Government Office Building For
For Sale
Contact for pricing
1504 E MULBERRY ST, Angleton, TX 77515
Office building leased to the State of Texas available for purchase.
Property Size11,156 SF
Price / SF$191.47
Days on Market111
Property Features for 1504 E MULBERRY ST
General Information
Standard status
Active
Size
11,156 SF
Property subtype
Office
Occupancy
100%
Net Operating Income
$170,822
Building Details
Year Built
1998
Year Renovated
2020
Stories
1
Units
1
Tenancy
Multi
Listing Agency:
Northmarq - Houston
(832) 368-0374
Listed By:
Brian Corriston · License #TX 516241
Source:
Crexi
Added: May 12
Changed: Aug 8
Last Checked: Aug 29 at 12:12PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Northmarq - Houston
Investment Insights
Based on property information with market context.
Available for sale is a government office building leased to the State of Texas. The State of Texas has an investment-grade credit rating of AAA by Standard & Poor's and Aaa by Moody's. The property contains 11156 square feet and is located in Angleton, Texas.
Key Highlights
- Leased to the State of Texas.
- Investment‑grade credit rating of AAA by Standard & Poor's.
- Investment‑grade credit rating of Aaa by Moody's.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$186,246
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,724,920
$3.7M
Cap Rate 7%
$2,660,657
$2.7M
Cap Rate 9%
$2,069,400
$2.1M
Market Conditions
NOI Build-Up for 11,156 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$330.7K $29.64/SF
− Vacancy
−$82.3K −$7.38/SF
EGI
$248.3K $22.26/SF
− OpEx
−$62.1K −$5.56/SF
NOI
$186.2K $16.69/SF
Area
Brazoria County, TX
Vacancy
24.90%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,724,920
Cap Rate 7%
$2,660,657
Cap Rate 9%
$2,069,400
Alternative Uses
Best Use
Office B
$2.66M
$2.33M – $3.10M
NOI $186,246 @ 7.0% cap · market cap 8.72%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$138.98M
$121.60M – $162.14M
NOI $9,728,355 @ 7.0% cap · market cap 455.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
283
Businesses Nearby
Explore this area
Business Placement
Demographics for 77515, TX
32,710
Population
13,127
Households
2.5
Avg Household Size
38
Median Age
19%
College-Educated
89%
High-School Grad
204.5 sq mi
ZIP Area
160
Density / Sq Mi
$89,029
Median Household Income
$48,097
Median Earnings
$1,024
Median Rent
$210,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Office building leased to the State of Texas available for purchase.
Where is this office building located?
The property is located at 1504 E MULBERRY ST Angleton, TX.
What is the asking price?
The asking price for this property is $2,136,000.
What are key features of this property?
This property features: Leased to the State of Texas.; Investment‑grade credit rating of AAA by Standard & Poor's.; Investment‑grade credit rating of Aaa by Moody's.
