27934 Calvert Road
- 27934 Calvert Road, Tomball, TX 77377
- Property Type:
- Multi Tenant
- Cap Rate:
- 11.93% pro-forma cap
- Square Feet:
- 6,400 sqft
- Lot Size:
- 1.0 Acres
- Price Per Square Foot:
- Year Built:
- 6,400-Square-Foot Warehouse Featuring Central Air and Individually Metered Units
- Exceptionally Built Asset Requiring Minimum Maintenance
- Ample Land Suitable for Additional Parking or Future Development
- Below Market Month-to-Month Leases Create Value-Add Opportunity
- Located in High Growth Submarket with 25% Rent Premium (CoStar)
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 27934 Calvert Road in Tomball, Texas. The subject property consists of approximately 6,400 square feet of warehouse space and is situated on 1.0 acres of land. The asset features two suites, a clear height of 12’, five grade-level doors, metal construction, and centralized air-conditioning. With ample land, the property can easily accommodate additional parking and further development. Exceptionally built in 2003, the multi-tenant asset is individually metered and requires minimum maintenance, making the property ideal for hands-off investors. Each tenant is leased on a month-to-month basis at below-market rents, offering investors a value-add and lease-up opportunity. Located in proximity to State Highway 249, the property is situated within the Northwest Highway 6 submarket.
Northwest Highway 6 is a medium-sized submarket, containing 19.4 million square feet of industrial space. While the submarket is largely made up of logistics facilities, Northwest Highway 6 has a diverse tenant base occupied by manufacturing and oil industries. In recent years, the submarket has become a hotspot for the development of new warehouses. With 3.4 million square feet in the pipeline, the inventory is set to rapidly expand by 17.5 percent. Despite vacancies trending lower, a heavy flow of new development has kept the rate above the metro average, settling at 7.1 percent during Q4 2022. During this time, market rents were up 3.4 percent year-over-year, which is in line with the five-year average. At $10.50 per-square-foot, the average market rent in Northwest Highway 6 offers landlords a sizeable 25 percent premium compared to the overall Houston market (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.