Industrial Property for Reuse

This industrial property was constructed in 1970. It is located near the proposed Trinity River Vision (TRV) which will be a dense urban living, work, play area. This property may be river front with incredible views, ideal for a repurpose opportunity. Currently, this property is 50% leased with a 8 year fixed lease rate of $3.25. The leased fee status of this space is considered superior to the fee simple status of the comparable properties. The property is located on a primary road, however the access to the building from Henderson traveling west is not easily accessible due to the nature of the one way road. This may change under the new TRV development.


Building Information

• 23, 413 SF Total
• 11,500 SF available for lease
• 14'-16 Clear Height
• 3 Dock High Doors
• 1 Ramp
• Rail Serve

Trinity River Vision

The current tenant is Sherwin Williams and they utilize the property for warehouse and distribution. They currently pay $3.25/sf NNN and have eight years left on their lease. The space that is left to lease is an odd L shaped footprint and may be difficult to lease other than for storage.


The current market and appraised value is $553,935 according to www.tad.org, which leads me to believe that this property is overvalued. The comparison approach attempts to develop an identification of value.

Although it may appear that this is not a good investment immediately, holding the property until the TRV development begins could substantially increase your IRR. As long as the current cash flow offsets the monthly debt service, it may make sense to hold the property. Once the TRV development gets underway, this property could become river front property which presents some repurposing opportunities.


The property is within a mile from downtown Fort Worth and the urban core. The demographics demonstrate that the majority of people living in downtown are age 25-55. Many in this age group would enjoy a repurposed warehouse style living near downtown.


Sometimes real estate investment is for the patient investor who is open to repurposing based on surrounding investment and master plans.