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Office Medical

Richardson Professional Park

1112 N Floyd Rd, Richardson, TX 75080

Listing Price: $3,500,000

Cap Rate
7.01%
Rentable SF
30,411
Occupancy
100.0%
Year Built
1977
Lot Size
3.43 acres

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to offer for sale of the fee simple ownership interest in 1112 North Floyd Road and 670 West Arapaho Road, in Richardson, Texas. The property’s major tenants include Richardson Pediatric Associates, A & E Community Pharmacy, Dr. Meredith D.D.S and Dr. Juan Francisco. The subject business park was built in 1977 and has been well maintained by the seller for over the last two years.? With this property being fully occupied, the upside on this deal comes in the form of rental increases to market rates. This property has a history of maintaining long term tenants. The current tenant mix is comprised of 80 percent medical including medical practices, dental practices, and an independent pharmacy having full service gross leases in place. As current rents on this property are below market, there is substantial opportunity to increase rental revenue which will only improve the day one Cap rate of 7.01 percent. As property rent is brought to market rates, the day one cash-on-cash of 8.38 percent has the potential to grow to double digits. The multi-tenant, office business park contains two buildings totaling 30,411 square feet of rentable area and is conveniently located less than one mile away from the North Central Expressway, allowing for easy access to the property. The business park is located on the intersection of Arapaho Road and North Floyd Road, across from the street from Eleven Eleven Floyd Place and next to the Arapaho Gardens. The property benefits from strong demographics, serving a three-mile population of approximately 126,712 residents with a one-mile average household income exceeding $88,847.

Investment Highlights

  • Fully Occupied, 80% by Medical Tenants
  • Below-Market Rents
  • Long-Term Medical Tenants
  • 30,411-Square-Foot, Multi-Tenant Business Park
  • Prominently Located in the Heart of the DFW Metroplex
  • Densely Populated Area with 216,530 Residents Within Five Miles

Exclusively Listed By

Financing By

Office Medical

Richardson Professional Park

Listing Price: $3,500,000

Cap Rate
7.01%
Rentable SF
30,411
Occupancy
100.0%
Year Built
1977
Lot Size
3.43 acres

Investment Highlights

  • Fully Occupied, 80% by Medical Tenants
  • Below-Market Rents
  • Long-Term Medical Tenants
  • 30,411-Square-Foot, Multi-Tenant Business Park
  • Prominently Located in the Heart of the DFW Metroplex
  • Densely Populated Area with 216,530 Residents Within Five Miles

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to offer for sale of the fee simple ownership interest in 1112 North Floyd Road and 670 West Arapaho Road, in Richardson, Texas. The property’s major tenants include Richardson Pediatric Associates, A & E Community Pharmacy, Dr. Meredith D.D.S and Dr. Juan Francisco. The subject business park was built in 1977 and has been well maintained by the seller for over the last two years.? With this property being fully occupied, the upside on this deal comes in the form of rental increases to market rates. This property has a history of maintaining long term tenants. The current tenant mix is comprised of 80 percent medical including medical practices, dental practices, and an independent pharmacy having full service gross leases in place. As current rents on this property are below market, there is substantial opportunity to increase rental revenue which will only improve the day one Cap rate of 7.01 percent. As property rent is brought to market rates, the day one cash-on-cash of 8.38 percent has the potential to grow to double digits. The multi-tenant, office business park contains two buildings totaling 30,411 square feet of rentable area and is conveniently located less than one mile away from the North Central Expressway, allowing for easy access to the property. The business park is located on the intersection of Arapaho Road and North Floyd Road, across from the street from Eleven Eleven Floyd Place and next to the Arapaho Gardens. The property benefits from strong demographics, serving a three-mile population of approximately 126,712 residents with a one-mile average household income exceeding $88,847.

Exclusively Listed By

Financing By

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