Meister Place, LP
| Status | Active |
|---|---|
| Address | 2712 Meister Place / Round Rock, Texas 78664 |
| County | Williamson |
| Type | Warehouse |
PROPERTY PROFILE
| Parcel Number | Lot 5 Spring Ridge Sec. #2 |
|---|---|
| Acreage | 2.38 |
| Zoning | Commercial |
| Unit Mix | Office/Warehouse |
| Number of units | 1 |
| Currently Leased | yes |
FINANCIAL INFORMATION
| Purchase Date | 10/27/2006 |
|---|---|
| Purchase Price | $1,507,807.26 |
| Total Cost | $1,707,807.26 |
| Estimated Site Rehab Cost | $200,000.00 |
| Current Occupancy | 100 |
|---|---|
| Lease Type | Triple Net |
| Sales Date | Not Sold |
| Property Status | Currently listed |
The Meister Place, LP (Property) was purchased ata reduced sales price and the Seller signed a 2-year triple net lease for the 2-years. In addition to being within miles of Dell Computer, the property has the additional qualities: – The Property is on 2.38 acres, with a 22,500 square foot free standing office/warehouse facility. The property is just west of the new SH-130 freeway and next to the new I-45 toll Road, providing excellent freeway access. – The Property is an insulated metal building, constructed in 2001; partial rock facade; 22’ eave height, 38 parking spaces; glass store-fronts with attractive porch. – 19,500 square foot warehouse (4 docks with 10’ x 9’ door; 1 with 10’ x 9’ door opening onto semi-dock loading apron; 1 12’14’ grade level door; high bay lights; 3 power vent fans in ceiling; 3 ceiling hung propane unit heaters; 3-phase 200 amp service; warehouse restroom with shower. – 3,000 square foot offices (2 offices, break room, bathrooms, private bathroom off of main office, programmable thermostats, stained concrete floors, security system and motion sensor light switches in bathrooms.
Map
Returns
| Average Annual Return |
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Property Highlights
The seller, who has been in business for years in the Austin area, has signed a 2 year lease to the new buyer at below lease rates, a copy of the lease is attached. The lease is triple net, meaning the tenant pays for property taxes, liability insurance, utilities, all maintenance costs and all other expenses. The lease calls for an annual lease payment of $135,000, calculating to a 7.1% annual return ($135,000/$1,900,000) for the first 2 years. As the area surrounding is growing, and in 2 years the market lease rate for this type of property is anticipated to be significantly higher, not only will the annual return increase, but the property value will also be significantly higher. Once the Property is leased at market rates in 2 years, it is anticipated it will be sold at what is expected to be a profit.
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