Marcus & Millichap is pleased to present the opportunity to acquire the property located at 27703 Calvert Road in Tomball, Texas. The subject property consists of approximately 17,472 square feet of industrial space and is situated on 1.76 acres of land. The single-tenant asset features metal construction, a clear height of 20’, four drive-in doors, and a covered outdoor storage area. Equipped with an on-site retention pond, the property is capable of storing excess water from rainfall and runoff. With a building coverage ratio of 20 percent, the property can easily accommodate outdoor storage or additional development. Located 33 miles northwest of Downtown Houston, the property has proximity to major thoroughfares including Texas State Highways 249 and 99. For sale as vacant, the property is ideal for owner use or as a lease-up investment opportunity.
The subject property is situated within the Northwest Highway 6 submarket with a sizeable 23.6 million square feet of industrial space. During the third quarter of 2024, the vacancy rate ticked up to 9.7 percent. While vacancies are above the market average, availability has significantly contracted from the 10-year high of 15.4 percent posted a year earlier. Despite the fall in vacancies, annual rent growth continued to decelerate to 1.0 percent in Q3 due to the overall economic environment. After experiencing an 18.4 percent increase in inventory in 2023, the Northwest Highway 6 submarket only has 146,000 square feet in the pipeline, representing less than 1.0 percent of inventory (CoStar).
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. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0040451)
