2440 N. Josey Ln. Sales Package€¦ · PRICE/SF: $271.83 E XECUTIVE SUMMARY PROPERTY HIGHLIGHTS: • 100% Long Term Leased • NNN Leases • Two - Building Brick Veneer Construction,

FOR SALEMEDICAL OFFICE BUILDINGS2 4 4 0 N . J O S E Y L N . C A R R O L LTO N , T X 7 5 0 0 6

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AdvisorsCommercialRE.com

Property Details 3

Property Photos 8

Location Information 10

Financial Summary 14

Tenant Profiles 18

Demographic Analysis 20

Advisor 23

TABLE OF CONTENTAll 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 tocompleteness , veracity, or accuracy, condition of the property, compliance or lack of compliance withapplicable governmental requirements, developability or suitability, financial performance of theproperty, projected financial performance of the property for any party’s intended use or any and allother matters.

Neither Texas its directors, officers, agents, advisors, or affiliates makes any representation orwarranty, express or implied, as to accuracy or completeness of the any materials or informationprovided, 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 duediligence to determine these and other matters of significance to such party. Texas will not investigateor 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 allinformation and to conduct their own inspections and investigations including through appropriatethird party independent professionals selected by such party. All financial data should be verified bythe party including by obtaining and reading applicable documents and reports and consultingappropriate independent professionals. Texas makes no warranties and/or representations regardingthe veracity, completeness, or relevance of any financial data or assumptions. Texas does not serve asa financial advisor to any party regarding any proposed transaction. All data and assumptions regardingfinancial performance, including that used for financial modeling purposes, may differ from actual dataor performance. Any estimates of market rents and/or projected rents that may be provided to a partydo not necessarily mean that rents can be established at or increased to that level. Parties mustevaluate any applicable contractual and governmental limitations as well as market condition, vacancyfactors 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 discussedby the party with a certified public accountant or tax attorney. Title questions should be discussed bythe party with a title officer or attorney. Questions regarding the condition of the property andwhether the property complies with applicable governmental requirements should be discussed by theparty with appropriate engineers, architects, contractors, other consultants and governmentalagencies. All properties and services are marketed by Texas in compliance with all applicable fairhousing and equal opportunity laws.

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PROPERTY DETAILS2 4 4 0 N . J O S E Y L N . C A R R O L LTO N , T X 7 5 0 0 6

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OFFERING SUMMARY:SALE PRICE $2,633,517.00

CAP RATE: 6.25%

NOI: $164,560

LOT SIZE: 1.061 Acres

BUILDING SIZE:

9,688

RENOVATED: 2017

PRICE/SF: $271.83

EXECUTIVE SUMMARY

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.

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PROPERTY DESCRIPTION

PROPERTY DESCRIPTION:The property contains two single story medical office buildingsbuilt in 1983 and renovated in 2016. Each dental office has veryhigh end updated interiors and all of the HVAC units have allbeen replaced with new high efficiency units in the last 18months. The building is a concreate slab, steel structure brickveneer building with concrete tile roofs. The parking lot isconcrete and has additional parking with a cross accessagreement with the church to the south. There are five (5)individual Dental practices with a mixture of specialist andgeneral dentist in the building, with personal or corporate creditand personal guarantees. Each tenant has s substantialinvestment in their suites and the leases range from 4 to 10years in term all with increases built in. This is an excellent longterm, low maintenance cash flow investment with a locked inguaranteed return.

LOCATION DESCRIPTION:Superb location with easy freeway access to Interstate 35 andthe President George Bush Tollway.

Situated in Dallas County, 2440 N. Josey Lane is located in thecity of Carrollton, Texas which is strategically located in theDallas/Fort Worth Metroplex with easy access to DFW Airportand direct access to Lewisville, Hebron, Addison, Coppell forthe dental practices to draw from.



PROPERTY ADDRESS 2440 N. Josey LaneCarrollton, Texas 75006

PROPERTY TYPE Two- Single Story Medical Office Buildings

LOT SIZE 1.0612 Acres

BUILDING SIZE 9,688 square feet

PARKING SPACES 42 – Additional cross access parking with adjacent church.

PARKING RATIO 1/230 on site

YEAR BUILT 1983

CONSTRUCTION TYPE Brick Veneer, Steel Structure

FOUNDATION Concrete Slab and Parking

ROOF Concrete Tile Roof

HVAC New high efficiency Spilt Systems (All replaced in the last 18 months)

PROPERTY DETAILS



COMPLETE HIGHLIGHTS


PROPERTY HIGHLIGHTS:• 100% LEASED

• Five - Long Term Established Dental Practices

• Excellent Location

• High end updated Dental finish

• NNN leases

PROPERTY PHOTOS2 4 4 0 N . J O S E Y L A N E | C A R R O L LTO N , T X 7 5 0 0 6

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PHOTO GALLERY





LOCATION INFORMATION2 4 4 0 N . J O S E Y L A N E | C A R R O L LTO N , T X 7 5 0 0 6

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REGIONAL MAP



LOCATION MAPS



AERIAL MAP



AERIAL MAP

FINANCIAL SUMMARY2 4 4 0 N . J O S E Y L A N E | C A R R O L LTO N , T X 7 5 0 0 6

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RENT ROLL


Suite TenantRentable

SF% of Total

SF Start Date End DateSecurity 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


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 %

FINANCIAL SUMMARY


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


INCOME & EXPENSES


2019 2020 2021Current Projected Projected100.0% 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

TENANT PROFILES2 4 4 0 N . J O S E Y L A N E | C A R R O L LTO N , T X 7 5 0 0 6

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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.

TENANT PROFILES


DEMOGRAPHIC ANALYSIS

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DEMOGRAPHIC REPORT




AdvisorsCommercialRE.com 2 4 4 0 N . J O S E Y L N . C A R R O L L T O N , T X 7 5 0 0 6

ADVISOR2 4 4 0 N . J O S E Y L A N E | C A R R O L LTO N , T X 7 5 0 0 6

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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

BEAUX RILEY


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Documents

2440 N. Josey Ln. Sales Package€¦ · PRICE/SF: $271.83 E XECUTIVE SUMMARY PROPERTY HIGHLIGHTS: • 100% Long Term Leased • NNN Leases • Two - Building Brick Veneer Construction,