8723 EASTHAVEN BOULEVARD (HOUSTON, TX)
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- 15,000 Square Feet of Industrial Space on .92 Acres of Land, 10% Cap Rate
- Three-Year Sale-Leaseback in Place with Easthaven Incorporated, A Commercial Masonry Group in Business Since the ‘80s
- Triple-Net Lease with annual 3% Rent Escalation for Increasing Return
- Seller Reports Roof and HVAC Have Both Been Replaced in the Last Three Years
- Warehouse Contains Seven Grade-Level Doors, Waiting Room, and Receptionist Room for Staff
- Warehouse is Located 3 Miles from William P. Hobby Airport with Easy Access to Major Interstate 45
- Below Submarket Vacancy Rate at 5.5% (CoStar)
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 8723 Easthaven Boulevard in Houston, Texas, leased to Easthaven Masonry Company. The subject property consists of approximately 15,000 square feet of space and is situated on .92 acres of land. The asset features seven grade-level doors, a waiting room, and a receptionist room for staff. Both the roof and HVAC have been replaced in the last three years. At a 10 percent cap rate, there is a three-year sale-leaseback in place with Easthaven Incorporated, a commercial masonry group that has been in business since the ‘80s. The triple-net lease has annual 3 percent rent escalations for increasing return. The subject warehouse is located three miles from William P. Hobby Airport with easy access to major Interstate 45. The submarket vacancy rate is a stable 5.5 percent (CoStar).
Easthaven Incorporated is a commercial contractor that specializes in masonry construction and has been at the subject property since 1990. The company works on all types of buildings including high schools and a variety of stores including Walmart, Lowe’s, and Sam’s Club. Their work was also featured on the Houston Toyota Center, home of the NBA Houston Rockets. In a given year, Easthaven Masonry Company completes around $9 million to $20 million in contract work. The company hires anywhere from 15 to 300 workers per job, and is licensed in Texas, New Mexico, Colorado, Oklahoma, and Louisiana.
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.