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El Paso, TX

1805-1831 Myrtle Avenue

Address:
1805-1831 Myrtle Avenue, El Paso, TX 79901
Property Type:
Multi Tenant
Price:
$975,000
Cap Rate:
10.77% pro-forma
Square Feet:
21,000 sqft
Lot Size:
0.82 Acres
Price Per Square Foot:
$46.43
Year Built:
1920
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Investment Highlights

Investment Highlights

Investment Highlights

  • 21,000 Square Feet of Light Industrial Space Situated on 0.82 Acres
  • Features Rare Ample Land with 0.32 Acres of Yard Space
  • Vacant Sale Offering Owner Use or Multi-Tenant Lease-Up Opportunity
  • Close Proximity to I-10 and Union Pacific Rail Hub
  • Tight Barrier-to-Entry Submarket with 4.0% Vacancy Rate

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1805-1831 Myrtle Avenue in El Paso, Texas. The subject property consists of approximately 21,000 square feet of light industrial space and is situated on 0.82 acres of land. The multi-tenant asset features masonry construction, one grade-level door, three dock-high doors, three HVAC units, and a clear height between 12’ to 17’. With 0.32 acres of available land, the property has a large amount of yard space relative to most industrial properties in the area. For sale as vacant, buyers can acquire the property for owner use or as a lease-up/redevelopment opportunity. With two divisible walls, the property can easily accommodate up to three tenants. Situated in close proximity to Interstate 10 and a Union Pacific rail hub, the property has a prime location in the Central submarket.

Encompassing the area surrounding downtown El Paso, the Central is a small submarket containing 4.8 million square feet of industrial space. Given its urban location, 88 percent of the inventory was developed before the turn of the century and is sized below 100,000 square feet. In 2023, net absorption noticeably dropped into negative territory as tenants vacated 142,000 square feet of space in the Central submarket. Despite demand contracting, the vacancy rate remained low after rising 300 basis points to 4.0 percent. Following the national narrative, rent growth slowed down in 2023 with asking rents up only 3.8 percent. In the near future, both rent growth and vacancies will be supported by the lack of new supply as there were no industrial properties under construction at the start of 2024 (CoStar). Thanks to the Paso del Norte Port of Entry into Mexico, the Central submarket stands to benefit from the recent nearshoring movement in which many American businesses are relocating production operations from East Asia to Central America.

The El Paso metro is located at the westernmost corner of Texas, bordering New Mexico and the state of Chihuahua in Mexico. It is composed of El Paso and Hudspeth counties. Access to Mexico plays a major role in the local economy. The city of El Paso, when combined with Las Cruces, New Mexico, and Ciudad Juarez in Mexico, is sometimes referred to as the international metropolitan area of Paso del Norte and has one of the largest bilingual and binational labor pools in the western United States.

As the largest metro along the Texas-Mexico border and the sixth-largest city in Texas, El Paso is a top 20 percent U.S. performing economy and represents one of the largest manufacturing centers in North America. Recognized as globally competitive, the region boasts the largest bilingual and bi-cultural workforce in the Western Hemisphere (elpasotexas.gov). El Paso was a finalist for the 2018 National League of Cities “All-America City,” 2018 Best of Texas Awards, and WalletHub’s #1 Best Run City in Texas in 2017. In 2018 alone, El Paso County added 4,200 jobs. Major employers include Pacific Union Financial, UPS, Veritas Management Group, and iFly.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0490111)