6701 Tres Lagunas Drive includes 26,161 sqft of office and warehouse on 5.23 acres. The property has never experienced flooding and is located outside of flood plain. The property is located in a dense commercial and residential area, and is 300 feet immediately north of Bellaire Blvd, west of Highway 6 and south of the Westpark Tollway. An HEB is located across the street and there is multi-family adjacent to the property. The site offers an investor various options for development/redevelopment. The property can be purchased in 3 parcels:
a) 1.50 acres on upper Tres Lagunas (north of private road)
b) 1.45 acres on lower Tres Lagunas (south of private road)
c) 26,161 SF flex/warehouse on approximately 2.28 acres(including private road)
The access road stays with the warehouse if separated into 3 parcels. Potential development plays could be office, medical, hospitality, industrial and special purpose buildings like a church or charter school. The industrial facility consists of two buildings. One was built in 1997 and the other in 2004. The total property is roughly 40% office and 60% warehouse with an average clear height of 21ft.. The warehouse is cooled and offers both grade and dock high access. There is also a 150kb back-up generator. Based on rent comps of $6 NNN for Industrial and $8 NNN for Office, an investor looking to stabilize the warehouse could achieve an NOI of $178,154.
