Office Depot

1737 South Staples Street - Corpus Christi TX 78404

LTV (Loan to Value)	65.00%	Current NOI	$335,831.00
Interest Rate	4.250%	Capital Rate	7.250%
Fixed Term	10 Years	Land Area	1.89 Acre
Amortization	25 Years	Lease Type	NN
Loan Amount	$3,009,500.00	Property Type	Retail
Payment	$16,303.61	Property Lease	Office Supplies
Bulding Size	26,925 SF	Remaining Terms	10 Years

Location Description

NNN Lenders is pleased to offer for sale to qualified investors an Office Depot located in Corpus Christi, Texas.Office Depot is operating under a new 10 year lease that commenced in January 2015. The property features four (4), five (5) year renewal options with 10% increases every five (5) years in option periods. Office Depot has operated successfully at this location since 1998 and recently recast a new 10 year lease. Lamar Advertising Company is currently under a billboard lease on the property that has been in place since 1996.The subject property is approximately 26,925 square feet and sits on approximately 1.89 acres. This property is conveniently located in close proximity to downtown serving many of the downtown businesses. Additionally, it is surrounded by several large employers, including: Del View College, Christus Spohn Hospital System and American Red Cross.

Highlights

Long Lease Term – Tenant is operating under a new 10 year lease and has been at this location for…

Property Description

Corpus Christi is a coastal city in the South Texas region of the state of Texas. The metropolitan area US Census estimated population in 2013 was 442,600. The population was 316,381 at the 2013 US Census estimate, making it the eighth-most populous city in Texas. It is the principal city of the three-county Corpus Christi metropolitan area, as well as the larger six-county Corpus Christi-Kingsville-Alice Combined Statistical Area, with a 2013 Census estimate at 516,793. Corpus Christi and the surrounding region are strategically located on the Gulf of Mexico and globally connected. Served by an excellent network of highways, railroads, and deepwater shipping, Corpus Christi is a major international business center in the Americas. The city is home to the Port of Corpus Christi, the fifth-largest in the U.S. port and deepest inshore port on the Gulf of Mexico, handles mostly oil and agricultural products, and is served by the Corpus Christi International Airport. Much of the local economy is driven by tourism and the oil and petrochemicals industry.