Lake Worth Industrial
- 6704 Azle Avenue, Lake Worth, TX 76135
- Property Type:
- Single Tenant
- Cap Rate:
- 9.46% cap
- Square Feet:
- 8,958 sqft
- Lot Size:
- 0.46 acres
- Price Per Square Foot:
- Year Built:
- Located Just Off Interstate- Loop 820 with Proximity to Meacham International Airport
- 8,958 Square-Foot Flex Space Featuring Three Dock-High Doors and One Grade-Level Door
- Metal Construction Situated on 0.46 Acres Featuring Roof in Good Condition
- Annual Market Rent Growth of 3.7% Creates Investment Opportunity (CoStar)
- Newly Executed Triple-Net Lease with Strong Local Tenant
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 6704 Azle Avenue in Lake Worth, Texas. The subject property consists of approximately 8,958 square feet of office warehouse space and is situated on 0.46 acres of land. The metal warehouse offers exceptional functionality with three dock-high doors and one grade-level door. With an average market rent growth of 3.7 percent annually (CoStar), the available asset creates an opportunity for investors to increase rents year over year in a growing industrial submarket. Located just off Interstate 820, the property is within proximity to the Fort Worth Meacham International Airport.
The subject property resides within the West Tarrant submarket that is located west of Downtown Fort Worth, stretching from the closed-in suburban areas of the city to the prairie lands to the north and west. While vacancies are just above the submarket’s historical average, the rate sits below the metro average. The industrial space in West Tarrant County mostly consists of smaller warehouses or flex/light manufacturing facilities suited for local businesses. Roughly half of West Tarrant County’s inventory is clustered around the nearby Fort Worth Naval Air Station Joint Reserve Base. The base is home to the 1.5 million-square foot Lockheed Martin Aeronautics facility that manufactures F-35 Fighter Jets (CoStar). With an economic impact of three billion dollars to the state of Texas, the facility has a large impact on local industrial real estate (Lockheed Martin).
The metro Forth Worth is home to several higher-educational institutions, including Texas Christian University, and the University of Texas at Arlington which supplies an educated labor force for the large and diverse employment base. Lockheed Martin Aeronautics Co. is headquartered in Air Force Plant 4 in the city of Fort Worth. It serves the Naval Air Station, also based in the metro. Healthcare is a strong economic driver, assisted by students graduating from the area’s many colleges and universities. Large employers include Texas Health Resources and University of Texas. General Motors’ assembly plant has been operating in the metro since 1954 and currently manufactures large SUVs for various divisions such as Chevrolet, GMC and Cadillac, providing numerous jobs. Local amenities include the Kimbell Art Museum, Modern Art Museum of Fort Worth, the National Cowgirl Museum and Hall of Fame, as well as rodeos at the Fort Worth Stockyards.