Improvements:
Owner has made a considerable investment into tenant
improvements and the building’s mechanical systems. Those include new flooring and paint throughout the common areas, numerous HVAC and ductwork redesign and replacement, restriping of parking lot and significant repair of the building’s electrical system.
Tenant Overview:
Service types represented included The University of Texas
Medical Branch (UTMB), CHRISTUS St John, pediatrics, fam- ily medical, social services, pediatric dentistry & orthodon- tics, internal medicine and gynecology & obstetrics.
Site Overview:
The subject property has operated as a medical and pro-
fessional building since 1988, and has retained excellent occupancy since the time it was developed. The site is strategically located between two large area hospitals, Clear Lake Regional & Mainland Hospital. Areas served include Dickinson, Alvin, La Marque, Texas City, League City & Galveston.
Area Overview:
Dickinson, Texas is located in Galveston County half way
between Downtown Houston & Galveston. The site is sur- rounded by heavy residential and commercial develop- ment. Dickinson and surrounding cities are experiencing tremendous growth in population and development.
OPERATING EXPENSES
Janitorial $ 19,632 Trash $ 1,300
HVAC $ 3,784 Electric $ 59,520
Pest Control $ 800 Water/Sewer $ 6,000
Management Fee $ 24,000 Fire Inspection $ 136
Landscaping $ 5,796 Property Taxes $ 34,400
Elevator $ 2,052 Insurance $ 15,703
Fire Alarm $ 445 Total $171,758
Elevator Cert $ 190
- Address: 3828, Hughes Court, Dickinson, Texas 77539.
- Price: $ 3,757,789
- Available For:: Sale
- Building Area: 1.656 Acres
- Cap Rate: 7.93% 9.66%
- Cap Rate @ 100%: $298,158
- Land Area:: 2 Story, Steel & Masonry
- NOI: 22,838 Square Feet
- Occupancy: 88.54%
- Construction: 124 Surface Spaces
