1503 Center St Bonham, TX 75418

Property Details for 1503 Center St

Year built

1950

Construction

WOOD FRAME

Lot size

0.37 lot acres

Property size

1,658 SF

Property type

Commercial real estate

APN

71404

APU

71404

Description

This exceptional 1,658 square foot office building, situated on a 0.37-acre lot at 1503 N Center Street in Bonham, Texas, presents a compelling investment opportunity. The property boasts a strong lease agreement with the State of Texas – Texas Family Initiative, ensuring consistent rental income. The current monthly rent is $3,600, with an annual increase of $100 built into the lease, extending through November 30, 2028. This translates to a desirable 6.5% cap rate. The tenant is responsible for all utilities and maintenance, except for structural repairs. The building underwent a complete reconstruction in 2023, including the installation of new HVAC systems with a 10-year warranty, updated commercial electrical wiring, new plumbing and ADA-compliant restrooms, fresh foam insulation, new doors, trims, and windows, new flooring, interior painting, and updated door hardware and finishes. Exterior improvements completed in 2023 encompass new concrete work, sidewalks, parking areas (per approved site plan), and landscaping. Annual property taxes are $6,100, and annual insurance premiums are $2,600, both paid by the owner. This freestanding building offers a turnkey investment with a secure, long-term lease and significant recent upgrades. The lease agreement includes a rent clause image for review. This is a rare opportunity to acquire a fully leased, renovated commercial property in a desirable location.

Location Insight

City

Bonham

County

Fannin

State

Texas

Longitude

-96.1779

Latitude

33.5884

CBSA code

14300

CBSA name

BONHAM, TX MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments