Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to offer for sale of the fee simple ownership interest in Norwood Office Park located at 1501 Norwood Dr Hurst, Texas. The property is currently vacant presenting an excellent owner/user opportunity. The subject property was built in 1978 for general and medical office use. The multi-tenant, office building contains 22,000 square feet of rentable space. An incoming investor has the opportunity to capture upside potential through multiple means. As the property is priced below replacement cost, the primary upside is through improving the building and filling the vacant space with tenants. The building is situated between the Dallas/Fort Worth International Airport and Fort Worth, with easy access to Texas Highway 183, making this an excellent opportunity for an owner/user who would look supplement expenses from the multiple tenant space in the property. The submarket’s average lease rate per square foot is $16.50, with stabilization at roughly 70 percent occupancy. As such, this property has great upside potential in leasing the vacant space at market rent. The proximity to the Tarrant County Jr College campus presents another opportunity to reach a student demographic. Hurst is seeing steady growth and is projected to continue growing in population over the next five years. The surrounding area presents strong demographics, serving a five-mile population of approximately 246,892 residents with a five-mile average income of $110,116.