> Available Now $450,000 - Commercial
Brief history of the Mars Hill Professional Center. This office building represents the owner’s dream to start a real estate company on Williams Drive, one of the most visible commercial thoroughfares in Georgetown, TX. Investing in this building helped him to get a foothold in the real estate market and develop one of the most innovative property management companies in the greater Austin and Washington DC markets. The idea was that he would start small and only occupy a small office and rent out the rest, essentially eliminating the office overhead that burdens most small businesses. As Mars Hill grew over the next 8 years, the space requirements grew with it, and this flexible floorplan allowed them to tailor their tenant occupants accordingly. Now that Mars Hill has transitioned to a 100% remote workplace environment, there is no longer a need for a physical headquarters. Perhaps this may be the start of the next owner’s dream too?
Layout of the Building. Currently the building is divided into two main suites with four offices each. There are small, medium and large sized offices as well as offices that connect into one another. This variety of sizes has helped to keep it marketable to a wide range of business needs and keep it easily rented and reduce vacancy risk. This is the ideal layout, as opposed to large warehouse space, because there are many small businesses that start and grow in Georgetown. There is a conference room, break room, waiting room and workstation bar, in addition to 4 bathrooms.
Location Advantage. The location of this building is located on Williams Drive, less than a 2 mile drive after exiting Interstate 35. This makes it very convenient to find when coming off the highway. In addition, an estimated 30,000 vehicles per day pass by Williams Drive creating a tremendous branding opportunity with proper signage. There is enough parking space for 11 vehicles and there are two outdoor sheds for additional storage. The lot is .36 acres and there is a large backyard for future expansion by the next owner for more parking or office space. Lastly, the lot next to this one is for sale, creating a rare opportunity for the next owner to develop a unique commercial project.
*Financials. Over the past 2 years, two other offices sold on Williams Drive, 1202 Williams Dr and 1110 Williams Dr. They sold at $247/sf and $234/sf respectively. The list price for this turnkey investment is $475,000, which puts it at just $181/sf.
Having multiple tenants and units will help you reduce your vacancy risk. This is a multi-tenant, eight-unit building and many of the tenants are from diverse industries. Currently, the building brings in just over $40,000/yr. When fully leased, revenues top out at just over $50,000/yr. Approximate 2017 expenses were $6053 for taxes, $5624 for utilities, $1200 for insurance and $3106 for cleaning and maintenance.
Summary. This is a unique turn-key commercial investment that is easy to rent with solid appreciation and rental income history. We are in the process of consolidating the offices and can leave suite 101a available for a potential buyer-occupant.
We hope the next owner will not only enjoy the investment potential of the Mars Hill Professional Center but also use this office complex to grow professionally in this wonderful, business-friendly city of Georgetown, Texas.
Contact the office at 571-267-8639 to arrange for a private showing or for questions.
See attachments below for more information:
Suite 101 A – Vacant ($575/mo)
Suite 101 C and D Lease (formerly 101 A and D)
Suite 102 A Lease (formerly 101 D)
Shared Space 1 and 3 – Vacant ($150/mo each)
*All investments involve risk, and the past performance of a property does not guarantee future results or returns. We do not give professional financial investment advice and investors are encouraged to do their own due diligence.