Marcus & Millichap is pleased to present the opportunity to acquire the property located at 5036 Roosevelt Avenue in San Antonio, Texas. The subject property consists of approximately 23,740 square feet of warehouse space and is situated on 4.23 acres of land. The two-building asset features metal construction, two dock-high doors, 16 grade-level doors, and ample outdoor storage space. The property sits in close proximity to Interstate 410 and Stinson-Mission Municipal Airport. For sale as vacant, the property can be acquired for owner use or as a lease-up investment. At about $33.70 per square foot, the property can be acquired below replacement costs and less than the market average.
The subject property is located in South San Antonio, a large submarket containing 39.6 million square feet of industrial space. The submarket has experienced a significant amount of growth in recent years with net deliveries setting a new record of 6.7 million square feet in 2022. Last year, industrial demand kept pace with new deliveries and the vacancy rate sat at just 2.8 percent going into 2023. However, new deliveries outpaced demand during the first quarter with the completion of large speculative warehouses, pushing the vacancy rate up to 7.9 percent. Despite the influx in new supply, annual market rent growth in South San Antonio bucked the national trend and hit a record high of 10.4 percent in Q1, outpacing the overall market by 110 basis points. With construction activity dropping to nearly a three-year low at 2.1 million square feet (representing 5.3 percent of inventory), new supply will have less of an impact on rents and vacancies going forward (CoStar).
Home to the Alamo and famous River Walk, San Antonio metro is the primary residence of 2.5 million people. San Antonio is the second most populous city in Texas behind Houston, housing more than 1.5 million residents. Between 2020 and 2021, San Antonio experienced the highest population growth in the U.S., adding 13,626 new residents (U.S. Census Bureau). The local economy is anchored by the industries of healthcare, tourism, and national defense. An extensive transportation network provides shipping options to domestic and international markets. Additionally, the formation of the Eagle Ford Shale that runs through Atascosa and Wilson counties has cultivated a thriving energy sector. Valero Energy, one of the largest oil companies in the U.S., is headquartered in San Antonio. Major private employers include AT&T, Wells Fargo, USAA, and Toyota. San Antonio offers a high quality of life with a variety of entertainment including the NBA’s San Antonio Spurs, SeaWorld, and Six Flags (Marcus & Millichap).
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: ZAE0060255)
