2932 DELAFIELD STREET (HOUSTON, TX)

SALE LEASEBACK

2932 DELAFIELD STREET, HOUSTON, TX 77023
Price :
$ 915,000
Cap Rate :
9.02%
NOI :
$ 82,500
Lot Size :
1.55 acres
Year Built :
1958
Property Area :
15,000 sqft
Status :
AVAILABLE
MARKETING PACKAGE

By downloading the Marketing Package (“Offering Memorandum”) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

 

Investment Highlights

  • Prime Access to Both Interstate 45 and Old Spanish Trail
  • Submarket Vacancy is The Lowest in Houston at Around 5.6%
  • Three-Year Sale-Leaseback with Tenant In Place
  • Little-to-No Construction of New Industrial Within Submarket
  • Impressive Rent Growth Within Submarket Due to Lack of Available Space
  • 9 Grade Level Doors and Approximately 11,000 SF of Concrete Pad Site
  • Potential for Dock High Loading Door

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2932 Delafield Street in Houston, Texas, leased to Texas Woodwork Interiors. The subject property consists of approximately 15,000 square feet of space and is situated on 1.55 acres of land. The asset features nine grade-level doors, 16’-20’ clear heights, and approximately 11,000 square feet of concrete pad site. Additionally, there is potential for a dock-high loading door in place. The tenant is committed to a three-year sale-leaseback, allowing an investor to refill the space at market rent. There is impressive rent growth within submarket due to lack of available space and lack of new construction. With prime access to both Interstate 45 and Old Spanish Trail, the subject property is located in a submarket with the lowest vacancy in Houston at around 5.6 percent.

The South Inner Loop Submarket is one of the healthiest in Houston. While several neighboring submarkets have introduced newer, high-quality supply over the past few years, the overall lack of available industrial space has resulted in impressive rent growth here. In total, cumulative gains have amounted to nearly 25 percent since 2010, which slightly outpaces the metro’s growth over that time. An overall dearth of new supply, coupled with conversions and demolitions, has resulted in a net reduction in supply here this cycle. At the same time, cumulative demand has actually been negative, though less negative than the supply reductions. Thus, vacancies have generally remained low over the past few years. (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. © 2020 Marcus & Millichap. All rights reserved. (Activity ID: ZAB0060204)

Exclusive Listing

Max Lozmack
(713) 452-4264
Lic # TX : TX 724493
Adam Abushagur
(972) 755-5223
Lic # TX : 661916

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