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Dallas, TX

4023 Singleton Boulevard

Address:
4023 Singleton Boulevard, Dallas, TX 75212
Property Type:
Single Tenant
Price:
$6,850,000
Cap Rate:
6.09% cap
NOI:
$416,940
Square Feet:
44,765 sqft
Lot Size:
4.55 Acres
Price Per Square Foot:
$153.02
Year Built:
1976
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Investment Highlights

Investment Highlights

Investment Highlights

  • Fully Leased, Income-Producing Property in Dallas/Fort Worth with Strong Tenant
  • Brand New Five-Year Lease with Drive Casa, 3% Annual Increases, Two 5-Year Options
  • Drive Casa is a Dallas-Based Used Car Business with Five Locations Across DFW
  • Drive Casa has Shown Long-Term Commitment to Location with Recent Renovations for Business
  • 44,765-Square-Foot Warehouse Features Six Grade-Level Doors and 4.55 Acres Allowing for Outdoor Storage
  • Located Off Singleton Boulevard and Proximate to I-30 and South Walton Walker Boulevard

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 4023 Singleton Boulevard in Dallas, Texas, fully leased to Drive Casa. The subject property consists of approximately 44,765 square feet of space and is situated on 4.55 acres of land. The asset features six grade-level doors and ample space for outdoor storage. With five locations across the Dallas/Fort Worth metroplex, Drive Casa is a strong Dallas-based tenant that operates a used car business. Drive Casa recently signed a new five-year lease, including 3 percent annual increases and two five-year renewal options. Located just off Singleton Boulevard, the property has proximate access to Interstate 30 and South Walton Walker Boulevard.

The subject property is situated within Eastern Lonestar/Turnpike, a relatively large submarket with 30 million square feet of inventory. At a record low of 1.8 percent, the submarket’s vacancies during Q4 2021 boast a substantially lower rate than the overall Dallas/Fort Worth metroplex that sits at 5.3 percent. The 1.6 million square feet of industrial space under construction represents a 5.3 percent expansion to local inventory. Yet with net absorption running at an annual pace of 1.17 million square feet, the vacancy rate is forecast to remain below the market average for the foreseeable future. Historical tight supply has also resulted in a record 9.1 percent annual increase in market rents. At $5.79 per square foot, average market rents are priced nearly 23 percent below the market average, allowing for additional rent growth. Strong fundamentals have resulted in an 8.9 percent annual increase in the average market sale price-per-square-foot. With close proximity to the major population center of Dallas, Eastern Lonestar/Turnpike is a desirable submarket for small tenants and last-mile distribution operations (CoStar).

The Dallas/Fort Worth metroplex is the fourth-most populous metro in the nation, with an aggregate of more than 7.5 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 800,000 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. © 2021 Marcus & Millichap. All rights reserved. (Activity ID: ZAC0060970)