Property summary
This fee-simple office building presents a compelling investment opportunity in Elsa, Texas. Located at 848 Palm Drive, 78543, this single-story, 15,816 square foot Class B property boasts a strong, 100% occupancy rate with a single tenant: the State of Texas Health and Human Service. The modified gross lease commenced May 1, 2017, and features a remaining term of approximately 2.4 years, with two five-year renewal options. The building, constructed in 2003 and renovated in 2017, sits on a 3.1-acre lot and includes 60 parking spaces. The property's Net Operating Income (NOI) is $135,554, yielding a 6.78% cap rate at an asking price of $1,999,000 ($126.39/sq ft). The property features a stable lease structure with annual escalations based on the Consumer Price Index (CPI). This investment offers a secure, government-backed tenant and a strong potential for long-term returns. The APN is P7350-00-000-0015-00.
Property profile
VerifiedCap rate & NOI
Location
Value estimations
Owner & transaction history
Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
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Value estimation
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from $99/month
Cap rate
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from $99/month
Property description
Physical attributes from public recordsZoning & alternative use
Zoning
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No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
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