3031 NORTH FRAZIER STREET (CONROE, TX)
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- Office Portion of Building Recently Completely Renovated in 2015
- Located at the Intersection of Highway 75 & FM 3083, in Immediate Proximity to U.S. Interstate 45
- Below Average Trailing 10-Year Vacancy Rate of 5.42%, with an Average Annual Rental Growth Rate of 2.1%
- Property is Situated on 2.0 Acres with Ample Outside Storage or Lay Yard, Appealing to a Larger User/Tenant Base than Competitive Properties
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 3031 North Frazier Street in Conroe, Texas. The subject property consists of approximately 10,800 square feet of space and is situated on 2 acres of land, providing ample outside storage or lay yard. The subject property features an office that was completely renovated in 2015. The acreage and outside storage are appealing to a larger user. The submarket’s 10-year vacancy rate of 5.42 percent is below average, with average annual rent growth of 2.1 percent. The asset is located at the intersection of Highway 75 and FM 3083, and is in immediate proximity to U.S. Interstate 45.
The Woodlands/Conroe Submarket boasts one of the fastest-growing areas in the Houston metro and in the country. Suburban rooftop growth in recent years has bolstered demand for consumer goods and services. It is projected that rooftop growth in the area will continue at a considerable pace. The submarket’s asking rents ranked in the top five Houston submarkets as of 20Q1. Rents have grown steadily like most Houston industrial submarkets, having ridden the wave of e-commerce growth and a generally healthy U.S. economy. Rents in The Woodlands/Conroe Submarket have grown approximately 22 percent this cycle, or a little over 2 percent per year. (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.