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Irving, TX

3833-3835 Conflans Road

Address:
3833-3835 Conflans Road, Irving, TX 75061
Property Type:
Single Tenant
Price:
$2,200,000
Cap Rate:
8.00% pro forma
Square Feet:
22,000 sqft
Lot Size:
0.9 Acres
Price Per Square Foot:
$100.00
Year Built:
1977/1980/1992
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Investment Highlights

Investment Highlights

Investment Highlights

  • 22,000-Square-Foot Metal Constructed Industrial Property Situated on 0.9 Acres
  • Features Three Grade-Level Doors and Recently Renovated East Warehouse
  • Vacancy Allows for Owner Use or Lease-up Opportunity
  • South of DFW Airport with Close Proximity to George Bush Turnpike and Highway 183
  • 5.0% Vacancy Rate in West Brookhollow Outperforms Overall Market

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 3833 to 3835 Conflans Road in Irving, Texas. The subject property consists of approximately 22,000 square feet of industrial space and is situated on 0.9 acres of land. The asset features a clear height of 12’, three grade-level doors, metal construction, three-phase power, and recent renovations to the east warehouse space. For sale as vacant, the property can be acquired for owner use or as a lease-up opportunity. Located near the interchange between Texas State Highway 183 and State Highway 161 (President George Bush Turnpike), the property is in close proximity to the Dallas-Fort Worth International Airport and Downtown Dallas.

The subject property sits within West Brookhollow, a large submarket containing 43.2 million square feet of industrial space. As one of the original industrial hubs in the metroplex, 91 percent of West Brookhollow was developed before 1990. Since the turn of the century, the inventory has remained stagnant largely due to the lack of available land to develop industrial space. In 2023, net absorption contracted by about -657,000 square feet, representing the largest decline since 2010. As a result, the vacancy rate in West Brookhollow increased by 160 basis points to 5.0 percent but sat 350 basis points below the market average thanks to the lack of new supply. While rent growth cooled off in 2023, the 7.6 percent increase in asking rents was higher than any year prior to 2021 on record (CoStar). As industrial real estate continues to face headwinds, West Brookhollow is positioned to continue to outperform the overall market.

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 metro’s 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. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0060023)