Texas department of Criminal Justice 15581 Horizon Blvd 4,532 SF Office Building Horizon City, TX 79928 $1,106,085 CAD ($244.06 CAD/SF) 8% Cap Rate

Northmarq is pleased to offer for sale to qualified investors the opportunity to acquire the leased fee simple in the building of the single-tenant State of Texas office facility located in Horizon City (El Paso), Texas (the "Property"). The Property is leased to the State of Texas operating as the Department of Criminal Justice ("TDCJ"). The State of Texas carries an investment-grade credit rating of AAA by Standard & Poor's and Aaa by Moody's.
The TDCJ exercised a 5-year extension but they have been at this location for over 15 years, since 2009. The lease features annual increases of $0.50 PSF and the Tenant still has three 5-year options remaining. Only 5 years into the initial term, the TDCJ had the Landlord expand their building by almost 50%. The building size was increased from 2,394 SF to 4,532 SF. Along with the expansion, the Tenant exercised their 1st of 5 Options 5 years before it was required.
The Property consists of 0.84 acres and a one-story, 4,532 SF government office building built in 2008. The Seller has spent significant money upgrading and expanding the building for DFPS. Over the past few years, the Landlord has invested more than $81,700 in repairs for the Tenant. These repairs included: new HVAC, roof repairs, new water heater, parking lot, landscaping, exterior lighting, exterior & interior paint, new cabinets and plumbing work & new flooring.
The Property is located in Horizon City, TX approximately 30 minutes southeast of El Paso. TDCJ has excellent visibility on Horizon Blvd, a major East-West thoroughfare which has over 30,448 cars per day. El Paso is the 6th largest metro area in Texas and is home to Fort Bliss, occupied by the 1st Armored Division. Fort Bliss is comprised of 1.12 million acres of land in Texas and New Mexico.
Within 10 miles of this location, there are over 197,200 people with an average HH Income of $92,347. Additionally, there is a daytime population of 136,664 people within 10 miles. This property is a stable investment with a credit rated tenant that has over 15 years of occupancy, located in a state with no State Income Tax and available at a low price point of just under $800K.