142 Mccormick RdOak Point, TX 75068

Property Details for 142 Mccormick Rd

Year built

2024

Lot size

1.60 AC

Property size (Sq ft)

10,472 SF

Property type

Specialty properties

Property subtype

Schools

Description

This exceptional investment opportunity presents a brand-new, 10,472-square-foot Goddard School located at 142 McCormick Rd, Oak Point, TX 75068. Built in 2024, the property boasts a 15.1-year triple-net (NNN) lease with a prominent childcare franchise, Goddard Systems, Inc., eliminating landlord responsibilities. The lease commenced September 1st, 2024, and expires September 30th, 2039, with a remaining term of 14.9 years. The lease includes annual rent bumps of 2%, ensuring consistent income growth. Three five-year lease options further enhance the long-term security of this investment. The property sits on a 1.6-acre lot and commands a price per square foot of $700.28, with an asking price of $7,333,333 and a current cap rate of 6.75%. The property currently enjoys 100% occupancy, generating a net operating income (NOI) of $495,000. Strategically located in the rapidly growing Oak Point area, just 25 miles north of Dallas-Fort Worth International Airport (DFW) and 40 miles from downtown Dallas, the property benefits from high visibility on US Highway 380/E University Drive, experiencing over 37,000 vehicles per day. The surrounding area is undergoing significant development, including a planned expansion of 400 acres for residential, retail, commercial, parks, and open space. The strong demographics include an average household income of $131,466 and a population of 121,407 within a 5-mile radius, supported by seven elementary feeder schools within the same proximity. This presents a secure, high-return investment with significant long-term potential.

Location Insight

City

Oak Point

County

Denton

State

Texas

Latitude

33.1859

Longitude

-96.9778

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