Marcus & Millichap is pleased to present the opportunity to acquire the property located at 902 San Pedro Avenue in San Antonio, Texas. The subject property consists of approximately 4,992 square feet of flex space and is situated on 0.38 acres of land. The single-tenant asset features a clear height of ±10’, one grade-level door, and three-phase power with 200 amps and 120 to 208 volts. Adjacent to the masonry building is an included 0.13-acre concrete lot with 22 parking spaces. With frontage along San Pedro Avenue, the corner lot property is accessible to 17,000 commuters who drive by each day on average throughout the year (Texas Dept. of Transportation). The property has proximate access to multiple thoroughfares, including Interstates 10 and 35. Located near San Antonio College, the property sits just one mile outside of San Antonio’s central business district. Formerly occupied by engine remanufacturer, City Motor Supply, the vacant asset is ideal for industrial use and offers a lease-up investment opportunity.
The subject property is primely situated in North Central, a midsized submarket containing 17.2 million square feet of industrial space. Given its proximity to Downtown San Antonio, North Central’s industrial inventory essentially experienced no growth over the last decade until the delivery of the 689,000-square-foot Interpark Logistics Center by Stream Realty in Q1 2024. The largest development in North Central increased the vacancy rate by 410 basis points to 7.5 percent in Q1, picking up another 10 basis points toward the end of Q2. However, among comparable properties under 10,000 square feet, the vacancy rate remained low at 3.7 percent. Year-to-date, net absorption across North Central was slightly in negative territory by roughly 52,000 square feet, putting pressure on asking rents. During Q2, annual rent growth slipped to its pre-pandemic trendline of 3.8 percent, down from 5.0 percent in Q1. With only 6,500 square feet of industrial space under construction in North Central, supply will again be a nonfactor on rents and vacancies for the foreseeable future (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. 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.
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: ZAE0490136)
