817-800-5058
1612 Summit Ave, Fort Worth, TX for Sale
Office - FOR SALE
1/22
null | Request Cap Rate

1612 Summit Ave
Fort Worth, TX 76102
Sunset Terrace


HIGHLIGHTS

  • Rare opportunity to acquire a Class “A” office building with up to 13,032 square feet of currently available space for an owner/user
  • Total building area: 52,029 square feet
  • Total land area: Primary parcel - 33,354 square feet, Adjacent parking lot - 26,391 square feet
  • The asset is 75% leased providing an owner/user significant cash flow to offset occupancy cost
  • Up to 9,613 square feet of contiguous space is available on the third floor and an additional 3,419 square feet on the fourth floor
  • Incredible location with visibility from Interstate 30

OVERVIEW

This offering is a rare opportunity to acquire a 52,029 square foot, Class “A” office building with up to 13,032 square feet available for an owner/user. The 1612 Summit Avenue office building was constructed in 1988 with remodeling done following a 2018 acquisition by the current ownership. The Property is constructed in conjunction with a two-level parking structure providing 81 covered reserved parking spaces on the lower level and 24 uncovered visitor designated parking spaces on the upper/lobby level. In addition, a 68-car surface parking lot adjacent to the west of the Property is included with the sale. The primary parcel contains 33,354 square feet of land and the adjacent parking lot is 26,391 square feet of land for a total 1.3716 acres. Up to 13,032 square feet is available for an owner/user to utilize including 9,613 square feet of contiguous space on the third floor and an additional 3,419 square feet on the fourth floor. At 75% occupancy, the new owner will benefit from significant cash flow to dramatically offset the user’s net occupancy costs. Alternatively, the building provides an ideal opportunity for a group interested in a tremendous value-add investment in leasing up the remaining space and enhancing value. The Property is located on the north side of Interstate 30, the major east-west Interstate which connects downtown Fort Worth to downtown Dallas and offers exceptional access and visibility. Additionally, with its Summit Avenue location, the Property is just north of the primary Fort Worth medical district with award winning hospitals and hundreds of medical practices. Other features/benefits: ? Architecturally striking, four-story office building with amazing views ? Property includes a two-level parking garage with 81 reserved parking spaces on the lower level and 24 visitor uncovered parking spaces on the upper level ? Additional employee parking for 68 cars is on the adjacent and included parking lot located just west of the building ? Total parking ratio of approximately 3.33 per 1,000 square feet ? After hours building and elevator access is controlled by card access system ? Extensive onsite security cameras for enhanced safety/security monitoring ? ASKING PRICE: CONTACT BROKER

FOR SALE DETAILS

PRICE

Request Info for Price

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

1612 Summit

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

4

BUILDING CLASS

A

YEAR BUILT

1988

SPRINKLERS

-

PARKING SPACES

173

LAND DETAILS

LAND ACRES

0.77 AC

LAND SF

33,541 SF

ZONING

"G" and "C"

APN/PARCEL ID

06500153

ASK ABOUT THIS PROPERTY

Bill BehrTranswestern Real Estate ServicesMore Info
817-800-5058

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Bill BehrTranswestern Real Estate ServicesMore Info
817-800-5058

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.