$ 12,500,000
4674 Priem LN Pflugerville, TX 78660
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$ 12,500,000
Est. payment /mo
Price Dropped by $2.0M
4674 Priem LN Pflugerville, TX 78660
71,137 SqFt
UPDATED:
09/30/2024 07:45 PM
Key Details
Property Type Commercial
Sub Type Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 71,137 sqft
Price per Sqft $175
Subdivision Larkspur
MLS Listing ID 4796423
Originating Board actris
Year Built 2003
Annual Tax Amount $250,060
Tax Year 2023
Lot Size 5.050 Acres
Acres 5.05
Property Description
Longhorn Park, strategically located at 4674 Priem Lane in Pflugerville, TX, plays host to a Flex/Industrial complex featuring 4 single-story buildings ranging from 15,351 to 18,000 SF for a total of just over 70,478 SF of rentable space. The buildings, constructed in the 2004-2010 timeframe, feature spacious and versatile floor plans. The site encompasses approximately 5.05 acres and is located along the north side of Priem Lane, just west of SH-130, with easy access to all the North Austin commercial areas. The buildings feature a total of 26 grade-level loading doors and 24 ft of clearance height. Currently, the building is 67.93% occupied and the 19 sub-units range in size from 1,450 to 9,000 SF, providing wide versatility and options. Seven of the units (35,529 SF) are currently owner-occupied, providing financial convenience, comfort, and security. Currently, the owner operates an auto sales, painting, and repair/servicing shop out of the property. Challenging economic headwinds combined with a beleaguered and declining auto industry, have led to a shift in direction and ownership plans to dissolve the business.
This makes the space ideal for an Owner/User targeting an auto-related use to occupy as the Anchor Tenant, while collecting income from the rented units. Alternatively, a low supply of industrial product in the market intersecting a high demand for semiconductor (Samsung, et al) suppliers and trades needing space, this project commands ideal investment. The spaces could be leased at an attractive cap rate of 6% or higher, given the below-market rents and vacancies coupled with owner occupied space. In addition, several of the auto shop spaces have been modernized with LED lighting, and other improvements.
There are several renewals, expansions, and new leases in various stages of development. Please contact us for more information regarding the latest news and financing options available.
This makes the space ideal for an Owner/User targeting an auto-related use to occupy as the Anchor Tenant, while collecting income from the rented units. Alternatively, a low supply of industrial product in the market intersecting a high demand for semiconductor (Samsung, et al) suppliers and trades needing space, this project commands ideal investment. The spaces could be leased at an attractive cap rate of 6% or higher, given the below-market rents and vacancies coupled with owner occupied space. In addition, several of the auto shop spaces have been modernized with LED lighting, and other improvements.
There are several renewals, expansions, and new leases in various stages of development. Please contact us for more information regarding the latest news and financing options available.
Location
State TX
County Travis
Interior
Heating See Remarks
Cooling See Remarks
Flooring See Remarks
Fireplace No
Exterior
Utilities Available Cable Available, Electricity Available, Sewer Connected, Water Connected
Waterfront No
Parking Type Asphalt, Concrete, Parking Lot
Total Parking Spaces 200
Building
Foundation Slab
Sewer Public Sewer
Water Public
Structure Type See Remarks
New Construction No
Others
Special Listing Condition Standard
Listed by Don Quick & Associates, Inc.