14614 Falling Crk Dr Houston, TX 77068-2942

Property Details for 14614 Falling Crk Dr

Year built

1980

Construction

STEEL FRAME

Lot size

2.76 lot acres

Property size

63,102 SF

Property type

Office buildings

APN

1030890000009

APU

1030890000009

Description

This exceptional 59,344 square foot Class B office building, located at 14614 Falling Creek Drive in Houston, Texas, presents a significant value-add opportunity. Built in 1980 and renovated in 2009, the property features a two-story building with 55 units and offers a gross lease type. Currently at 22.2% occupancy, this multi-tenant building boasts a pro-forma NOI of $469,053 and a pro-forma cap rate of 18.80%. The asking price is $2,495,000, translating to $42.04 per square foot. Strategically situated less than a block from Cypress Creek Parkway, it benefits from easy access to I-45 North and Highway 249, providing excellent connectivity throughout the city. The area offers a wealth of amenities, including major retailers like Target and Bed Bath & Beyond, and upscale restaurants such as Pappadeaux and Perry's Steakhouse. Nearby golf courses further enhance the property's appeal. The building features an inviting open skylit atrium, well-maintained interiors including updated restrooms, and vacant suites ready for immediate occupancy. This presents an ideal opportunity for both owner-occupiers seeking expansion space and investors looking for a substantial return on investment. The current below-market occupancy provides significant upside potential. The price point is practically the land value alone, making this a compelling investment. The property includes 3 parking spaces per 1,000 square feet. The fee simple ownership provides complete control.