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Dallas, TX

2616-2620 Sea Harbor Road

Address:
2616-2620 Sea Harbor Road, Dallas, TX 75212
Property Type:
Multi Tenant
Price:
$1,150,000
NOI:
$40,068
Square Feet:
12,000 sqft
Lot Size:
0.41 acres
Price Per Square Foot:
$95.83
Year Built:
1984
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Investment Highlights

Investment Highlights

Investment Highlights

  • Fully Occupied, Income-Producing Industrial Asset in Dallas/Fort Worth Market
  • Currently Occupied by Forklifts Repairs and Sales, Tenant since 2017
  • Lease in Place Expires May 1, 2023, Creating Opportunity to Establish Pro Forma Rents within 12 Months
  • Warehouse Easily Divisible for Multi-Tenant Leasing Upon Lease Expiration
  • Property Consists of Two Office Spaces, Two Sets of Restrooms, Two Grade-Level Doors and 15 Parking Spaces
  • Located Near Irving, Texas, with Access to South Walton Walker and I-30 Thoroughfares

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2616 Sea Harbor Road in Dallas, Texas, leased to Forklifts Repairs & Sales, Inc. The subject property consists of approximately 12,000 square feet of warehouse space and is situated on 0.41 acres of land. The multi-tenant asset can easily be divisible for multi-tenant use with features including two office spaces, two sets of restrooms, two grade-level doors, and 15 parking spaces. Since 2017, the fully occupied property has steadily produced income, and the tenant’s current lease expires May 1, 2023, creating an opportunity to establish pro forma rents within 12 months. Located near the city of Irving, the asset has proximate access to major thoroughfares, including South Walton Walker Boulevard (Loop 12) and Interstate 30.

The subject property is situated within Western Lonestar/Turnpike, a relatively small, yet primely positioned submarket containing 10.2 million square feet of industrial space. For 11 consecutive quarters, the vacancy rate trended below the 5 percent threshold, sitting at just 1.4 percent at the conclusion of Q2 2022. During the second quarter, market rent growth on industrial properties surged to a record high of 14.2 percent in the Western Lonestar/Turnpike submarket. Market rents now average $7.29 per-square-foot, offering tenants an 11 percent discount compared to the overall Dallas/Fort Worth market. With only a single industrial property under construction at 84,000 square feet, representing just 0.8 percent of inventory, rents and vacancies will largely go 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 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.

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: ZAD0060382)