Punzi Medical Center $680,000

Flexible office and medical space including conference room and multiple office/exam rooms. Existing physician occupies half the building. The available space includes a dedicated front entrance and parking spots as well as access to a shared back entrance/private parking with a common area and bathrooms. Please contact Jefflyn Williamson for showings (214-850-4675)...

At closing of sale, at the option of Buyer, the Seller (an existing occupant/user ) will sign a 5 year lease to remain in 3,000 SF at the rate of $8NNN (estimated $4NNN). Alternatively, owner will vacate and allow new owner to occupy the entire building. Please contact Jefflyn Williamson for showings (214-850-4675)...

• Reserved front and back parking spaces • 2 separate entrances in front • Common area with bathrooms

Price: $680,000

Property Type: Office

Property Sub-type: Medical

Building Class: C

Sale Type: Owner User

Lot Size: 0.49 AC

Rentable Building Area: 7,681 SF

Rentable Building Area: 6,854 SF

Sale Conditions: Sale Leaseback

No. Stories: 1

Year Built: 1978

Tenancy: Multiple

Parking Ratio: 4.81/1,000 SF

Zoning Description: PDLR, Dallas

APN / Parcel ID: 14059500010010200 Property Photos

Adjacent Front Parking

Primary Photo Property Photos

Interior Photo

Interior Photo Property Photos

Interior Photo

1932 Walnut Plaza, Carrollton, TX 75006

Neighborhood Analysis

Neighborhood Defined/Location

The subject property is located in Carrollton, Texas. The neighborhood is roughly bound by President George Bush Turnpike and Trinity Mills Road to the north, Interstate Highway 635 (LBJ Freeway) to the south, Midway Road to the east and Interstate Highway 35E (Stemmons Freeway) to the west. The neighborhood includes portions of the Cities of Carrollton, Farmers Branch, Addison and Dallas. The neighborhood is located approximately eleven miles northwest of the Dallas Central Business District.

Predominant Development/Stage of Development

The neighborhood includes a mixture of retail/commercial, industrial and residential development. The neighborhood also includes tracts of vacant land. Retail/commercial development in the neighborhood includes hotels, retail centers, restaurants and freestanding retail buildings. Retail/commercial development is concentrated along the primary roadways in the neighborhood such as Interstate Highway 35E (Stemmons Freeway), Old Denton Road, Josey Lane, Kelly Boulevard, Webb Chapel Road, Marsh Lane, Midway Lane, President George Bush Turnpike, Interstate Highway 635 (LBJ Freeway), Valley View Lane, Alpha Road, Valwood Parkway, Belt Line Road, Keller Springs Road and Trinity Mills Road. Residential development is scattered throughout the neighborhood, predominantly along secondary thoroughfares. Industrial development is located along primary and secondary roadways in the subject neighborhood, on freestanding sites and within industrial parks. Overall, the subject neighborhood is established, with new development and redevelopment occurring.

Accessibility

Primary north/south roadways in the subject neighborhood include Interstate Highway 35E (Stemmons Freeway), Old Denton Road, Josey Lane, Kelly Boulevard, Webb Chapel Road, Marsh Lane and Midway Lane. Primary east/west roadways in the subject neighborhood include President George Bush Turnpike, Interstate Highway 635 (LBJ Freeway), Valley View Lane, Alpha Road, Valwood Parkway, Belt Line Road, Keller Springs Road and Trinity Mills Road. Overall, the accessibility of the neighborhood is good.

Immediate Vicinity

The immediate vicinity of the subject property includes a mixture of retail/commercial and residential development. The following chart outlines land uses adjacent to the subject site.

North: Walnut Plaza, Estrada Apartments, Villas de la Colonia Apartments South: Retail Center, Office Building, East Belt Line Road East: Office Building, Metrocrest Drive, Cosmopolitan United Church of Christ West: Office Buildings, Retail Building, Office Buildings, Car Wash

Area Analysis

The subject property is located within the Dallas-Fort Worth-Arlington Metropolitan Statistical Area (MSA), which includes Collin, Dallas, Delta, Denton, Ellis, Hunt, Johnson, Kaufman, Parker, Rockwall, Tarrant and Wise Counties. The subject property is heavily influenced by factors affecting the Cities of Dallas, Fort Worth, Arlington and the immediate outlying areas.

The Cities of Dallas, Fort Worth and Arlington cover approximately 776 square miles of land (340 square miles, 340 square miles and 96 square miles, respectively). The Dallas-Fort Worth International Airport, a high concentration of corporate headquarters and the financial industry are significant influences on the area. Dallas is the ninth largest city in the United States and is the third most populous in Texas. Dallas is the county seat of Dallas County.

Population

Dallas-Fort Worth-Arlington MSA, State of Texas and United States population trends are presented on the table below.

Population Growth and Forecasts Annual % Annual % 2010 2016 2021 Projection Change Change DFWA MSA 6,426,214 7,062,433 1.65% 7,696,835 1.80% Texas 25,145,561 27,637,152 1.65% 29,966,830 1.69% United States 308,745,538 323,580,626 0.80% 337,326,118 0.85% Source: STDB Online

The Dallas-Fort Worth-Arlington MSA experienced strong population growth from 2010 to 2016. The Dallas-Fort Worth-Arlington MSA population growth rate matched the state and exceeded the nation during the period. Population growth for the Dallas-Fort Worth-Arlington MSA is projected to exceed the state and national growth rates between 2016 and 2021.

Income

The following table summarizes median household income for the Dallas-Fort Worth-Arlington MSA, the State of Texas and the United States.

Median Household Income 2021 Annual % 2016 Projection Change DFWA MSA $60,841 $68,999 2.68% Texas $54,075 $59,303 1.93% United States $54,149 $59,476 1.97% Source: U.S. Bureau of Labor Statistics

The median household income for the Dallas-Fort Worth-Arlington MSA is greater than the State of Texas and the United States. Median household income growth for the Dallas-Fort Worth- Arlington MSA is projected to outperform the State of Texas and the United States through 2021.

Area Map

Neighborhood Map

Site Analysis

The following is a description of the physical characteristics of the subject site. A survey of the subject site was not provided to the appraisers. A plat map and a flood plain map of the subject site follow this site analysis section.

Location

The subject site is located along the south side of Walnut Plaza, 125 feet west of Metrocrest Drive in Carrollton, Dallas County, Texas. The subject property address is 1932 Walnut Plaza, Carrollton, Dallas County, Texas 75006.

Size/Shape

The subject site contains 0.488 acres or 21,257 square feet of land area and is rectangular in shape.

Accessibility/Frontage

The site has 125 feet of frontage along the south side of Walnut Plaza. Walnut Plaza is a four-lane, two way asphalt paved secondary roadway with curbs and gutters in the vicinity of the subject. Overall, the access/frontage of the site is average.

Topography

The subject site is basically level and at the grade of the adjacent roadway.

Flood Plain

According to FEMA Map Community Panel Number 48113C0160K dated July 7, 2014, the subject is located in flood zone X, outside of the flood plain.

Zoning

The subject site is located within the city limits of Carrollton and is zoned “LR-2 – Local Retail 2”. This designation allows most types of retail/commercial development, including the current use of the subject site.

Utilities and Services

Water and sewer services are provided to the site by the City of Carrollton. Natural gas service is provided to the site by Atmos Energy. Electricity is provided to the site by various providers.

Easements and Encroachments

The site has typical utility easements which do not appear to impact the development potential of the site.

Improvements Analysis

The subject property includes a single tenant office building with a total of 6,841 square feet of net rentable area. The building was constructed in 1978. The building includes six exam rooms, several individual offices, a conference room, storage areas, a reception area, a small kitchen and two restrooms. The building is currently used as a medical office building (hypertension). However, the building does not have additional plumbing and sinks in the exam rooms that are typical in medical office buildings. Building plans were not provided to the appraisers. A building sketch and an Ad Valorem Tax Schedule exhibit are included after this improvements analysis section.

The following outline provides a description of the physical characteristics of the subject improvements based on our inspection of the property.

Type: Office Building

Number of Buildings: One

Year Built: 1978

Year Renovated: N/A

Size: 6,841 square feet of net rentable area

HVAC: The building includes a ground-mounted central HVAC system.

Land-to-Building Ratio: 3.11 to 1

Foundation: Concrete slab

Floors: The building includes a mixture of carpeted and ceramic tiled floors.

Walls: The exterior walls are brick. The interior walls are painted sheetrock.

Doors: There are glass set in aluminum frame entry doors along the front and rear of the building. Interior doors are hollow core wood.

Roof: The roof is pitched composition shingle.

Plumbing and Restrooms: There are a total of two restrooms in the building. There are adequate restrooms to serve the property.

Lighting: The building includes recessed fluorescent fixtures in a drop grid acoustical tile ceiling and fluorescent fixtures hung from a painted sheetrock ceiling.

Site Improvements: The subject site improvements include concrete paving, asphalt paving and site lighting. There is adequate paved area for parking on the site (33 spaces, for a parking ratio of 4.82 spaces per 1,000 square feet of building area).

Conclusion

The subject improvements are typical of an average quality single tenant office building which is in average condition. Overall, the property appears to conform to other uses in the subject neighborhood. A building sketch and an Ad Valorem Tax Schedule exhibit follow.