Current Use by Public Records
- Office Spaces
Property Details for 848 Palm Dr
- Year built
- 2003
- Lot size
- 3.10 lot acres
- Property type
- Office Spaces
Description
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.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Elsa
- County
- Hidalgo
- State
- Texas
- Longitude
- -97.9783
- Latitude
- 26.2917
