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Dallas, TX

2031 Quincy Street

Address:
2031 Quincy Street, Dallas, TX 75212
Property Type:
Single Tenant
Price:
$450,000
Cap Rate:
8.26% cap
NOI:
$37,169
Square Feet:
10,060 sqft
Lot Size:
1.02 acres
Year Built:
1969
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* By downloading the Marketing Package (Offering Memorandum) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

Investment Highlights

Investment Highlights

Investment Highlights

• 10,060-Square-Foot Industrial Warehouse Situated on 1.02 Acres with Ample Outside Storage
• Located West of Dallas, Close to Irving, with Ease of Access to Interstate I-30 and South Walton Walker Boulevard
• Located in Western Lonestar/Tpke Submarket with a Market Vacancy Rate of 6.9%
• Nationwide Slate: a Custom Specialty Company Specializing in Slate, Clay Tile, Architectural Sheet Metal, & Historical Restorations Since 1996
• Low Sale Price per SF Comparing to Submarket Price per Foot $80 (Costar)
• Attractive Current Cap Rate (8.26%) with Ability to Increase Rents to Market Value in 2022

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2031 Quincy Street in Dallas, Texas, leased to Nationwide Slate. The subject property consists of approximately 10,060 square feet of space and is situated on 1.02 acres of land. The asset features 1,200 square feet of office space, 10 parking spaces, and ample outside storage. Nationwide Slate is a company that has specialized in slate, clay tile, architectural sheet metal, and historical restorations since 1996. This tenant has occupied the space since 2010 with their current lease beginning in 2019. They have two renewal options: one three-year option and one four-year option, both at future market rent (no less than current). The subject property is listed at a very low sale price per square foot ($44.73) when compared to the submarket average of $80 per square foot (CoStar). At an attractive cap rate (8.26 percent), an investor has the ability to increase rents to market value in 2022 upon lease expiration via renewal option or with a new tenant. Located west of Dallas and close to Irving, there is ease of access to Interstate I-30 and South Walton Walker Boulevard.

Western Lonestar/Turnpike is a midsized submarket, located south of the DFW International Airport and bisected by Interstate 30. Much of this area, especially north of Interstate 30, falls within the Trinity River floodplain, where development is untenable. Given the relative size of the market, vacancies and rents can be volatile with wide swings when a project delivers (or is removed from inventory). The submarket previously underwent a building boom from 2006–2009, adding nearly two million square feet. The last project to complete is Home Depot’s 800,000-square-foot facility at the Dallas Global Industrial Park, boasting asking rents of around $4-$5 per square foot triple net, which delivered in late 2019. (CoStar)

The Dallas/Fort Worth metroplex is the fourth-most populous metro in the nation with an aggregate of more than 7.1 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 21 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.

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. © 2020 Marcus & Millichap. All rights reserved. (Activity ID: ZAB0060809)