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Oakland
2750 Oakland Avenue
Garland, Texas
Dirkin Properties is
proud to announce its purchase of 2750 Oakland Avenue, Garland Texas. It
is an approximately 75,000 sq. ft. warehouse facility with 6,674 sq. ft. of
office space. The previous user
was Riddle Enterprises, a manufacturer of metal shelving, primarily for
Petsmart. Before that, the
facility was used to manufacture generic soft drinks by Garland Beverage
Company.
A majority of the facility is 26 foot clear height, has 10
dock high doors, a drive in ramp, and has 4 rail doors and a rail line in the
rear. A majority of the lighting
is metal halide and the entire facility is sprinklered.
Although there are significant repairs that are needed to the
electrical system, this is a significant value-added property.
Purchase price was far below appraised value. Current
plans are to repair the property and get it back on the market for lease or
sale.
Download
the Flyer
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Cavalier Drive
Garland, Texas
DIRkin Properties is
proud to announce its purchase of 3826-3832 Cavalier Drive, Garland, Texas. It
is an approximately 19,000 sq. ft. multi-tenant warehouse facility with about
30% of office space.
The previous owner was ANA Capital Partners. This is a 4-plex
facility, 75% currently occupied with two (2) tenants. The
property was not on the open market before the sale, and was discovered by
DIRkin Property through personal contacts with the ownership group.
A majority of the facility is 14 foot clear height, has 5
drive-in doors, and 4 separate entrances. There
is an abundance of parking for a facility of this type at 2.5:1000. All
parking is concrete paved and in good condition. The
building has a rear yard although currently not fenced.
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The purchase price was far below some brokers
opinion-of-values and is considered a value-added property. Current
leases are either month-to-month or short term. Rents
will need to be raised by $1.00 - $1.50/SF to bring them up to current market
values. Current plans are to
repair and improve the property and fill it with leases at market rate.
These improvements include exterior and interior paint, fence the rear yard, re-stripe the parking lot, landscaping,
etc.
Download
the Flyer
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Lake Cypress Springs
Scroggins, Texas
DIRkin Properties is
has purchased a second value-added property on Lake Cypress Springs at 315 S.
Park Road, Scroggins, TX. The
property is a ½ acre lot located on the main lake with sandy shores and a
retaining wall.
It is an approximately 1,264 sq. ft. house with 1 bedroom and 1 bath, built in 2003. The
previous owners built the building, but then fell into a financial crisis and
had to sell it below market value. The property was on the open market for
about a year.
The house is a modified two-floor, A-frame, with a spacious
kitchen with glass top range, stainless steel refrigerator, dishwasher, and
double oven. There is custom tile and
open beam ceiling throughout the lower level. Upstairs
has unique cedar work and built-in cabinets throughout. House
is wired for stereo and video inside and out. Outside
includes St. Augustine sod, tree lighting, landscaping, and a very large stone
fir pit.
Most important is the "Million Dollar View" off the living areas and front porch.
Current
plans are to change the layout of the upstairs and add a bath,
thereby making the house a 3 bedroom, 2 bath house. After that is
finished, a two-story, one stall boat house with an upstairs
recreation room and a first floor sun deck will be added. Attached will be a
floating two-stall jet ski dock. Our research of other
properties on this lake shows these changes will drastically
improve the value of the property for resale.
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Sandy Lake - Turtle Bay Marina
Scroggins, Texas
DIRkin Properties is has purchased a rare commercial property on Lake Cypress
Springs at 150 South Park Road, Scroggins, TX. The
property is known locally as the former Turtle Bay Marina - a former jet ski
repair and service center. The 1.9
acre property contains about 360 feet of shoreline in Turtle Bay Cove. The
previous owner built the building, but closed up shop in 2002 and moved up to
Minnesota for personal reasons. The
building has been vacant and up for sale. for a majority of the time since
then.
The main building is a 4,000 sq. ft. clear-span, metal
building with an additional 2,400 SF covered drive-thru work area attached. It
has a full restroom and office downstairs and two bedrooms in an upstairs
mezzanine area.
There is a open kitchen design, compressed air lines, plenty of electrical outlets spread throughout. At
lake side, there is a large, 2 stall boathouse with a sling lift and a platform
lift (good for jet skis). There is
a retaining wall and gas tank/pump next to the boathouse. The
above-ground gas tank is 1000 gallons and fully operational.
Since the improvements are contained on 0.7 acres, this leaves
1.2 acres of raw land left to develop adjacent to this building. In
addition, three interior lots came with this purchase totaling 2.4 additional
acres.
Value
was added immediately to this property by joining the two
adjacent lots together to form the 1.9 acre parcel. Current plans perform
much of the deferred maintenance on this building and grounds,
fence the lots together, and market the property to jet ski
shops in the surrounding areas.
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