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200 University St
Wharton, TX 77488
Department of Family & Protective Services · Office Property For Sale
Investment Highlights
- State of Texas Lease | AAA Credit
- Sticky Tenant Needed in this Market | Houston Suburb | No State Income Taxes
- Recent Lease Renewal | Annual CPI Increases
- Low Price Point | Adjacent Lot Available
- Build to Suit | Long Tenure | Renovations
- Located Directly behind Eastgate Plaza
Executive Summary
Northmarq is pleased to offer for sale to qualified investors the opportunity to acquire the fee simple interest in the property located at 200 University Ave, Wharton, Texas (the "Property"). The property is leased to the State of Texas, which carries an investment-grade credit rating of AAA by Standard & Poor's and Aaa by Moody's. This location is operated by the Department of Family and Protective Services (DFPS).
The DFPS has been at this location for just over 10 years, since 2015. They just renewed for an additional 5 years. The lease features annual CPI increases of 50% of the CPI, the highest allowed by the State of Texas. The Building was a Build-to-Suit for the DFPS in 2014. The building is a total of 4,560 SF, however the Tenant's lease is based on the net useable 3,821 SF.
The DFPS has been at this location for just over 10 years, since 2015. They just renewed for an additional 5 years. The lease features annual CPI increases of 50% of the CPI, the highest allowed by the State of Texas. The Building was a Build-to-Suit for the DFPS in 2014. The building is a total of 4,560 SF, however the Tenant's lease is based on the net useable 3,821 SF.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
4,560 SF
Building Class
B
Year Built
2014
Price
$776,933 CAD
Price Per SF
$170.38 CAD
Cap Rate
7.99%
NOI
$62,092 CAD
Tenancy
Single
Building Height
1 Story
Typical Floor Size
4,560 SF
Building FAR
0.08
Lot Size
1.34 AC
Opportunity Zone
Yes
Property Taxes
| Parcel Number | R018444 | Improvements Assessment | $781,999 CAD |
| Land Assessment | $132,142 CAD | Total Assessment | $914,141 CAD |
Property Taxes
Parcel Number
R018444
Land Assessment
$132,142 CAD
Improvements Assessment
$781,999 CAD
Total Assessment
$914,141 CAD
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