Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2421 Wadsworth Street in Houston, Texas. The subject property consists of approximately 31,500 square feet of warehouse space and is situated on 1.47 acres of land (equivalent to 64,468 square feet). The vacant asset features four buildings, metal construction, and three-phase power. Sitting adjacent to the Sam Houston Tollway, the property also has close proximity to Interstate 10. Given the condition of the property, this sale offers investors a rare redevelopment opportunity in the East Interstate 10 Outer Loop submarket.
Containing 15.6 million square feet of industrial space, the mid-size submarket is anchored by oil refiners and the Port of Houston. With land available for development in limited supply, the submarket had no industrial properties under construction at the midpoint of 2023. Along with a rebound in demand, tight supply pushed the vacancy rate down to a six-year low of just 1.2 percent in the second quarter, which ranked as the lowest among Houston’s 29 industrial submarkets. While annual rent growth slowed to just 4.1 percent during this time, the rate of growth remains above the three-year average of 3.7 percent (CoStar). As the global demand for oil rises an estimated 2.4 percent in 2023 (Reuters), industrial activity will likely remain robust in the East Interstate 10 Outer Loop submarket.
As the fifth most populous metro area in the U.S., Houston houses over seven million people in southeastern Texas. The market is composed of nine counties: Harris, Galveston, Brazoria, Fort Bend, Chambers, Montgomery, Austin, Liberty and Waller. The Gulf of Mexico, which borders the metro to the southeast, provides access to markets around the world via the Port of Houston, making it a prime location for import/export. Houston’s economy has diversified in recent years, with the healthcare and technology sectors showing strong growth. As Houston’s population continues to grow, primarily to the northwest, many companies are expanding to the region to provide goods and services to the increasing population.
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: ZAE0040359)
