703 Mustang Dr Andrews, TX 79714
- Industrial properties
- 8,700 SF
- 2.00 lot acres
Current Use by Public Records
- Industrial properties
Property Details for 703 Mustang Dr
- Year built
- 1965
- Lot size
- 2.00 lot acres
- Property size
- 8,700 SF
- Property type
- Industrial properties
- APN
- 09400-00527-0000
- APU
- 9400005270000
Description
This exceptional Andrews, Texas industrial property presents a compelling investment opportunity. The 10,000-square-foot warehouse sits on a two-acre lot and boasts a strong 10% cap rate and a pro-forma cap rate of 10.08%. The property features three buildings constructed in 1965 and extensively renovated in 2019, offering a blend of character and modern functionality. The warehouse space comprises 8,000 square feet, including six drive-in bays equipped with fourteen-foot electric overhead doors, two 500-pound jib cranes, a locker room, shop fans, and heaters. An additional 2,000 square feet of office space provides three private offices, a break room, conference room, and a waiting area with a built-in secretarial desk. The property also includes convenient amenities such as utility connections for two seven-room camp trailers with separate septic systems, laundry facilities, and a fuel dock. The fully fenced and lit yard features compacted rock and boasts three points of access: two electric gates on Mustang Drive and one at the rear of the property on Sunset Street, facilitating efficient truck traffic flow. The current tenant, a combination of Innovex and Pride Energy, is under a Net Lease agreement with a corporate guarantee, providing financial stability. The lease commenced January 1, 2022, with a five-year term, including annual rent bumps of 3%, ensuring consistent income growth. The remaining lease term is approximately 2.1 years. The property's eight dock-high doors and sixteen-foot ceiling height cater to diverse operational needs. This fee-simple ownership opportunity is ideal for a 1031 exchange. The property's location in Andrews County, Texas, at 703 NW Mustang Dr, 79714, offers excellent accessibility and potential for future growth.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Andrews
- County
- Andrews
- State
- Texas
- Longitude
- -102.571
- Latitude
- 32.3212
- CBSA code
- 11380
- CBSA name
- ANDREWS, TX MICROPOLITAN STATISTICAL AREA
