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Houston, TX

Easthaven Masonry Company

Address:
8723 Easthaven Boulevard, Houston, TX 77075
Property Type:
Single Tenant
Price:
$1,132,000
Cap Rate:
7.75% cap
NOI:
$87,780
Square Feet:
15,000 sqft
Lot Size:
0.92 Acres
Price Per Square Foot:
$75.47
Year Built:
1976
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Investment Highlights

Investment Highlights

Investment Highlights

  • 15,000 Square Feet of Industrial Space on 0.92 Acres of Land
  • One-year Leaseback in Place with East Haven Incorporated, a Commercial Masonry Group in Business Since the ‘80s
  • Warehouse is Located Three Miles from William P. Hobby Airport with Easy Access to Major Interstate 45
  • Seller Reports Roof and HVAC Have Both Been Replaced in the Last Four Years
  • Warehouse Contains Seven Grade-Level Doors, Waiting Room, and Receptionist Room for Staff
  • Submarket Vacancy Rate at 4.7% (CoStar)

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 8723 Easthaven Boulevard in Houston, Texas, occupied by Easthaven Incorporated. The subject property consists of approximately 15,000 square feet of warehouse space and is situated on 0.92 acres of land. The asset features seven grade-level doors, a waiting room, and a receptionist room for staff. Within the last four years, both the roof and HVAC have been replaced by the owner-user. Easthaven Incorporated, a commercial masonry group, will sign a one-year lease upon the sale of the property. The warehouse is located three miles from William P. Hobby Airport, with easy access to major Interstate 45.

The subject property is situated within South Hwy 35, the metro’s third largest industrial submarket with 42.5 million square-feet of space. Wholesale trade tenants serving the oil and gas industry make up a large portion of the tenant base in South Hwy 35. Over the last decade, the population growth in Suburban South Houston has boosted demand for e-commerce and distribution facilities. During this time, over three million square feet of industrial space was delivered in South Hwy 35. While sizable, this represents only about a 13 percent expansion in inventory. With demand keeping pace, the vacancy rate has remained low sitting at 4.7 percent at the beginning of Q4 2021. After falling to just 4 percent, the rate of annual rent growth has bumped up to 2.7 percent. At 6.9 percent, the average market cap rate has remained in record low territory below 7 percent since 2015 (CoStar).

As the fifth most populous metro area in the U.S., Houston houses nearly 6.9 million people in southeastern Texas. The market is composed of nine counties: Harris, Galveston, Brazoria, Fort Bend, Chambers, Montgomery, Austin, Liberty and Waller. The Gulf of Mexico, which borders the metro to the southeast, provides access to markets around the world via the Port of Houston, making it a prime location for import/export. Houston’s economy has diversified in recent years, with the healthcare and technology sectors showing strong growth. As Houston’s population continues to grow, primarily to the northwest, many companies are expanding to the region to provide goods and services to the increasing population.

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: ZAC0061041)