Phelps Office

Office for Sale
Catylist Listing ID: 30552386
Property Subtypes: Office Building
Building Size (RSF): 3,125 SF
Gross Building Area: See Agent
Sale Price: $110,000
Unit Price: $35.20 PSF
In Opportunity Zone? Yes
Property Use Type: Investment
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 4.65%
Last Updated: 1/8/2020

Overview / Comments

Great investment property with existing tenant located on Phelps Avenue in Littlefield, Texas. This had a major renovation in 2007-2008 and has new roof that was installed in 2019. Office has high ceilings with metal tiles in the lobby, executive office and conference room. along with beautiful composite hardwood in most of the building except for tile in the bathroom and shower area. Office also has rear exit/entrance onto XIT drive.

Well maintained office space with long term tenant
Lease term through 09/30/2022 with possibility option to renew for 5 years
Located one block from town square and county courthouse
New Roof installed in 2019
Excellent visibility and great curb appeal

Current Tenants

Tenant Business Name Edward Jones
Contact Name Steven Hayes
Contact Title Financial Advisor
Phone Number 806-385-7315
Website URL https://www.edwardjones.com/financial-advisor/index.html?CIRN=kL
Industry Type Finance and Insurance
Is Renting? Yes
Employees Total 2
Employees at Location 2
SF of Space Occupied 3,125 SF
Current Rent $132,000 PSF (Annual)
Lease Expiration 9/2022

Additional Details

Nearest MSA: Lubbock
County: Lamb
Property Visibility: Good
Airports: Littlefield Taylor Brown Munipal Airport-3miles, Lubbock Preston Smith International Airport-45miles
Area Description: Located at 523 Phelps Avenue in Littlefield, TX just on block north of the Courthouse Square. Located on what local residence refer to as Main Street although technically it is not designated as the main street. Also referred to as downtown area.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 3,125 SF
Year Renovated: 2008
Construction/Siding: Brick
Parking Type: Surface
Parking Description: Street Parking on S. Phelps Avenue maintained by State
Water Service: Municipal
Sewer Type: Municipal
Legal Description: ORIGINAL TOWN - LITTLEFIELD, BLOCK 40, LOT 13

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,128 5,286 5,286
Median Age: 31.69 33.22 33.22
Households: 1,451 1,909 1,909

Contact

Photograph of Listing Agent

Monty Edwards

M. Edwards, REALTORS West Texas CIE Member
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