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Office

Freeport Sterling Office Center

8605 Freeport Pkwy, Irving, TX 75063

Listing Price: Request For Offer

Gross SF
50,200
Rentable SF
50,200
Lot Size
4.60 acres
Year Built
2006

Investment Overview

Marcus & Millichap Real Estate Investment Services offers for sale the fee simple ownership interest in Freeport Sterling Of?ce Center 8605 Freeport Parkway in Irving, Texas. The property’s major tenants include Paychex North America Inc. and Service Fusion. The Freeport Sterling Of?ce Center was built in 2006 and it is well maintained. The property is 96 percent occupied and Paychex recently renewed their lease. 50 percent of the asset is occupied by Paychex (NASDAQ: PAYX) and have occupied the subject property since 2008 and is a key location for them with a commitment to the subject property as evidenced by its diesel generator, battery backup and ?ber optics that help ensure Paychex remains in this facility for many years. Paychex North America Inc., payroll service company, is on triple-net lease with annual rent bumps and are responsible for reimbursing 50 percent of the operating expenses per th??e lease. Service Fusion, a ?eld service management software company, is on a modi?ed gross lease. Based on the current income the property offers a net operating income of $728,061 year one. The Freeport Sterling Of?ce Center offers the opportunity to invest in a stabilized property with a strong day one cash-on-cash return that is substantially below replacement costs at $199 per square-foot. The multi-tenant, of?ce building contains a total of 50,200 square-feet of rentable area and is conveniently located less than one mile from both the John W Carpenter Freeway (Hwy 114) and the Lyndon B Johnson Freeway (I-635), allowing for easy access to the property. The of?ce building is located on the intersection of Freeport Parkway and Sterling Street and is surrounded by multiple of?ce building with near-by restaurants, and hotels. Freeport Parkway sees a moderate estimated annual average daily traf?c count of 18,938 vehicles. The property bene?ts from easy and quick access to the DFW Airport and strong demographics, serving a ?ve-mile population of approximately 165,151 residents with a one-mile average household income exceeding $257,141.

Investment Highlights

  • Best Offer
  • Substantially Below Replacement Cost
  • Historically Consistent Cash Flow
  • Paychex Recently Renewed Lease
  • Proximity to Dallas-Fort Worth International Airport, Hwy 114, and I-635E
  • High Average Household Income of $257,141 Within One Mile
  • Densely Populated Area with 165,151 Residents Within Five Miles

Exclusively Listed By

Financing By

Office

Freeport Sterling Office Center

Listing Price: Request For Offer

Gross SF
50,200
Rentable SF
50,200
Lot Size
4.60 acres
Year Built
2006

Investment Highlights

  • Best Offer
  • Substantially Below Replacement Cost
  • Historically Consistent Cash Flow
  • Paychex Recently Renewed Lease
  • Proximity to Dallas-Fort Worth International Airport, Hwy 114, and I-635E
  • High Average Household Income of $257,141 Within One Mile
  • Densely Populated Area with 165,151 Residents Within Five Miles

Investment Overview

Marcus & Millichap Real Estate Investment Services offers for sale the fee simple ownership interest in Freeport Sterling Of?ce Center 8605 Freeport Parkway in Irving, Texas. The property’s major tenants include Paychex North America Inc. and Service Fusion. The Freeport Sterling Of?ce Center was built in 2006 and it is well maintained. The property is 96 percent occupied and Paychex recently renewed their lease. 50 percent of the asset is occupied by Paychex (NASDAQ: PAYX) and have occupied the subject property since 2008 and is a key location for them with a commitment to the subject property as evidenced by its diesel generator, battery backup and ?ber optics that help ensure Paychex remains in this facility for many years. Paychex North America Inc., payroll service company, is on triple-net lease with annual rent bumps and are responsible for reimbursing 50 percent of the operating expenses per th??e lease. Service Fusion, a ?eld service management software company, is on a modi?ed gross lease. Based on the current income the property offers a net operating income of $728,061 year one. The Freeport Sterling Of?ce Center offers the opportunity to invest in a stabilized property with a strong day one cash-on-cash return that is substantially below replacement costs at $199 per square-foot. The multi-tenant, of?ce building contains a total of 50,200 square-feet of rentable area and is conveniently located less than one mile from both the John W Carpenter Freeway (Hwy 114) and the Lyndon B Johnson Freeway (I-635), allowing for easy access to the property. The of?ce building is located on the intersection of Freeport Parkway and Sterling Street and is surrounded by multiple of?ce building with near-by restaurants, and hotels. Freeport Parkway sees a moderate estimated annual average daily traf?c count of 18,938 vehicles. The property bene?ts from easy and quick access to the DFW Airport and strong demographics, serving a ?ve-mile population of approximately 165,151 residents with a one-mile average household income exceeding $257,141.

Exclusively Listed By

Financing By

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