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Haltom City, TX

Broadway Avenue

Address:
4207 Broadway Avenue, Haltom City, TX 76117
Property Type:
Single Tenant
Price:
$600,000
Cap Rate:
5.06% cap
NOI:
$30,373
Square Feet:
7,200 sqft
Lot Size:
0.85 acres
Price Per Square Foot:
$83.33
Year Built:
1999
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Investment Highlights

Investment Highlights

Investment Highlights

• Below Market Rent Per Square-Foot with Short-Term Leases Creates Lease-Up Opportunity
• Located Just Off Interstate 35W and Interstate-Loop 820 with Proximity to Meacham International Airport
• Masonry Construction Featuring 2 Grade-Level Doors and Ample Parking
• 33% Office Space/67% Industrial Warehouse Situated on 0.85 Acres Allowing for Ample Outside Storage
• Tenants Willing to Vacate Upon Change of Ownership

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 4207 Broadway Avenue in Haltom City, Texas. The subject property consists of approximately 7,200-square feet of warehouse, two stories of office space and is situated on a total of 0.85 acres of land. The asset features masonry construction with two grade-level doors and ample parking and outside storage. The property is composed of 67 percent of warehouse space and 33 percent of office space. The two tenants are paying below market rents per square foot. With both tenants being on short-term leases and willing to vacate upon the change of ownership, the acquisition of this asset creates a lease up opportunity. Located just off Interstates 35 West and Interstate-Loop 820, the property has proximity to the Fort Worth Meacham International Airport.

The subject property is located within the relatively large Meacham Field/Fossil Creek industrial submarket situated just north of Fort Worth. The submarket has added a great deal of newly constructed big-box industrial product in the current market cycle, and almost half of its big-box inventory has been delivered since 2000. Most of the submarket’s big-box inventory is located either just east of the Fort Worth Meacham International Airport or at the intersection of Interstate 35 West and Interstate 820. The proximity to the airport and highways is enticing developers to add more space. Over the last year, the submarket has absorbed over 1.85 million-square feet, representing 41 percent above its three-year average. Meacham Field/Fossil Creek is one of the more liquid submarkets in the metroplex, as roughly 10 percent of the submarket’s inventory has changed hands on average annually in recent years (CoStar). As it relates to the subject property, construction costs for sub-50,000-square foot buildings remain too expensive for developers to build. The built-up demand for smaller businesses looking to move into the submarket and cater to the big-box industrial tenants then creates attractive market rent growth for owners of sub-50,000-square foot warehouses.

Haltom City is a city that is part of the Dallas-Fort Worth region and inside Tarrant County. Haltom City is an inner suburb of Fort Worth, a principal city of the DFW Metroplex. The city is six miles from Downtown Fort Worth, 30 miles from the American Airlines Center in Dallas, and 20 miles from the Dallas/Fort Worth International Airport in Irving. Haltom City is surrounded almost entirely by Fort Worth, North Richland Hills, Watauga, and Richland Hills. Major employers include Birdville ISD, Hillshire Brands, Medtronic Midas Rex, GST Manufacturing, and more. The city is home to 10 parks, a state-of-the-art public library and recreation center, and the Tarrant County College branch. Haltom City is surrounded by major highways including, Highway 26, Highway 377, State Highway 121, (NE 28th St) State Highway 183, and Interstate 820.

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: ZAC0410060)