101 Mockingbird LnVictoria, TX 77904

For Sale
$3,244,500

6% Cap Rate, Ferguson-Leased Warehouse

Overview

Added:
Dec 11, 2024
Days on market:
94
This fee-simple industrial property in Victoria, Texas, offers a compelling investment opportunity. The 30,416-square-foot distribution/warehouse/manufacturing facility sits on a 3.11-acre lot and features two buildings, including a main 26,116-square-foot structure and a secondary 4,300-square-foot building with 10 garage doors. Currently 100% occupied by a credit-rated tenant, Ferguson Enterprises, Inc., under a Net Net lease with 2.8 years remaining until the next lease option. The lease commenced June 29, 2016, and expires August 31, 2027, with two remaining 3-year lease options, each including a rent bump of 90% of the CPI. The property boasts four loading docks and significant recent renovations (2014/2022), exceeding $650,000 in improvements. The asking price is $3,244,500, representing a 6.00% cap rate and a pro-forma cap rate of 6.16%. The property's Net Operating Income (NOI) is $194,670, with a pro-forma NOI of $199,926. Built in 1974, this Class B property presents a stabilized investment with significant upside potential due to below-market rent and built-in rent increases. The property is located at 101 W Mockingbird Ln, Victoria, TX 77904. This is a 1031 exchange eligible property.

Highlights

  • Investment-grade tenant, Ferguson Enterprises (FERG), with a BBB+ credit rating.
  • Prime location in Golden Crest, a major Texas economic and industrial center.
  • Over $650,000 in recent capital improvements for Ferguson's operations.
  • Ferguson extended their lease to a 5-year term.
  • The nearest competing Ferguson location is 98 miles away.
  • Located in the tax-advantaged state of Texas.

Property Details for 101 Mockingbird Ln

Property type
Other warehouses, Other industrial properties
Square Feet
30,416 SF
Class
B
Year Built/Renovated
1974/2014
Buildings
2
Stories
1
Lot Size (sq. ft)
135,472 SF

Location Insight

City
Victoria
County
Victoria
State
Texas
Latitude
28.8342793
Longitude
-97.0062233
101 Mockingbird Ln, Victoria, Texas

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101 Mockingbird Ln
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