Medical/Professional office building located in the heart of Clear Lake 9,520 SF/hcad, on 23,305 SF of land/hcad. The building is on the corner of Gemini and Mercury, with high visibility and high volume of street traffic. Best priced office building per sq ft in the 77058 with lots of improvements. Property was purchased for $613,000 in 07/01. Approximately $500,000 in improvements have been put into the building since purchasing, with about $350,00 in the last 1.5 years.
Two story building that is currently being renovated and code updated, which will be completed by 09/01/10. The building will be approximately 2/3 completely ADA and code updated and the other 1/3 needs to be ADA and code updated. Many other buildings in the area are not up to code and not ADA compliant, which is not desirable for new tenants. I have contacted TDLR (Texas Department of Licensing and Regulation) and they have stated that any renovation work needs to be ADA compliant from the parking to the entrance to the renovated area. If a building is not ADA compliant a person with a disability can file a complaint with the Department of Justice, which will require you to become compliant.
Improvements consist of a less than a year old roof, upgrades (new sheet metal A/C duct system, copper plumbing and medical grade electrical conduit on 2/3 of building), new common ADA compliant restrooms on second floor, ADA compliant parking, new exterior & interior staircase, common areas on both floors and upstairs bathrooms have Italian porcelain tile with marble inserts, new built out office suite on whole first floor, new signage monument, landscaping, new AC units, new recessed lighting in common areas of first and second floor, new 2x2 recessed ceiling grids on common area, office suite on half of second floor was built out in 03/07.
The building is currently ¾ occupied, with ¼ available to be built to suit. The first floor is rented out for $5,000/month. The 1st floor tenant is a chiropractic group practicing there over 12 years. First floor space has been remodeled and increased in size, rental increase can be placed on the new lease. One tenant who occupies half of the second floor is currently paying $,1900/month. |
