FOR SALE MEDICAL OFFICE BUILDINGS 2440 N. JOSEY LN. CARROLLTON, TX 75006 1
TABLE OF CONTENT Property Details 3 Property Photos 8 Location Information 10 Financial Summary 14 Tenant Profiles 18 Demographic Analysis 20 Advisor 23 EXCLUSIVELY MARKETED BY: Beaux Riley Senior Vice President 817.226.0000 beaux.riley@advisorscommercialre.com Advisors Commercial Real Estate 255 N. Center St., Suite 200 Arlington, TX 76011 All materials and information received or derived from Texas its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all other matters. Neither Texas its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party s active conduct of its own due diligence to determine these and other matters of significance to such party. Texas will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Texas makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Texas does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market condition, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Texas in compliance with all applicable fair housing and equal opportunity laws.
PROPERTY DETAILS 2440 N. JOSEY LN. CARROLLTON, TX 75006 3
EXECUTIVE SUMMARY OFFERING SUMMARY: SALE PRICE $2,633,517.00 CAP RATE: 6.25% NOI: $164,560 LOT SIZE: BUILDING SIZE: 1.061 Acres 9,688 RENOVATED: 2017 PRICE/SF: $271.83 PROPERTY HIGHLIGHTS: 100% Long Term Leased NNN Leases Two - Building Brick Veneer Construction, with steel beam structure. Concrete Tile Roof Concrete Parking with cross access parking with the adjoining church. Conveniently located on Josey Lane blocks south of the George Bush Tollway All medical office suites have been renovated with high end medical improvements and all have new high efficiency HVAC units in the last 18 months. 2440 N. JOSEY LN. CARROLLTON, TX 75006
PROPERTY DESCRIPTION PROPERTY DESCRIPTION: The property contains two single story medical office buildings built in 1983 and renovated in 2016. Each dental office has very high end updated interiors and all of the HVAC units have all been replaced with new high efficiency units in the last 18 months. The building is a concreate slab, steel structure brick veneer building with concrete tile roofs. The parking lot is concrete and has additional parking with a cross access agreement with the church to the south. There are five (5) individual Dental practices with a mixture of specialist and general dentist in the building, with personal or corporate credit and personal guarantees. Each tenant has s substantial investment in their suites and the leases range from 4 to 10 years in term all with increases built in. This is an excellent long term, low maintenance cash flow investment with a locked in guaranteed return. LOCATION DESCRIPTION: Superb location with easy freeway access to Interstate 35 and the President George Bush Tollway. Situated in Dallas County, 2440 N. Josey Lane is located in the city of Carrollton, Texas which is strategically located in the Dallas/Fort Worth Metroplex with easy access to DFW Airport and direct access to Lewisville, Hebron, Addison, Coppell for the dental practices to draw from. 2440 N. JOSEY LN. CARROLLTON, TX 75006
PROPERTY DETAILS PROPERTY ADDRESS PROPERTY TYPE LOT SIZE BUILDING SIZE PARKING SPACES PARKING RATIO 2440 N. Josey Lane Carrollton, Texas 75006 Two- Single Story Medical Office Buildings 1.0612 Acres 9,688 square feet 42 Additional cross access parking with adjacent church. 1/230 on site YEAR BUILT 1983 CONSTRUCTION TYPE Brick Veneer, Steel Structure FOUNDATION ROOF HVAC Concrete Slab and Parking Concrete Tile Roof New high efficiency Spilt Systems (All replaced in the last 18 months) 2440 N. JOSEY LN. CARROLLTON, TX 75006
COMPLETE HIGHLIGHTS PROPERTY HIGHLIGHTS: 100% LEASED Five - Long Term Established Dental Practices Excellent Location High end updated Dental finish NNN leases 2440 N. JOSEY LN. CARROLLTON, TX 75006
PROPERTY PHOTOS 2440 N. JOSEY LANE CARROLLTON, TX 75006 8
PHOTO GALLERY 2440 N. JOSEY LN. CARROLLTON, TX 75006
LOCATION INFORMATION 2440 N. JOSEY LANE CARROLLTON, TX 75006 13
REGIONAL MAP 2440 N. JOSEY LN. CARROLLTON, TX 75006
LOCATION MAPS 2440 N. JOSEY LN. CARROLLTON, TX 75006
AERIAL MAP 2440 N. JOSEY LN. CARROLLTON, TX 75006
AERIAL MAP
FINANCIAL SUMMARY 2440 N. JOSEY LANE CARROLLTON, TX 75006 18
RENT ROLL Suite Tenant Rentable SF % of Total SF Start Date End Date Security Deposit Rate Rent/Mo Total Annual Base Rent Projected NNN Expense Reimbursement Rent Annual 101 Keystone Dental Management, LLC 1,847 19.1% 7/1/2018 5/31/2028 $5,781.26 $17.00 $ 2,616.58 $ 31,398.96 $ 10,594.88 $ 41,993.84 6/1/2020 5/31/2022 $18.00 $ 2,770.50 6/1/2022 5/31/2024 $19.00 $ 3,078.33 6/1/2024 5/31/2026 $20.00 $ 3,232.25 6/1/2026 5/31/2028 $21.00 $ 3,232.25 102 Melissa S. Skaggs, D.D.S., P.A. 2,135 22.0% 5/1/2010 4/30/2022 $0.00 $16.50 $ 2,935.63 $ 35,227.56 $ 12,246.92 $ 47,474.48 103 Dr. Suh DDS 1,536 15.9% 3/1/2016 2/28/2023 $2,176.00 $14.00 $ 1,792.00 $ 21,504.00 $ 8,810.90 $ 30,314.90 1/1/2022 2/28/2023 $16.00 $ 2,048.00 201 Mahesh Gondi, D.M.D., P.L.L.C. 2,800 28.9% 3/1/2016 2/8/2026 $0.00 $18.00 $ 4,200.00 $ 50,400.00 $ 16,061.54 $ 66,461.54 4/1/2020 3/31/2023 $20.00 $ 4,666.66 4/1/2023 2/28/2026 $21.00 $ 4,900.00 202 Amit Mahesh Patel, DDS, MSD, PLLC 1,370 14.1% 3/1/2018 2/28/2023 $2,283.33 $19.00 $ 2,169.16 $ 26,029.92 $ 7,858.68 $ 33,888.60 3/1/2019 2/28/2023 $20.00 $ 2,283.33 Total 9,688 100.0% $10,240.59 $13,713.37 $164,560.44 $55,572.92 $220,133.36 2440 N. JOSEY LN. CARROLLTON, TX 75006
FINANCIAL SUMMARY INVESTMENT OVERVIEW PRICE 2,633,517.00 TOTAL SQUARE FEET 9,688 PRICE PER SQ. FT. 271.83 CAP RATE 6.25% PROFORMA CAP RATE 6.57 % OPERATING DATA - 2019 GROSS SCHEDULED INCOME 164,550.00 NNN EXPENSE INCOME 55,573.00 TOTAL GROSS INCOME 220,133.00 OPERATING EXPENSES 55,573.00 NET OPERATING INCOME 164,561.00 2440 N. JOSEY LN. CARROLLTON, TX 75006
INCOME & EXPENSES 2019 2020 2021 Current Projected Projected 100.0% 100.0% 100.0% Rental Income: Base Rent $ 164,560 $ 16.99 $ 169,838 $ 17.53 $173,149 $ 17.87 CAM Escalations $ 55,573 $ 5.74 $ 55,573 $ 5.74 $ 55,573 $ 5.74 Total Income $ 220,133 $ 22.72 $ 225,410 $ 23.27 $228,722 $ 23.61 Operating Expenses: Management Fee (3%) $ 4,937 $ 0.51 $ 5,095 $ 0.53 $ 5,194 $ 0.54 Maintenance $ 1,100 $ 0.11 $ 1,066 $ 0.11 $ 1,066 $ 0.11 Insurance $ 7,657 $ 0.79 $ 7,657 $ 0.79 $ 7,657 $ 0.79 Exterior Electric $ 1,702 $ 0.18 $ 1,702 $ 0.18 $ 1,702 $ 0.18 Landscaping $ 2,700 $ 0.28 $ 2,700 $ 0.28 $ 2,700 $ 0.28 Trash $ 3,318 $ 0.34 $ 3,318 $ 0.34 $ 3,318 $ 0.34 Water $ 4,819 $ 0.50 $ 4,819 $ 0.50 $ 4,819 $ 0.50 Taxes $ 29,339 $ 3.03 $ 29,339 $ 3.03 $ 29,339 $ 3.03 Total Expenses $ 55,573 $ 5.73 $ 55,697 $ 5.75 $ 55,796 $ 5.76 Net Operating Income $ 164,561 $ 16.99 $ 169,714 $ 17.52 $172,926 $ 17.85 Unlevered Yield 6.25% 6.44% 6.57% Purchase Price: $ 2,633,517 Per SF: $ 271.83 2440 N. JOSEY LN. CARROLLTON, TX 75006
TENANT PROFILES 2440 N. JOSEY LANE CARROLLTON, TX 75006 22
TENANT PROFILES TENANT DESCRIPTION Keystone Dental: A corporate Dental Practice that Owns several locations in the DFW area and have been in this location since 2008 and just renewed for another 10 years. Dr. Melissa Scaggs: She is a very well established General Dentist with many years of experience and very well liked as her google reviews suggest. She has been in this location for 8 years and just renewed for an additional 5 years. Dr. Suh: He is a general dentist and he just signed a 7 year lease in 2016. This is his second location and their office is open 6 days a week which makes a very convenient for his patents. Dr. Mahesh Gondi: He is veteran of the Untied States Army and he has been practicing dentistry for over 20 years. He started in suite 103 and due to the increase in patient poll he moved to suite 201 which is almost the double the size of his previous location. By doing so he has doubled his revenue as well. He signed a 10 year lease in 2016 and completely renovated suite 201 with high end finishes. It is worthy to note that suite 201 accounts for almost 30% of the building with 8 years remaining on the lease with increases along the way. Dr. Amit Patel: He is a periodontist, who specializes in implants and gum surgery. He has been in this location since 2013 and just renewed for another 5 years. This is Dr. Patel s second location and he can be seen throughout the Motorplex with his billboard advertisings. 2440 N. JOSEY LN. CARROLLTON, TX 75006
DEMOGRAPHIC ANALYSIS 2440 N. JOSEY LANE CARROLLTON, TX 75006 24
DEMOGRAPHIC REPORT 2440 N. JOSEY LN. CARROLLTON, TX 75006
2440 N. JOSEY LN. CARROLLTON, TX 75006
ADVISOR 2440 N. JOSEY LANE CARROLLTON, TX 75006 29
BEAUX RILEY Beaux Riley Senior Vice President 817.226.0000 beaux.riley@advisorscommercialre.com Advisors Commercial Real Estate 255 N. Center St., Suite 200 Arlington, TX 76011 PROFESSIONAL BACKGROUND Beaux Riley is a leasing specialist and investment property professional at Advisors Commercial Real Estate (ADVISORS), representing, both, Owners and Tenants. Prior to joining ADVISORS, Beaux worked as an owner representative repositioning acquisitions for Patriot American and primarily serving the Tarrant County portfolio. With over thirty-eight (38) years of experience in marketing, development, management of commercial real estate including office and industrial properties, and unimproved land sales, Beaux s proven track record is why clients keep coming back to him. His knowledge and expertise to successfully closing deals along with his client-first approach make him an invaluable resource. Beaux serves his clients well with a relentless work ethic and integrity and builds the trust of his clients by serving their needs while saving them valuable time and money in their commercial real estate decisions. He is a licensed real estate broker in the state of Texas primarily serving the Dallas Fort Worth Metroplex. He is also a key player in ADVISORS new business development and in-house marketing initiatives. Beaux graduated from the University of Texas Arlington with a BA in Finance and a minor in Real Estate. He lives in Arlington with his wife and four daughters and is active in his church and community. MEMBERSHIPS & AFFILIATIONS North Texas Commercial Association of Realtors GAFWR 2440 N. JOSEY LN. CARROLLTON, TX 75006