Sock Club Acquires 203221 SF Office Building At 1106 Clayton Lane In Austin From Omninet Capital
1106 Clayton Lane
Building Size
203,221 SF
Asset Type
Office
Closing
Jul 23, 2024
About this deal
AI
The transaction involved a multi-tenant office building located at 1106 Clayton Lane in Austin, Texas. The property spans 203,221 square feet and sits on 7.18 acres. At the time of closing, it was 59% leased.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Buyer: Noah Lee
- Seller: Omninet Capital
- Buyer's Representative: Michael Bullard - Dovetail Commercial
- Seller's Representatives: Chase Gardner & Scott LaMontagne - NorthMarq; Doug Rauls - Colliers
The sale of this property signifies one of only two multi-tenant office transactions in Austin for 2024. The buyer, Sock Club, has plans for significant renovations and upgrades to the property following the purchase.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93