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Grand Prairie, TX

2109 Galveston Street

Address:
2109 Galveston Street, Grand Prairie, TX 75051
Property Type:
Vacant
Price:
$660,000
Cap Rate:
9.58% pro-forma cap
Square Feet:
7,440 sqft
Lot Size:
0.21 Acres
Price Per Square Foot:
$88.71
Year Built:
1968
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Investment Highlights

Investment Highlights

Investment Highlights

  • 7,440-Square-Foot Industrial Warehouse Strategically Located Within Close Proximity to Major Thoroughfares
  • Highly Functional Warehouse and Seller Reports TPO Roof Replaced (2018)
  • Warehouse Suitable for Wide Variety of Owner-Users
  • Tough Barrier-to-Entry Submarket with 2.6% Vacancy and Over 13% Rent Growth
  • Value-Add Lease-Up Opportunity with Attractive Pro Forma Returns

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2109 Galveston Street in Grand Prairie, Texas. The subject property consists of approximately 7,440 square feet of warehouse space and is situated on 0.21 acres of land. The single-tenant asset features two grade-level doors, a clear height of 16’, and a TPO roof installed in 2018. With the property only partially occupied on a month-to-month basis, the highly functional warehouse is ideal for a variety of owner-users. This sale also offers investors a value-add lease-up opportunity with attractive pro forma returns. Strategically located in the Lower Great Southwest submarket, the property has proximity to President George Bush Turnpike, Interstate 30, and State Highway 360.

Lower Great Southwest is a large submarket with 43.3 million square feet of industrial space, 72 percent of which was developed prior to 1990. As one of Dallas’ original industrial nodes, the submarket is home to a high concentration of manufacturing tenants. The submarket is anchored by General Motors’ Arlington assembly plant, which recently underwent a 1-million-square-foot expansion, helping to boost demand from local suppliers. During 2022, the vacancy rate remained relatively stable, finishing the year at 2.7 percent. With supply limited, market rent growth jumped to a new record high, up 13.5 percent. With only 365,000 square feet of industrial space under construction going into 2023, representing less than 1 percent of the inventory, rent growth and vacancies will largely be unimpeded by new supply for the foreseeable future (CoStar).

The Dallas-Fort Worth metroplex is the fourth-most populous metro in the nation, with an aggregate of more than 7.7 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 919 thousand 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 metro’s 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.

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. © 2022 Marcus & Millichap. All rights reserved. (Activity ID: ZAD0061256)