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Office

Broadway Office Park

3200 Southern Dr, Garland, TX 75043

Listing Price: $4,000,000

Cap Rate
6.43%
Gross SF
43,938
Rentable SF
37,147
Price/Gross SF
$91.04
Lot Size
3.28 acres
Year Built
1984

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to offer for sale the fee simple ownership interest in Broadway Office Park located at 1101-1105 Stonewall Street and 3200-3256 Southern Drive in Garland, Texas. The property is currently occupied by a healthy mix of tenants including, but not limited to law offices, tax services, psychology practices, construction administration, and insurance groups The subject office property was built in 1984 and has been well maintained with the Seller having made significant capital improvements since their ownership in 2012. Improvements made by Seller include but are not limited to the following: installing new flooring and installation of a new roof. As the property is currently underperforming its submarket with an average lease rate of $12.63 per square foot compared to the submarket average of $17.25 per square foot, an incoming investor has a rare opportunity to aggressively push rates to match the market. A value-add investor should be looking to take advantage of the current shorter lease terms of 1 to 3 years creating the opportunity to stabilize the asset at market rates within a projected 8 to 14 months. Once stabilized at market rates, the projected results would be an annual effective gross revenue of $620,603. As we leave the pandemic environment behind, we are seeing increased demand for suburban office assets with the desire for employees and tenants to be closer to home. The multi-tenant, office park contains a total of 43,938 square feet of gross area and is conveniently located approximately two miles from I-635, allowing for easy access to the property. Broadway Office Park sees a high estimated annual average daily traffic of 21,204 vehicles. The property benefits from strong demographics, serving a five-mile population of approximately 309,636 residents with a one-mile average household income exceeding $85,968.

Investment Highlights

  • Six Single Story, 43,938-Square-Feet Office Buildings
  • Historically Consistent Cash Flow
  • Priced Below Replacement Cost at $91/SF
  • Below Market Rents
  • Recently Replaced Roof, HVAC Units, New Flooring, and Reconfiguration of Spaces to Attract New Tenants

Exclusively Listed By

Financing By

Office

Broadway Office Park

Listing Price: $4,000,000

Cap Rate
6.43%
Gross SF
43,938
Rentable SF
37,147
Price/Gross SF
$91.04
Lot Size
3.28 acres
Year Built
1984

Investment Highlights

  • Six Single Story, 43,938-Square-Feet Office Buildings
  • Historically Consistent Cash Flow
  • Priced Below Replacement Cost at $91/SF
  • Below Market Rents
  • Recently Replaced Roof, HVAC Units, New Flooring, and Reconfiguration of Spaces to Attract New Tenants

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to offer for sale the fee simple ownership interest in Broadway Office Park located at 1101-1105 Stonewall Street and 3200-3256 Southern Drive in Garland, Texas. The property is currently occupied by a healthy mix of tenants including, but not limited to law offices, tax services, psychology practices, construction administration, and insurance groups The subject office property was built in 1984 and has been well maintained with the Seller having made significant capital improvements since their ownership in 2012. Improvements made by Seller include but are not limited to the following: installing new flooring and installation of a new roof. As the property is currently underperforming its submarket with an average lease rate of $12.63 per square foot compared to the submarket average of $17.25 per square foot, an incoming investor has a rare opportunity to aggressively push rates to match the market. A value-add investor should be looking to take advantage of the current shorter lease terms of 1 to 3 years creating the opportunity to stabilize the asset at market rates within a projected 8 to 14 months. Once stabilized at market rates, the projected results would be an annual effective gross revenue of $620,603. As we leave the pandemic environment behind, we are seeing increased demand for suburban office assets with the desire for employees and tenants to be closer to home. The multi-tenant, office park contains a total of 43,938 square feet of gross area and is conveniently located approximately two miles from I-635, allowing for easy access to the property. Broadway Office Park sees a high estimated annual average daily traffic of 21,204 vehicles. The property benefits from strong demographics, serving a five-mile population of approximately 309,636 residents with a one-mile average household income exceeding $85,968.

Exclusively Listed By

Financing By

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