Park 2400 - Office Suites 3 & 4

Office for Sale
Catylist Listing ID: 30162588
Property Subtypes: Executive Suites, Mixed Use, Office Building, Other
Building Size (RSF): 4,000 SF
Gross Building Area: See Agent
Gross Land Area: 28,967 SF
Sale Price: $265,000
Unit Price: $66.25 PSF
Property Use Type: Investment, Vacant/Owner-User
Building Name: Park 2400
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/19/2017

Overview / Comments

The subject property consists of 2 free standing office buildings, storage building, additional development lot and parking lot on 28,967 sqft of land. The property could be purchased as investment or for owner/user, Suite 3 currently has a lease in place. With the current tenant annual expenses should be covered leaving 2,675 sqft available, at market rates and full occupancy the NOI should increase to provide 8-9% return.

Suite 3 (2406 College Hills) contains 1,325 sqft, originally built in 1968 and remodeled in early 2000's. This is a brick building with reception area, 2 private offices, conference room, small break area and 2 restrooms. Updated with textured walls, tile and suspended grid ceilings.

Suite 4 (2408 College Hills) contains 2,672 sqft with construction approximately 1979. Similar to others with brick exterior and concrete foundation. Built-up flat roof, covered walkway and entrance. Open floor plan with reception area, 1 large private office, 1 large conference room and the majority being open space throughout the building. There are also 2 storage rooms and one consists of additional small 2nd floor finished for additional storage area. Primarily textured and painted with grid ceiling, floor has a mixture of carpet, laminate wood and vinyl.

Storage - to the rear of the property is a wood framed storage building with concrete slab consisting of 807 sqft.

Additional Lot - the additional lot is located next to Suite 4 and could provide future development of an additional 1,500-2,000 sqft if needed.

Additional Details

Nearest MSA: San Angelo
County: Tom Green
Taxing Authority: Tom Green
Tax ID/APN: 06-18500-0053-028-00
Zoning: GENERAL COMMERCIAL
Property Visibility: Fair
Site Description: 2 suites consisting of brick exterior, covered walkways and fenced court yard. Paved private parking with access from College Hills Blvd.
Area Description: Surrounded by Park 2400 which offers a variety of retail and office uses. The property is located near the back of the development along the eastern borders.
Total Number of Buildings: 3
Year Built: 1968
Year Renovated: 2000
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Surface
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Water Service: Municipal
Sewer Type: Municipal
Easements: Electric Lines, Ingress/Egress
Legal Description: 0.665 Acres out of Tract A, College Hills Addition, Section 10, City of San Angelo, Tom Green County, TX

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,849 61,291 87,309
Median Age: 35.12 35.26 34.89
Households: 5,511 24,887 33,897
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