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Office

Offices at Noble Oaks

1121 S Carroll Ave, Southlake, TX 76092

Listing Price: $3,500,000

Cap Rate
1.66%
Gross SF
12,679
Rentable SF
12,679
Price/Gross SF
$276.05
Lot Size
1.20 acres
Year Built
2007

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to offer for sale the partnership interest in the Offices at Noble Oaks located at 1121 South Carrol Avenue in Southlake, Texas. The property is currently occupied by an event management group, financial offices, and energy provider offices. The subject office property was built in 2007 and is positioned as a high-quality office asset in the heart of Southlake. The materials used in construction create a high-end finish-out for the property including but not limited to sawn limestone exteriors, slate roofing, multiple tenant balconies, and elevator access. With the property being approximately 45 percent occupied, this presents a unique opportunity for an owner/user looking to take over the remaining vacant space. An owner/user would be taking over a high-quality building with an appealing cash flow in a high barrier-to-entry market. An incoming investor should look to fill the remaining vacancy in the property with staggered leases at fair market rents of $22.00 plus triple-net expenses. A stabilized asset in this submarket is 93 percent occupied at a fair market rate. There is also potential for the property attic space as either storage for tenants or a white box area for occupancy if cleared by the city. This property location has also been a recent attractive submarket for out-of-state companies that are relocating to the North Texas area which has only increased demand for high-quality office space. The multi-tenant office building contains a total of 12,679 square feet of rentable area and is conveniently located approximately less than one mile from West State Highway 114 and East Southlake Boulevard, allowing for easy access to the property. The Offices at Noble Oaks sees a medium estimated average daily traffic of 11,004 vehicles. The property benefits from strong demographics, serving a three-mile population of approximately 64,277 residents with a one-mile average household income exceeding$266,615.

Investment Highlights

  • Excellent Owner/User or Value-Add Opportunity
  • Upside Through Leasing Vacant Space
  • High Barrier-to-Entry Market
  • High-Quality Finish-Out Property
  • High Average Household Income of $266,615 Within One Mile
  • Proximity to Dallas/Fort Worth International Airport
  • Ideally Accessible to Hwy 114, Hwy 121, & Southlake Blvd

Exclusively Listed By

Office

Offices at Noble Oaks

Listing Price: $3,500,000

Cap Rate
1.66%
Gross SF
12,679
Rentable SF
12,679
Price/Gross SF
$276.05
Lot Size
1.20 acres
Year Built
2007

Investment Highlights

  • Excellent Owner/User or Value-Add Opportunity
  • Upside Through Leasing Vacant Space
  • High Barrier-to-Entry Market
  • High-Quality Finish-Out Property
  • High Average Household Income of $266,615 Within One Mile
  • Proximity to Dallas/Fort Worth International Airport
  • Ideally Accessible to Hwy 114, Hwy 121, & Southlake Blvd

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to offer for sale the partnership interest in the Offices at Noble Oaks located at 1121 South Carrol Avenue in Southlake, Texas. The property is currently occupied by an event management group, financial offices, and energy provider offices. The subject office property was built in 2007 and is positioned as a high-quality office asset in the heart of Southlake. The materials used in construction create a high-end finish-out for the property including but not limited to sawn limestone exteriors, slate roofing, multiple tenant balconies, and elevator access. With the property being approximately 45 percent occupied, this presents a unique opportunity for an owner/user looking to take over the remaining vacant space. An owner/user would be taking over a high-quality building with an appealing cash flow in a high barrier-to-entry market. An incoming investor should look to fill the remaining vacancy in the property with staggered leases at fair market rents of $22.00 plus triple-net expenses. A stabilized asset in this submarket is 93 percent occupied at a fair market rate. There is also potential for the property attic space as either storage for tenants or a white box area for occupancy if cleared by the city. This property location has also been a recent attractive submarket for out-of-state companies that are relocating to the North Texas area which has only increased demand for high-quality office space. The multi-tenant office building contains a total of 12,679 square feet of rentable area and is conveniently located approximately less than one mile from West State Highway 114 and East Southlake Boulevard, allowing for easy access to the property. The Offices at Noble Oaks sees a medium estimated average daily traffic of 11,004 vehicles. The property benefits from strong demographics, serving a three-mile population of approximately 64,277 residents with a one-mile average household income exceeding$266,615.

Exclusively Listed By

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