For Sale Commercial $3,400,000.0 USD, Bitcoin or Ethereum - commercial
- Great opportunity to own a iconic office property with 98% occupancy in a very emerging market of Houston which is home to Johnson Space Center and Elon Musk’s Space X complex. Super job growth!
- The current occupancy of 1002 Gemini and tightening local market provides an investor with clear path towards increasing rents. Our research shows, rents of competing assets in the market are experiencing higher rent psf with minimal upgrades. Comparable properties both directly across El Camino and next door are renovated o ce properties with rents ranging from $20- $27 psf.
- 1002 Gemini also has several existing leases coming up for renewal which have obtained approval to continue with minimal 3% increase. We believe higher rent increases can be achieved with minor interior and exterior upgrades. Due to its location, this property will compete closely with newer assets currently receiving higher rents.
Constructed in 1967 this asset has been built with the best of materials and sitting on a rock solid foundation. 1002 Gemini has undergone renovations in 1996 and 2009. In addition to the interior lobby renovation, air handling system, the property had a new TPC roof system installed in 2010.
Core Location In Submarket
Iconic Class B asset is situated on a hard corner intersection of bustling commuter tra c on both El Camino and Gemini Road. This location prominently commands respect from superior visibility and massive 3+ acre foot print.
Houston o ce building values have reached a low point in 2015 after signi cant drop in oil prices; however, in the last two years, the economics have improved drastically. Oil prices have leveled o globally, Houston continues to diversify and create jobs in non energy sector industries.
• The aerospace industry including NASA’s Johnson Space Center (3,000+ employees), Boeing, and Lockheed-Martin, healthcare, and tourism are the major industries.
• President Donald Trump has signed a bill (March 2017) authorizing $19.5 billion in funding for NASA, which includes human space exploration and a manned mission to Mars. It will create thousands of jobs including scientists, engineers, and astronauts in Texas, Florida and California.
Limited New Construction
New project development in the o ce sector is at a historical low. Employment drivers have given way to steady employment growth and dramatic net absorption. Houston’s excellent job growth outlook and extended period of limited construction in the face of surging absorption present a compelling rental rate growth relative to other Sunbelt markets.
The credit pro le of the existing tenant base is outstanding. Noteworthy tenants include Whataburger Inc, Hammock, Legal Team, Bridge Crest Realty, JDM Steel to name a few. The Property is currently 96% occupied with a weighted average remaining lease term of 2.8 years.
Offered at attractive cap rate with Net Operating Income of $255,000 USD
Be the first Tokenized Property in Houston!
- Financials available upon request
- Offering Memorandum available upon request
- NOI: $255,000
- CAP RATE: 7.0