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Crown Park Industrial

11235 Crown Park Drive, Houston, TX 77067

Listing Price: $7,995,000

Cap Rate
7.27%
Gross SF
83,176
Rentable SF
83,176
Price/Gross SF
$96.12
Lot Size
11.17 acres
Year Built
1987

Investment Overview

Marcus & Millichap is pleased to offer Crown Park Industrial located at 11233- 11235- 11237- 11245 Crown Park Drive in Houston, TX (“Property”). The four (flex) buildings consist of approximately 83,176 square feet of space and are situated on 11.17 acres of land. The masonry constructed properties feature great functionality with 21’ ceiling height and 12 grade level doors. The properties are 100 percent leased at below-market rents ($9.57 average price per square foot) with overall submarket rents averaging $10.13 per square foot. The assets are less than one mile from Sam Houston Tollway and located just twelve miles from Bush Intercontinental Airport, which is ranked the 12th busiest airport in the United States. The Property is in the North Freeway/Tomball Parkway submarket, which contains 36.7 million square-feet of industrial product. 2.4 million square feet was delivered within the past 12 months and 2.5 million was absorbed as well during this same time, which suggests well-balanced supply and demand. The submarket also recently welcomed large tenants Amazon (855,000 SF) and Emser Tile (600,000 SF). This submarket has been one of the main beneficiaries of outward population growth in Houston since 2010. Located on the Southwest corner of Gears Road and Crown Park Drive. The center has a functional layout with a concrete lot and drives. All units in the Property have at least one 10' by 10' roll up door, glass pane front and at least one restroom. Most units feature offices up front and warehouse in the rear. The property has 277/480V, 3-Phase, 4-Wire electric service with services ranging from 100 AMP to 400 AMP. Most sections with adjacent units may be combined and the tilt wall construction means the structure fits many uses. Buildings 1 and 2 have fire sprinklers and alarm systems. The buildings all have metal roofs that slope from front to back. LED lighting is utilized throughout the parking lot and units. The property is completely fenced and the gate operators are open daily, while after-hours access is available via keypad.

Investment Highlights

  • Tilt-Wall Construction, (4) Flex Buildings Offer A Wide Variety of Uses
  • Class B Flex/Light Office Warehouse
  • Large 11.17 Acre Parcel That Includes 5.18 Acres of Undeveloped Land
  • Property is Located Less Than 5 minutes From Sam Houston Tollway (Est. 178,000 VPD)
  • 2.1% Historical Rent Growth (CoStar)
  • $7,995,000 | 7.27% Cap Rate | $96.12 PSF

Exclusively Listed By

Listing Price: $7,995,000

Cap Rate
7.27%
Gross SF
83,176
Rentable SF
83,176
Price/Gross SF
$96.12
Lot Size
11.17 acres
Year Built
1987

Investment Highlights

  • Tilt-Wall Construction, (4) Flex Buildings Offer A Wide Variety of Uses
  • Class B Flex/Light Office Warehouse
  • Large 11.17 Acre Parcel That Includes 5.18 Acres of Undeveloped Land
  • Property is Located Less Than 5 minutes From Sam Houston Tollway (Est. 178,000 VPD)
  • 2.1% Historical Rent Growth (CoStar)
  • $7,995,000 | 7.27% Cap Rate | $96.12 PSF

Investment Overview

Marcus & Millichap is pleased to offer Crown Park Industrial located at 11233- 11235- 11237- 11245 Crown Park Drive in Houston, TX (“Property”). The four (flex) buildings consist of approximately 83,176 square feet of space and are situated on 11.17 acres of land. The masonry constructed properties feature great functionality with 21’ ceiling height and 12 grade level doors. The properties are 100 percent leased at below-market rents ($9.57 average price per square foot) with overall submarket rents averaging $10.13 per square foot. The assets are less than one mile from Sam Houston Tollway and located just twelve miles from Bush Intercontinental Airport, which is ranked the 12th busiest airport in the United States. The Property is in the North Freeway/Tomball Parkway submarket, which contains 36.7 million square-feet of industrial product. 2.4 million square feet was delivered within the past 12 months and 2.5 million was absorbed as well during this same time, which suggests well-balanced supply and demand. The submarket also recently welcomed large tenants Amazon (855,000 SF) and Emser Tile (600,000 SF). This submarket has been one of the main beneficiaries of outward population growth in Houston since 2010. Located on the Southwest corner of Gears Road and Crown Park Drive. The center has a functional layout with a concrete lot and drives. All units in the Property have at least one 10' by 10' roll up door, glass pane front and at least one restroom. Most units feature offices up front and warehouse in the rear. The property has 277/480V, 3-Phase, 4-Wire electric service with services ranging from 100 AMP to 400 AMP. Most sections with adjacent units may be combined and the tilt wall construction means the structure fits many uses. Buildings 1 and 2 have fire sprinklers and alarm systems. The buildings all have metal roofs that slope from front to back. LED lighting is utilized throughout the parking lot and units. The property is completely fenced and the gate operators are open daily, while after-hours access is available via keypad.

Exclusively Listed By

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