5007 Clear Creek Road
- 5007 Clear Creek Road, Killeen, TX 76549
- Property Type:
- Cap Rate:
- 15.32% pro-forma
- Square Feet:
- 12,450 sqft
- Lot Size:
- 1.63 Acres
- Price Per Square Foot:
- Year Built:
- 12,450-Square-Foot Warehouses Featuring Ample Office Space
- 1.63-Acre Lot Size Offers Opportunity for Ample Industrial Outside Storage
- Vacant Shell Offers Attractive Value-Add and Lease-Up Opportunity
- Renovated in 2021: Features Brand-New Paint, Windows, Doors, and HVAC Repair
- Submarket Vacancy Rate of 2.8% Supports Healthy Lease Demand (CoStar)
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 5007 Clear Creek Road in Killeen, Texas. The subject property consists of approximately 12,450 square feet of warehouse space and is situated on 1.63 acres of land. The property features two metal-constructed buildings containing 2,000 square feet of office space, three grade-level doors, and ample industrial outside storage space. Recent renovations in 2021 include a freshly painted exterior, repaired HVAC system, and newly fashioned windows and doors. This asset is strategically located only 10 minutes from Interstate 14 and sits less than 70 miles from the Austin and Waco city centers.
The subject property is situated within the Outlying Bell County submarket, which is within the Killeen Industrial market, and just adjacent to the Austin Industrial market. Although this submarket is located in one of the smaller logistics markets in the nation, its 2.5 million square feet of space accounts for a large chunk of Killeen’s industrial supply. Regardless of its size, the submarket remains very well-leased. With occupancy remaining strong over the past year, the current vacancy rate sat at just 2.8 percent in Q1 2023. Low availability contributed to annual rent growth of 5.9 percent during this time, pushing the average market rent to about $8.80 per square foot. With only 5,600 square feet of space under construction, low vacancy rates will likely persist while keeping rents elevated (CoStar).
With a population of over 2.35 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 964,177 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’s newly constructed Gigafactory 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.