Richard Milburn Academy

Price: $925,000
Sq. Ft.: 12,800
Cap Rate: 10.03%
Built: 1964
Gross
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The subject property is a 12,800-square foot, single-tenant building leased to Richard Milburn Academy in Amarillo, Texas. The tenant has occupied the building since 2011 and has four years remaining on the term. The lease is on gross terms with no renewal options and has a corporate guarantee. The Academy has a total of nine campuses in the state of Texas, located in Corpus Christi, Fort Worth, Houston, Killeen, Lubbock, Midland, Odessa, Pasadena, and Amarillo. The building was originally constructed in 1964 and is situated on a 0.69-acre lot.

Richard Milburn Academy is located just west of Interstate 27 on the corner of Southwest 51st Avenue and Maverick Street in the southwestern portion of the city, strategically positioned to serve a dense surrounding population. More than 149,360 people reside within five miles of the property. Neighboring retailers include 84 Lumber, Arby’s, Ashley HomeStore, Pizza Hut, Ace Hardware, Braum’s, Wendy’s, and numerous local merchants.

  • 12,800-Square Foot, Single-Tenant Building Leased to a Tuition-Free Public Charter School
  • Gross Lease with a Corporate Guarantee
  • Operator of Nine Campuses in the State of Texas:  Amarillo, Corpus Christi, Fort Worth, Houston, Killeen, Lubbock, Midland, Odessa, Pasadena
  • Tenant has Approximately Four Years Remaining on the Term | No Options for Renewal
  • Priced at $72 per Square Foot | Significantly Below Replacement Cost
  • Strategically Located to Serve a Dense Residential Area | More than 149,360 Residents Within a Five-Mile Radius
  • Located on the Corner of Southwest 51st Avenue and Maverick Street | One Block West of Interstate 27, the Major North/South Thoroughfare in the City
  • Amarillo is the Largest City in the Texas Panhandle and Serves as the Retail Hub for a Surrounding Population of 310,000 People