n&& 0g' · i n o ct ober 2019, t he houst on a i rport s yst em broke ground on t he f...

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$1,074,000 » Quick Trip Carrollton, TX » +/- 370,000 SQ/FT UNDEVELOPED LAND » SURROUNDED BY HIGH TRAFFIC AREAS +/- 8.5 ACRES » IDEAL LOCATION FOR MULTIFAMILY DEVELOPMENT » 231,000 5-MILE POPULATION Houston, Texas

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Page 1: N&& 0G' · I n O ct ober 2019, t he Houst on A i rport S yst em broke ground on t he f i rst phase of t he $1. 2 bi l l i on ... which is currently $60,811. The median household income

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Quick TripCarrollton, TX

»

+/- 370,000 SQ/FT UNDEVELOPEDLAND

» SURROUNDED BY HIGH TRAFFICAREAS

+/- 8.5 ACRES

» IDEAL LOCATION FORMULTIFAMILY DEVELOPMENT

» 231,000 5-MILE POPULATION

OFFERING

MEMORANDUM Houston, Texas

Page 2: N&& 0G' · I n O ct ober 2019, t he Houst on A i rport S yst em broke ground on t he f i rst phase of t he $1. 2 bi l l i on ... which is currently $60,811. The median household income

CONTENTS

EXECUTIVE SUMMARY

1HIGHLIGHTS

2

MARKET OVERVIEW

4DEMOGRAPHICS

3

SITE PHOTOS

5

Page 3: N&& 0G' · I n O ct ober 2019, t he Houst on A i rport S yst em broke ground on t he f i rst phase of t he $1. 2 bi l l i on ... which is currently $60,811. The median household income

EXECUTIVE SUMMARY

PROPERTY ADDRESS

LAND USE

FLOODPLAIN

POP GROWTH 2020-2025

SCHOOL DISTRICT

PRICETHE OFFERING

950 LANGWICK DR HOUSTON,TX 77060

Commercial

Yes

4.81%

$1,074,000

LAND AREA

County

PRICE PER SF

Harris

± 8.5 ACRES

Aldine Independent School District

$2.90

Page 4: N&& 0G' · I n O ct ober 2019, t he Houst on A i rport S yst em broke ground on t he f i rst phase of t he $1. 2 bi l l i on ... which is currently $60,811. The median household income

Greater Greenpoint Submarket

As the fifth most populous metro area in the U.S., Houston houses nearly 6.9 millionpeople in southeastern Texas. The market is composed of nine counties: Harris,alveston, Brazoria, Fort Bend, Chambers, Montgomery, Austin, Liberty and Waller.The Gulf of Mexico, which borders the metro to the southeast, provides access tomarkets around the world via the Port of Houston, making it a prime location for exports.Local industries have diversified from oil to technology and healthcare.Many companies provide goods and services for the large population growth, which hassprawled, primarily to the north and west. The city of Houston is the largest in the metrowith 2.3 million residents.

U N D E V E L O P E D L A N D O P P O R T U N I T Y

Marcus & Millichap is pleased to offer for sale 950 Langwick Drive in the heart ofHouston's Greater Greenpoint Submarket. The +/- 8.5 acre lot is a developer's dream. Conveniently located across the street from Langwick Senior Apartments, a 128 unitclass B facility, this is an opportunity to capitalize on the demand for housing in the area.In October 2019, the Houston Airport System broke ground on the first phase of the $1.2billion expansion of the international terminal at IAH, just 10 minutes from the subjectproperty.

H o u s t o n , T e x a s

Page 5: N&& 0G' · I n O ct ober 2019, t he Houst on A i rport S yst em broke ground on t he f i rst phase of t he $1. 2 bi l l i on ... which is currently $60,811. The median household income

DEMOGRAPHICS

Page 6: N&& 0G' · I n O ct ober 2019, t he Houst on A i rport S yst em broke ground on t he f i rst phase of t he $1. 2 bi l l i on ... which is currently $60,811. The median household income

MARKET OVERVIEW SELECTED GEOGRAPHY = 3-Mile radius

POPULATION RACE AND ETHNICITY

HOUSING

In 2019, the population in your selected geography is 18,145. Thepopulation has changed by 43.13% since 2000. It is estimatedthat the population in your area will be 18,920.00 five years fromnow, which represents a change of 4.27% from the current year. The current population is 50.21% male and 49.79% female. Themedian age of the population in your area is 26.47, compare thisto the US average which is 38.08. The population density in yourarea is 5,779.85 people per square mile.

The current year racial makeup of your selected area is asfollows: 29.84% White, 38.30% Black, 0.05% NativeAmerican and 0.54% Asian/Pacific Islander. Comparethese to US averages which are: 70.07% White, 12.87%Black, 0.19% Native American and 5.66% Asian/PacificIslander. People of Hispanic origin are countedindependently of race.

The median housing value in your area was $111,112 in2019, compare this to the US average of $212,058. In 2000,there were 409 owner occupied housing units in yourarea and there were 4,717 renter occupied housing unitsin your area. The median rent at the time was $438.

In 2019, there are 17,101 employees in your selected area,this is also known as the daytime population. The 2000Census revealed that 40.75% of employees are employedin white-collar occupations in this geography, and 58.31%are employed in blue-collar occupations. In 2019,unemployment in this area is 8.15%. In 2000, the averagetime traveled to work was 31.00 minutes.

INCOMEIn 2019, the median household income for your selectedgeography is $27,702, compare this to the US averagewhich is currently $60,811. The median household incomefor your area has changed by 6.54% since 2000. It isestimated that the median household income in your areawill be $29,401 five years from now, which represents achange of 6.13% from the current year.

EMPLOYMENT

Page 7: N&& 0G' · I n O ct ober 2019, t he Houst on A i rport S yst em broke ground on t he f i rst phase of t he $1. 2 bi l l i on ... which is currently $60,811. The median household income

SITE PHOTOS

Page 8: N&& 0G' · I n O ct ober 2019, t he Houst on A i rport S yst em broke ground on t he f i rst phase of t he $1. 2 bi l l i on ... which is currently $60,811. The median household income

THE INFORMATION CONTAINED IN THE FOLLOWING MARKETING BROCHURE IS PROPRIETARY AND STRICTLY CONFIDENTIAL. IT IS INTENDED TO BEREVIEWED ONLY BY THE PARTY RECEIVING IT FROM MARCUS & MILLICHAP AND SHOULD NOT BE MADE AVAILABLE TO ANY OTHER PERSON OR ENTITYWITHOUT THE WRITTEN CONSENT OF MARCUS & MILLICHAP. THIS MARKETING BROCHURE HAS BEEN PREPARED TO PROVIDE SUMMARY, UNVERIFIEDINFORMATION TO PROSPECTIVE PURCHASERS, AND TO ESTABLISH ONLY A PRELIMINARY LEVEL OF INTEREST IN THE SUBJECT PROPERTY. THEINFORMATION CONTAINED HEREIN IS NOT SUBSTITUTE FOR A THOROUGH DUE DILIGENCE INVESTIGATION. MARCUS & MILLICHAP HAS NOT MADE ANYINVESTIGATION, AND MAKES NO WARRANTY OR REPRESENTATION, WITH RESPECT TO THE INCOME OR EXPENSES FOR THE SUBJECT PROPERTY, THEFUTURE PROTECTED FINANCIAL PERFORMANCE OF THE PROPERTY, THE SIZE AND SQUARE FOOTAGE OF THE PROPERTY AND IMPROVEMENTS, THEPRESENCE OR ABSENCE OF CONTAMINATING SUBSTANCES, PCB’S OR ASBESTOS, THE COMPLIANCE WITH STATE AND FEDERAL REGULATIONS, THEPHYSICAL CONDITION OF THE IMPROVEMENTS THEREON, OR THE FINANCIAL CONDITION OR BUSINESS PROSPECTIVES OF ANY TENANT, OR ANY TENANT’SPL ANS OR INTENTIONS TO CONTINUE ITS OCCUPANCY OF THE SUBJECT PROPERTY. THE INFORMATION CONTAINED IN THIS MARKETING BROCHURE HASBEEN OBTAINED FROM SOURCES WE BELIEVE RELIABLE. 

BUYER AND BUYER’S TAX, FINANCIAL, LEGAL, AND CONSTRUCTION ADVISORS SHOULD CONDUCT A CAREFUL, INDEPENDENT INVESTIGATION OF ANY NETLEASED PROPERTY TO DETERMINE TO YOUR SATISFACTION WITH THE SUITABILITY OF THE PROPERTY FOR YOUR NEEDS. LIKE ALL REAL ESTATEINVESTMENTS, THIS INVESTMENT CARRIES SIGNIFICANT RISKS.  BUYER AND BUYER’S LEGAL AND FINANCIAL ADVISORS MUST REQUEST AND CAREFULLYREVIEW ALL LEGAL AND FINANCIAL DOCUMENTS RELATED TO THE PROPERTY AND TENANT.  WHILE THE TENANT’S PAST PERFORMANCE AT THIS OROTHER LOCATIONS IS AN IMPORTANT CONSIDERATION, IT IS NOT A GUARANTEE OF FUTURE SUCCESS.  SIMILARLY, THE LEASE RATE FOR SOMEPROPERTIES, INCLUDING NEWLY- CONSTRUCTED FACILITIES OR NEWLY-ACQUIRED LOCATIONS, MAY BE SET BASED ON A TENANT’S PROJECTED SALESWITH LITTLE OR NO RECORD OF ACTUAL PERFORMANCE, OR COMPARABLE RENTS FOR THE AREA.  RETURNS ARE NOT GUARANTEED; THE TENANT ANDANY GUARANTORS MAY FAIL TO PAY THE LEASE RENT OR PROPERTY TAXES, OR MAY FAIL TO COMPLY WITH OTHER MATERIAL TERMS OF THE LEASE; CASHFLOW MAY BE INTERRUPTED IN PART OR IN WHOLE DUE TO MARKET, ECONOMIC, ENVIRONMENTAL OR OTHER CONDITIONS.  REGARDLESS  OF TENANTHISTORY AND LEASE GUARANTEES, BUYER IS RESPONSIBLE FOR CONDUCTING HIS / HER OWN INVESTIGATION OF ALL MATTERS AFFECTING THE INTRINSICVALUE OF THE PROPERTY AND THE VALUE OF ANY LONG-TERM LEASE, INCLUDING THE LIKELIHOOD OF LOCATING A REPLACEMENT TENANT IF THECURRENT TENANT SHOULD DEFAULT OR ABANDON THE PROPERTY, AND THE LEASE TERMS TH AT BUYER MAY BE ABLE TO NEGOTIATE WITH A POTENTIALREPLACEMENT TENANT CONSIDERING THE LOCATION OF THE PROPERTY, AND BUYER’S LEGAL ABILITY TO MAKE ALTERNATE USE OF THE PROPERTY.

BY ACCEPTING THIS MARKETING BROCHURE YOU AGREE TO RELEASE MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES AND HOLD IT HARMLESSFROM ANY KIND OF CLAIM, COST, EXPENSE, OR LIABILITY ARISING OUT OF YOUR INVESTIGATION AND / OR PURCHASE OF THIS NET LEASED PROPERTY.

CONFIDENTIALITY & DISCLAIMER

NON-ENDORSEMENT NOTICE

MARCUS & MILLICHAP IS NOT AFFILIATED WITH, SPONSORED BY, OR ENDORSED BY ANY COMMERCIAL TENANT OR LESSEE IDENTIFIED IN THIS MARKETINGPACK AGE. THE PRESENCE OF ANY CORPORATION’S LOGO OR NAME IS NOT INTENDED TO INDICATE OR IMPLY AFFILIATION WITH, OR SPONSORSHIP ORENDORSEMENT BY, SAID CORPORATION OF MARCUS AND MILLICHAP, ITS AFFILIATES OR SUBSIDIARIES, OR ANY AGENT , PRODUCT, SERVICE, ORCOMMERCIAL LISTING OF MARCUS & MILLICHAP, AND IS SOLELY INCLUDED FOR THE PURPOSE OF PROVIDING TENANT LESSEE INFORMATION ABOUTLISTING TO PROSPECTIVE CUSTOMERS.

Broker of Record:

Tim SpeckMarcus & Millichap5001 Spring Valley RoadSuite 100WDallas, TX 75244Tel: (972) 755-520License: 9002994

Page 9: N&& 0G' · I n O ct ober 2019, t he Houst on A i rport S yst em broke ground on t he f i rst phase of t he $1. 2 bi l l i on ... which is currently $60,811. The median household income

SPECIAL COVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligationsto conduct thorough due diligence and seek expert opinions as they may deem necessary,

especially given the unpredictable changes resulting from the continuing COVID-19 pandemic.Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence onbehalf of any prospective purchaser. Marcus & Millichap's principal expertise is in marketinginvestment properties and acting as intermediaries between buyers and sellers. Marcus &Millichap and its investment professionals cannot and will not act as lawyers, accountants,

contractors, or engineers. All potential buyers are admonished and advised to engage otherprofessionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions

involving the property's physical condition or financial outlook. Projections and pro forma financialstatements are not guarantees and, given the potential volatility created by COVID-19, all potential

buyers should be comfortable with and rely solely on their own projections, analyses, anddecision-making.)