2989 South Highway 304
- 2989 South Highway 304, Rosanky, TX 78953
- Property Type:
- Single Tenant
- Square Feet:
- 14,400 sqft
- Lot Size:
- 11.1 acres
- Price Per Square Foot:
- Year Built:
• 14,400-Square-Foot Office Warehouse Built in 2001 Situated on 11.1 Acres of Land
• Features 1 Grade-Level Door (12’x14’), 16’-30’ Clear Heights, and 3-Phase Power
• Building Renovated in 2018, is Fully Climate Controlled, and HVAC Units are 1.5 Years Old
• Excess Land Allows for Ample Parking, Outside Storage, and Future Expansion
• Vacant Sale with Market Vacancy of 5.9% Creates Investment or Owner-User Opportunity
• Property Located in a Qualified Opportunity Zone in Bastrop County
• Frontage on SH-304 with Proximate Access to Highway 535
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2989 South Highway 304 in Rosanky, Texas. The subject property consists of approximately 14,400 square feet of warehouse space and is situated on 11.1 acres of land. The asset features one grade-level door, measuring 12’ by 14’, 3-phase power, and 16’ to 30’ clear heights. The property was built in 2001 and renovated in 2018. Powered by new HVAC units installed less than two years ago, the property is fully climate-controlled. Excess land allows for ample parking, outside storage, and future expansion. With frontage on South Highway 304, the property has proximate access to Farm to Market Road 535. Located in Bastrop County, the property is situated within a qualified Opportunity Zone.
Bastrop County is a relatively small submarket, containing over 1.2 million square feet of industrial space. At about 68 percent, logistics facilities account for the largest proportion of inventory, followed by specialized space at almost 22 percent and flex properties at just over 10 percent. Last year’s pandemic related lockdowns had little impact on Bastrop County as the current 5.9 percent vacancy rate is slightly lower than at the beginning of 2020. Over the past five years, the submarket has posted almost 12,000 square feet of positive net absorption on average per year. Industrial rents are currently growing at a strong 4.4 percent pace year-over-year. For the first time on record, the average industrial rent per square foot crossed the $9 mark. Logistics space in Bastrop County commands a premium of $9.20 per square foot. With no projects under construction, there are no supply-side pressures on vacancy or rent in the near-term (CoStar). Bastrop’s low vacancy rate and high rent growth create a solid investment or owner-user opportunity.
With a population of over 2.2 million residents, the population of Metro Austin has grown significantly in recent decades along with economic growth. Known as the home of South by Southwest, the Austin-Round Rock metro covers about 4,225 square miles and consists of five counties in Central Texas: Travis, Williamson, Hays, Caldwell and Bastrop. Austin’s population of 940,700 people, makes Travis the most populous county in the metro. Employment gains in the tech sector have contributed significantly to the metro’s recent population and median household income growth. Tesla is currently constructing a massive Gigafactory in the city that will be finalized this year. The facility is expected to generate at least 5,000 jobs, supporting future relocations and increased demand for housing. The government is a significant driver in the local economy as Austin is the state capital and home to an IRS regional processing center as well as military bases. Located within a border state, the metro benefits significantly from international trade agreements with Mexico.