This listing is under contract.
Huge Price Reduction - Industrial Warehouse - $995,000
2200 Seymour Hwy
Wichita Falls, TX 76301
UNDER CONTRACT FOR SALE
Last Verified:Jun 21, 2022
2200 Seymour is a 30,625 square foot industrial building that is occupied by a single tenant. The property was constructed in 1955. The lot is approximately 2.4 acres. The foundation is slab. A complete roof replacement was done at the end of 2018. It was stripped down to the metal and ISO insulation board was added. Then spray polyurethane foam was applied and two coats of exterior foam paint was added. The roof has approximately 7 years left on the 10-year warranty. The exterior is brick veneer. The owner reports there are(is): • Three individual offices. A reception area with two desks, a display area and a conference room that total approximately 1200-1400 square feet • Restrooms and an employee break area are just outside the offices and are approximately 300-400 square feet • A shipping and receiving office is on the northside of the restrooms and is approximately 75-100 square feet • Two vault-safe rooms on the northside of the office area, approximately 100-150 square feet • All other square footage is warehouse space • Room for additional development to expand the leasable space The current tenant is the Mayfield Paper Company. The company was founded in 1945. Their website says, “With six sales and distribution centers, Mayfield Paper Company is the largest and fastest growing supplier of paper, packaging, safety, food service, sanitary, janitorial, and office supplies in West Texas and the Texas Hill Country.” The company moved into the space in 2010. The current lease ends January 31, 2022. A new lease has been executed extending the lease until January 31, 2025. There is a 3% annual escalation in the rental rate. According to the new lease, the owner is responsible for • Insurance • Repairs, but not maintenance, of fire protection equipment and fire sprinkler systems • Property taxes up to $10,560.49/year The electricity is in the owner’s name and billed back to the tenant. The asset is centrally located near the Central Business District with easy access to major highways.