Marcus & Millichap is pleased to present 8223 Willow Place Drive Office Building located in the deed restricted Willow Chase Park a rapidly growing area in the Highway 249 corridor of Houston, Texas. This subject property offers an excellent opportunity for an investor to acquire a well maintained two-story atrium office building near the intersection of Highway 249 and Cypress Creek Parkway. The 62,538 square foot building is situated on 2.73 acres and is currently 100 percent occupied by FEMA whose lease expires in September 2021.
FEMA (GSA Lease) has renewed their lease, effective September 5, 2018 for an additional three (3) years with an option to terminate their lease anytime after month eighteen (18) with ninety (90) days prior written notice. Based on the balance of 2018 and 2019 forecasted operating expenses, the anticipated Annual Net Operating Income is expected to be $1,002,621. Therefore, an investor has the potential to realize up to $3,007,863 in Net Operating Income over the three (3) year lease period or as much as $1,503,932 if FEMA remained only for eighteen (18) months. Such an income stream affords an investor an opportunity to capitalize on a unique investment opportunity.
Among the buildings highlight’s include being only one (1) block from the intersection of Highway 249 and Cypress Creek Parkway. The building’s proximity to Highway 249 allows tenants to travel to Downtown Houston, the Energy Corridor (Interstate 10 West), and George Bush Intercontinental Airport with ease. The building’s location is in close proximity to rapidly expanding suburban communities such as Cypress, Tomball, Magnolia, and The Woodlands thus reducing their commute time. The building is fully encircled with wrought-iron fencing and electronic gate access that provides a secure environment.
Further highlights include the building’s ample parking. There are a total of 261 parking spaces on the property. 151 spaces are located on the building lot with 41 of these being covered, reserved spaces. An additional 120 surface parking spaces are adjacent to the building’s main parking lot. This provides an ample parking ratio of 4.2/1000. Furthermore, there is an adjacent unimproved vacant site totaling 2.22 acres available for purchase for only $4.91 per square foot or $475,000.
8223 Willow Place offers an investor a rare opportunity to purchase a well-maintained office building at a very competitive price in far northwest Houston at well below replacement cost.
• 62,538 Square Foot Two-story Office Building
• One Block from Highway 249 and Cypress Creek Parkway
• Fully Gated Campus with Electronic Gate Access
• 4.2/1000 Parking Ratio Includes 261 Covered and Uncovered Parking Spots
• 20 Minutes to Bush Intercontinental Airport and 10 Minutes to the Grand Parkway
• Warm Inviting Two-story Skylight Interior Atrium