4013 Travis Drive Case Study
Front Elevation After Parasol Was Hired
Creating Value Through Renovations
4013 Travis Drive was an immediate renovation. The ownership - seasoned real estate investors - purchased this property to take the 12,000 square foot office building from a Class C asset to a Class B or B- by upgrading the property in its entirety. Parasol oversaw the renovations on behalf of the ownership, which included: painting the interior and exterior, resealing and striping the parking lot, upgrading interior and exterior doors, adding hardscaping and landscaping, LVP hardwood flooring, new restroom and kitchen fixtures, LED lighting, and smart sensors for lighting / HVAC.
Front Elevation Before Updates
Interior Hallway Before Updates
Full-Service Management & Reporting
With four suites on the ground floor geared towards single tenants and the second floor ideal for executive office suites, Parasol advised having two different lease structures for the property: NNN downstairs and full-service gross for the executive offices. Parasol is responsible for typical office-style management of the property, including janitorial, maintenance, landscaping, trash removal, utilities, taxes, and insurance.
Parasol collects rents, pays all expenses, and remits monthly financial reports to the ownership group. With the ownership group intending on refinancing the property in the next few years, organized leasing, financial reporting, and cost management are crucial, as every piece affects the profitability of this investment.