Office

Lantower Southwest Building Inc.

4245 Kemp Blvd, Wichita Falls, TX 76308

Listing Price: $9,000,000

Cap Rate
8.89%
Gross SF
124,356
Rentable SF
124,356
Price/Gross SF
$72.37
Lot Size
3.51 acres
Year Built
1981

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to offer for sale the fee simple ownership interest in 4245 Kemp Boulevard in Wichita Falls, Texas. The asset is situated on approximately 3.51 acres at the intersection of Kemp Street and East Elliott Street in the central business district. The property is currently 81.1 percent leased including Merrill Lynch, JP Morgan Chase Bank, Wichita Home Health, Jacksboro National Bank, Telispire, and Burk Royalty as major tenants. Combined, these major tenants occupy 47,244 square feet or 37 percent of the total rentable building area. The property is a 10-story, Class B office building, with 152,896 gross square feet and approximately 124,356 rentable square feet, leased to 51 tenants. With a list price of $9,000,000, the property boasts an impressive NOI of approximately $768,929 after CapEx reserves. The property presents a strong value-add opportunity for a new investor by capturing the expense stop reimbursements for the entire building which should immediately generate an estimated $140,601 in revenue. The property is currently leased at an average price per square foot of $13.21, slightly less than the $16.34 CoStar estimated rental rate for the Wichita Falls submarket, adding additional upside for a new owner.

Wichita Falls is located in Northwest Texas, situated just an hour and a half from Dallas/Fort Worth, Texas, and about two hours to Oklahoma City, Oklahoma. Wichita Falls is home to Midwestern State University which is located less than a mile from the property. Top employers in Wichita falls include US Air Force, Alcoa, Wells Fargo, and Sealed Air Corporation. State-of-the-art medical facilities and services have made Wichita Falls the health care choice for residents in North Texas and Southern Oklahoma.

The property was built in 1981 and has been held by the same owners for over 25 years. The property has been well-maintained; the owners report a new roof was installed in 2017, three new elevators in 2015, and a new HVAC system in 2009. The property is easily accessible and is conveniently located next to the Sikes Senter Mall. Offering an exceptional location, outstanding accessibility, abundant amenities and stable cash flow, the subject property represents an excellent core investment opportunity.

Investment Highlights

  • High-Yield Asset
  • Pride of Ownership
  • Value-Add Through Expense Stop Reimbursements
  • Class B Office Building
  • Below Replacement Cost
  • Below-Market Rents

Exclusively Listed By

Office

Lantower Southwest Building Inc.

Listing Price: $9,000,000

Cap Rate
8.89%
Gross SF
124,356
Rentable SF
124,356
Price/Gross SF
$72.37
Lot Size
3.51 acres
Year Built
1981

Investment Highlights

  • High-Yield Asset
  • Pride of Ownership
  • Value-Add Through Expense Stop Reimbursements
  • Class B Office Building
  • Below Replacement Cost
  • Below-Market Rents

Investment Overview

Marcus & Millichap Real Estate Investment Services is pleased to offer for sale the fee simple ownership interest in 4245 Kemp Boulevard in Wichita Falls, Texas. The asset is situated on approximately 3.51 acres at the intersection of Kemp Street and East Elliott Street in the central business district. The property is currently 81.1 percent leased including Merrill Lynch, JP Morgan Chase Bank, Wichita Home Health, Jacksboro National Bank, Telispire, and Burk Royalty as major tenants. Combined, these major tenants occupy 47,244 square feet or 37 percent of the total rentable building area. The property is a 10-story, Class B office building, with 152,896 gross square feet and approximately 124,356 rentable square feet, leased to 51 tenants. With a list price of $9,000,000, the property boasts an impressive NOI of approximately $768,929 after CapEx reserves. The property presents a strong value-add opportunity for a new investor by capturing the expense stop reimbursements for the entire building which should immediately generate an estimated $140,601 in revenue. The property is currently leased at an average price per square foot of $13.21, slightly less than the $16.34 CoStar estimated rental rate for the Wichita Falls submarket, adding additional upside for a new owner.

Wichita Falls is located in Northwest Texas, situated just an hour and a half from Dallas/Fort Worth, Texas, and about two hours to Oklahoma City, Oklahoma. Wichita Falls is home to Midwestern State University which is located less than a mile from the property. Top employers in Wichita falls include US Air Force, Alcoa, Wells Fargo, and Sealed Air Corporation. State-of-the-art medical facilities and services have made Wichita Falls the health care choice for residents in North Texas and Southern Oklahoma.

The property was built in 1981 and has been held by the same owners for over 25 years. The property has been well-maintained; the owners report a new roof was installed in 2017, three new elevators in 2015, and a new HVAC system in 2009. The property is easily accessible and is conveniently located next to the Sikes Senter Mall. Offering an exceptional location, outstanding accessibility, abundant amenities and stable cash flow, the subject property represents an excellent core investment opportunity.

Exclusively Listed By

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