2333-2337 Delante Street
- 2333-2337 Delante Street, Haltom City, TX 76117
- Property Type:
- Multi Tenant
- Square Feet:
- 19,320 sqft
- Lot Size:
- 1.15 acres
- Price Per Square Foot:
- Year Built:
- 19,320-Square-Foot Industrial Asset Situated on 1.15 Acres
- Multi-Tenant Building Featuring Seven Grade-Level Doors
- Short-Term Lease with Below-Market Rent Provides Significant Value-Add Opportunity
- Potential for Owner-User Acquisition with 8,320-Square-Foot Suite Recently Vacated
- Ample Tenant Parking Space Including Fenced Lot
- Proximate to Airport Freeway and Frontage on High-Traffic Midway Road
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2333 to 2337 Delante Street in Haltom City, Texas. The subject property consists of approximately 19,320 square feet of warehouse space and is situated on 1.15 acres of land. The multi-tenant asset features seven grade-level doors and ample space for tenant parking, including a fenced-in lot. With a short-term lease in place at below-market rent, the asset offers investors a significant value-add opportunity. The property can also be acquired for owner-use, given the recent vacancy of an 8,320-square-foot suite. Airport Freeway sits in close proximity to the property, which has frontage along the high-traffic Midway Road.
The subject property sits within East Fort Worth, a submarket containing a sizeable 27.9 million square feet of industrial space. Local inventory largely consists of shallow- bay properties sized under 100,000 square feet and built prior to 2000. Manufacturers and food distributors mostly make up the tenant base in East Fort Worth. Over the last decade, the vacancy rate averaged just 4.4 percent, but has recently risen to 8.1 percent during Q2 2022. However, the rise in vacancy is primarily due to record- breaking levels of new developments that have expanded the inventory by 4.3 percent over the last year. Despite the increase in vacancies, market rents in East Fort Worth are growing at a record rate of 12.4 percent, which is comparable to the overall market. Given that construction activity has fallen to the lowest level since Q3 2020 at about 285,000 square feet, current demand levels are forecast to drive down the vacancy rate throughout the remainder of the year (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 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.