston area for over 20 years. The property includes a beautiful skylit atrium that is well-landscaped within.
For an investor, Ashford Place is a true value-add opportunity. Beginning June 1, 2021, the buildings occupancy will be approximately 35 percent. This provides excellent upside for any buyer seeking above market returns. Similar office buildings along the I-10 West corridor command rents 30-40 percent higher. This allows the purchaser the opportunity to provide a similar product at a substantial discount to the competition thereby attracting tenants seeking a competitively priced product to lease. Alternatively, the large blocks of vacant suites provide an owner/occupier the ability to assemble up to 87,000 RSF to house their operations.
Resetting the basis of Ashford Place to a fraction of its competition will allow an investor the opportunity to lease the vacant space at rental rates and terms that other buildings in the area will not be able to match.
Four (4) of the eight (8) restrooms have been remodeled and updated to todays standards for Class B suburban office buildings. Ownership is in the process of retrofitting the recessed lighting with LEDs in both the buildings atrium as well as the two front entrances. Exterior and interior landscaping will be upgraded as well as tree trimming along S. Dairy Ashford with all expected to be competed by end of January 2021. Additional plans include a new 8-10-foot monument signage. The existing monument sign at the South entry will be removed while replacing the existing one at the North entry along S. Dairy Ashford. Ownership is also considering repairs to the concrete parking lot surface and other additional improvements.

Investment Highlights

  • True Value-Add Investment Opportunity
  • Pound per Foot Opportunity at only $44.72/RSF
  • Strategically Located at Major Intersection of S. Dairy Ashford and Briar Forest Dr.
  • 41 Percent Pro Forma Cash-on-Cash Return
  • Historical Occupancy from 2008 through 2015 ranged from 77.6% to 93.4% per CoStar
  • Minutes to Both of Houston's Major East West Freeways, I-10 West & Westpark Tollway

Exclusively Listed By

Financing By

Listing Price: $5,995,000

Cap Rate
5.26%
Gross SF
134,049
Rentable SF
134,049
Price/Gross SF
$44.72
Lot Size
3.38 acres
Year Built
1982

Investment Highlights

  • True Value-Add Investment Opportunity
  • Pound per Foot Opportunity at only $44.72/RSF
  • Strategically Located at Major Intersection of S. Dairy Ashford and Briar Forest Dr.
  • 41 Percent Pro Forma Cash-on-Cash Return
  • Historical Occupancy from 2008 through 2015 ranged from 77.6% to 93.4% per CoStar
  • Minutes to Both of Houston's Major East West Freeways, I-10 West & Westpark Tollway

Investment Overview

Ashford Place, located at 1500 S. Dairy Ashford Road, is strategically located near the Southwest corner of South Dairy Ashford Road and Briar Forest Drive. The 134,000+ RSF four (4) story office building offers an investor or owner/occupier an outstanding location at a busy intersection on Houstons west side. The rectangular shaped property, totaling approximately 3.38 acres, offers three (3) ingress/egress points: two (2) on S. Dairy Ashford Road and one (1) along Briar Forest Drive. The property includes a metal structured garage at the rear of the building.
Ashford Place is only minutes South of I-10 West, the main East-West Freeway dissecting Houston, and has been a proven location for both large and small tenants including First American Titles back-office operations for the entire Houston area for over 20 years. The property includes a beautiful skylit atrium that is well-landscaped within.
For an investor, Ashford Place is a true value-add opportunity. Beginning June 1, 2021, the buildings occupancy will be approximately 35 percent. This provides excellent upside for any buyer seeking above market returns. Similar office buildings along the I-10 West corridor command rents 30-40 percent higher. This allows the purchaser the opportunity to provide a similar product at a substantial discount to the competition thereby attracting tenants seeking a competitively priced product to lease. Alternatively, the large blocks of vacant suites provide an owner/occupier the ability to assemble up to 87,000 RSF to house their operations.
Resetting the basis of Ashford Place to a fraction of its competition will allow an investor the opportunity to lease the vacant space at rental rates and terms that other buildings in the area will not be able to match.
Four (4) of the eight (8) restrooms have been remodeled and updated to todays standards for Class B suburban office buildings. Ownership is in the process of retrofitting the recessed lighting with LEDs in both the buildings atrium as well as the two front entrances. Exterior and interior landscaping will be upgraded as well as tree trimming along S. Dairy Ashford with all expected to be competed by end of January 2021. Additional plans include a new 8-10-foot monument signage. The existing monument sign at the South entry will be removed while replacing the existing one at the North entry along S. Dairy Ashford. Ownership is also considering repairs to the concrete parking lot surface and other additional improvements.

Exclusively Listed By

Financing By

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