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Industrial

3456-3594 Old Richmond Road

3456 Old Richmond Rd, Rosenberg, TX 77471

Listing Price: $1,595,000

Lot Size
9.15 acres
Price/Acre
$174,317
Land Type
Land

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 3456-3594 Old Richmond Road in Rosenberg, Texas. The subject property consists of approximately 9.15 acres of developable land. The asset features connections for public water and sewage utilities. With 6,570 passing cars per day on Old Richmond Road (CoStar), the property has prime frontage for either retail space and/or excess industrial storage. Recent new developments in Rosenberg Area have made it an affordable substitute to Sugar Land and Missouri City. Situated behind a Fiesta Mart and Family Dollar in the Far Southwest submarket, the property is easily accessible via Highway 90. Located about 30 miles southwest of Downtown Houston, Far Southwest has undergone significant population growth over the last decade that has supported the local industrial and retail markets. Despite the pandemic, the retail vacancy rate sits at just 6.0 percent, with market rents growing at 2.4 percent annually. At $265, the market sale price per square-foot sits at a historically high rate, suppressing market cap rates to a record low of 6.6 percent. In recent years, Grand Parkway has attracted multiple retail developments such as the District West, a $250 million mixed-use development that upon build-out will house roughly 500,000 square feet of retail, restaurant, office, healthcare, and hospitality developments. On the industrial front, vacancy rates have fallen by 5.5 percentage points over the last year to 9.0 percent. Since the start of the year, the annual growth rate for industrial rents has risen steadily to 2.9 percent. Far Southwest industrial tenants consist both of large manufactures, such as Niagara (207,000 square-feet) and Dow Chemical (200,000 square-feet), and retailers like Dollar Tree (1.2 million square-feet) and Amazon (1 million square-feet) (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.

Investment Highlights

  • Accessible to Highway 90 and Old Richmond Road
  • Old Richmond Land is Connected to City Water and Sewer
  • New Developments in Rosenberg Area Have Made It an Affordable Substitute to Sugar Land/Missouri City
  • Prime Frontage for Either Retail Space and/or Excess Industrial Storage
  • Land Backs into a Fiesta Mart and Family Dollar
  • Total of 6,570 Cars Per Day Travel on Old Richmond Road (CoStar)

Exclusively Listed By

Financing By

Industrial

3456-3594 Old Richmond Road

Listing Price: $1,595,000

Lot Size
9.15 acres
Price/Acre
$174,317
Land Type
Land

Investment Highlights

  • Accessible to Highway 90 and Old Richmond Road
  • Old Richmond Land is Connected to City Water and Sewer
  • New Developments in Rosenberg Area Have Made It an Affordable Substitute to Sugar Land/Missouri City
  • Prime Frontage for Either Retail Space and/or Excess Industrial Storage
  • Land Backs into a Fiesta Mart and Family Dollar
  • Total of 6,570 Cars Per Day Travel on Old Richmond Road (CoStar)

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 3456-3594 Old Richmond Road in Rosenberg, Texas. The subject property consists of approximately 9.15 acres of developable land. The asset features connections for public water and sewage utilities. With 6,570 passing cars per day on Old Richmond Road (CoStar), the property has prime frontage for either retail space and/or excess industrial storage. Recent new developments in Rosenberg Area have made it an affordable substitute to Sugar Land and Missouri City. Situated behind a Fiesta Mart and Family Dollar in the Far Southwest submarket, the property is easily accessible via Highway 90. Located about 30 miles southwest of Downtown Houston, Far Southwest has undergone significant population growth over the last decade that has supported the local industrial and retail markets. Despite the pandemic, the retail vacancy rate sits at just 6.0 percent, with market rents growing at 2.4 percent annually. At $265, the market sale price per square-foot sits at a historically high rate, suppressing market cap rates to a record low of 6.6 percent. In recent years, Grand Parkway has attracted multiple retail developments such as the District West, a $250 million mixed-use development that upon build-out will house roughly 500,000 square feet of retail, restaurant, office, healthcare, and hospitality developments. On the industrial front, vacancy rates have fallen by 5.5 percentage points over the last year to 9.0 percent. Since the start of the year, the annual growth rate for industrial rents has risen steadily to 2.9 percent. Far Southwest industrial tenants consist both of large manufactures, such as Niagara (207,000 square-feet) and Dow Chemical (200,000 square-feet), and retailers like Dollar Tree (1.2 million square-feet) and Amazon (1 million square-feet) (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.

Exclusively Listed By

Financing By

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