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Forest Hill, TX

Forest Hill Multi Tenant

Address:
5703 Crawford Lane, Forest Hill, TX 76119
Property Type:
Multi Tenant
Price:
$2,550,000
Cap Rate:
9.01% cap
NOI:
$229,782
Square Feet:
74,000 sqft
Lot Size:
6.37 acres
Price Per Square Foot:
$34.46
Year Built:
1985
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Investment Highlights

Investment Highlights

Investment Highlights

• Below-Market Rent Average at $3.30 Per Square Foot | CoStar Reports Market Rent of $5.87 Per Square Foot and 3.8% Annual Rent Growth
• Strategically Located within Close Proximity to Major Highways Connecting to All Areas of DFW
• Situated on Over Six Acres Providing Ample Amount of Parking and Paved Fenced-In Outside Storage Area
• Asset is Minutes from Fort Worth Meacham International Airport and DFW International Airport
• Multi-Tenant Property Features 3-Phase Power, Sprinkler System, 10 Dock-High Doors, and Five Drive-In Doors

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the warehouse property located at 5703 Crawford Lane in Forest Hill, Texas. The subject property consists of approximately 74,000 square feet of space and is situated on 6.37 acres of land providing ample amount of parking and a paved fenced-in area for outside storage. The multi-tenant property features 3-phase power, a sprinkler system, 10 dock high doors and five drive-in doors. The average rent of $3.30 per square foot is below the market average of $5.87 per square foot. Market rents are growing at a pace of 3.8 percent annually (CoStar). The asset is strategically located within close proximity to major highways connecting to all areas of DFW, and is only minutes away from the Fort Worth Meacham International Airport and DFW International Airport.

While South Central Tarrant has not seen the same type of explosive growth as South Dallas submarkets such as SE Dallas/I-45 and SW Dallas/US 67, it shares some similarities with its eastern counterparts. The submarket provides tenants excellent north/south and east/west highway access via I-35W and I-20, respectively, and it contains an abundance of flat, buildable land near those highways. Most of the submarket’s inventory is in the Carter Industrial Park, located between Altamesa Boulevard and Everman Parkway. Significant tenants include MillerCoors, NFI Industries, and Alcon Laboratories.

Developers are focused on bringing more space to this section of Tarrant County with a number of projects on the way. There is currently 3.5 million square feet
of space under construction, with the largest being a 400,800-square-foot spec building in the Majestic Fort Worth South Business Park. Majestic is poised to add millions of square feet of logistics space over the next few years. In turn, vacancy rates are expected to remain elevated in the near term.

The Dallas/Fort Worth metroplex is the fourth-most populous metro in the nation with an aggregate of more than 7 million residents. It is composed of 13 counties stretching nearly 10,000 square miles. The city of Dallas houses 1.3 million people, followed by Fort Worth with 800,000 residents. Strong job growth continually draws new residents to the region. To accommodate the additional traffic, the region’s transportation network is evolving. Traffic flow is improved as freeways are expanded and miles are being added to tollways and turnpikes. The growth of the transportation network is vital to supporting commuters to the metros numerous corporations and growing industries. Dallas/Fort Worth’s population growth in recent years ranks among the highest in the U.S. for a major metro. The Metroplex is home to 21 Fortune 500 companies and many regional headquarters, drawing workers and residents. The area’s extensive network of rail and highways, along with the International Inland Port of Dallas, ensure its status as a distribution hub.

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: ZAC0060037)