1414 North Main Street
- SOLD ABOVE ASK WITH MULTIPLE OFFERS
- Property Type:
- Multi Tenant
- Square Feet:
- 15,000 sqft
- Lot Size:
- 0.75 Acres
- Year Built:
- 100% Occupied, Income-Producing Multi-Tenant Industrial Property
- Month-to-Month Leases with Opportunity to Increase Rents to Pro-Forma
- Low Vacancy Rates and 1,250-Square-Foot Suites Allow for High Tenant Demand
- Located in Dallas-Fort Worth Market with Values Projected to Increase
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1414 North Main Street in Duncanville, Texas. The subject property consists of approximately 15,000 square feet of warehouse space and is situated on 0.75 acres of land. The fully occupied asset features 12 1,250-square-foot suites. In addition to the suite sizes allowing for high tenant demand, the short lease terms in place provide a value-add opportunity to increase rents to pro forma. This income-producing property is situated within the Redbird Airport submarket in Dallas-Fort Worth, a market with valuations projected to increase.
Located southwest of the Dallas central business district, Redbird Airport is a secondary industrial submarket with 20.5 million square feet. The submarket largely consists of multi-tenant warehouses delivered from 1980 to 2000, followed by modern, single-tenant buildings. At 2.1 percent, the vacancy rate in Q4 2021 sits just 30 basis points above its all-time low and has remained below 5 percent since 2016. Conversely, market rents are rising at the fastest pace on record, up 8.6 percent year-over-year. Given that the average market rent in Redbird Airport trails the overall market by about 29 percent at $5.25 per square-foot, rents have significant upside potential before matching competition. With only 444,900 square feet under construction, representing 2.2 percent of inventory, new supply will have minimum impact on vacancy rates and rent growth for the foreseeable future (CoStar). The Redbird Airport submarket offers investors a solid entryway or expansion into the nation’s fastest-growing industrial market.
The Dallas-Fort Worth metroplex is the fourth-most populous metro in the nation, with an aggregate of more than 7.5 million residents. It is composed of 13 counties stretching nearly 10,000 square miles. The city of Dallas houses 1.3 million people, followed by Fort Worth with 800,000 residents. Strong job growth continually draws new residents to the region. To accommodate the additional traffic, the region’s transportation network is evolving. Traffic flow is improved as freeways are expanded and miles are being added to tollways and turnpikes. The growth of the transportation network is vital to supporting commuters to the metros numerous corporations and growing industries. Dallas/Fort Worth’s
population growth in recent years ranks among the highest in the U.S. for a major metro. The Metroplex is home to 24 Fortune 500 companies and many regional headquarters, drawing workers and residents. The area’s extensive network of rail and highways, along with the International Inland Port of Dallas, ensure its status as a distribution hub.