The Wagstaff Building 473 Cypress St 14,000 SF Vacant Office Building Abilene, TX 79601 $975,000 ($69.64/SF) 7.72% Cap Rate
INVESTMENT HIGHLIGHTS
- Fully Leased with Value Add Potential
- Walking distance to DoubleTree Hotel & Convention Center
- (2) Conference Rooms
- Strategically located in Downtown Abilene on the corner where new city improvements are planned
- (24) Private Offices
- (3) Classrooms | (3) Breakrooms
EXECUTIVE SUMMARY
Welcome to 473 Cypress Street, a historic masterpiece nestled in the heart of downtown Abilene, TX. This two-story office space, spanning 14,000 square feet on 0.15 acres of land, offers a rare opportunity to own a piece of Abilene's rich heritage while enjoying modern functionality. Built in 1954, this meticulously maintained property exudes historic charm while seamlessly accommodating contemporary business needs. The iconic terrazzo floors in the common areas provide a touch of timeless elegance.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$119,776
|
$8.56
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$119,776
|
$8.56
|
| Taxes |
$9,084
|
$0.65
|
| Operating Expenses |
$35,400
|
$2.53
|
| Total Expenses |
$44,484
|
$3.18
|
| Net Operating Income |
$75,292
|
$5.38
|
PROPERTY FACTS
Sale Type
Investment or Owner User
Sale Condition
Sale Leaseback
Property Type
Office
Property Subtype
Building Size
14,000 SF
Building Class
C
Year Built
1954
Price
$975,000
Price Per SF
$69.64
Cap Rate
7.72%
NOI
$75,313
Percent Leased
Vacant
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
7,000 SF
Building FAR
2.01
Lot Size
0.16 AC
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Texas EMS School
- Educational Services
- 6,000 SF
- $11.16
- Modified Gross
- Mar 2030
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Texas EMS School | Educational Services | 6,000 SF | $11.16 | Modified Gross | Mar 2030 |
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PROPERTY TAXES
| Parcel Number | 26081 | Total Assessment | $394,095 (2023) |
| Land Assessment | $59,063 (2023) | Annual Taxes | $9,084 ($0.65/SF) |
| Improvements Assessment | $335,032 (2023) | Tax Year | 2024 |
