The City of Del Rio, Val Verde County, Texas is located along the Texas/Mexico border in the southwest section of the state. Del Rio is approximately 153 miles west of San Antonio.
Del Rio is the county seat of Val Verde County. Del Rio's economy is somewhat diverse. The largest employer within the City of Del Rio is the federal government. Del Rio is a border town and there are a number of federal agencies located in Del Rio. Furthermore, Laughlin Air Force Base is located in Del Rio. The base employs approximately 1,461 military personnel and approximately 2,970 civilian employees. There are a number of industrial related employers within Del Rio. This is primarily due to the Maquiladora twin plant situation where plants are located on both sides of the border. There is a number of Maquiladora plants located across the border in Acuna, Mexico. The existing plants are expanding and hiring additional personnel. The total employed by the Maquiladora plants is 31,616. The total Del Rio employment not including those in Acuna was 16,054 for 2004. Ranching also serves as a major industry for the Del Rio area.
Overall, Del Rio has been growing. The 2000 population is 44,856 for the county while the 2005 estimate is 47,596. The population grew by 15.8% between 1990 and 2000 and 6.1% between 2000 and 2005. Overall, businesses indicate that the economy has overall been improving.
The primary growth area for commercial development is Veterans Boulevard and Bedell Drive, near the mall. Recently, the mall experienced a renovation to the exterior and is currently at a stabilized occupancy. Many existing businesses are adding branches in this area or constructing new larger facilities in this area. There are a limited number of vacancies in the commercial buildings in Del Rio. The area with the highest vacancies is downtown, which includes buildings in poor condition.
Tourism also plays a major role to the Del Rio economy. Lake Amistad, which is a National Park, is located just outside of Del Rio. Over 1,200,000 persons visit Lake Amistad every year. There are other tourist attractions in the area that draw visitors to Del Rio.
In summary, the Del Rio economy is somewhat diverse with government jobs, Air Force, ranching, tourism, manufacturing, and retail trade. The overall outlook for the area is considered to be good.
The immediate neighborhood around the property consists of some of the higher end commercial development within Del Rio being to the west of the property, along Veterans Boulevard, as well as secondary commercial and residential development closer to the property's location. For instance, several national restaurant chains, including Whataburger, Burger King, and Pizza Hut, among others, are located in the immediate vicinity of the property. The Del Rio Civic Center is located a short distance to the northwest of the property, along Veterans. National hotel/motel chains include Motel 6, Ramada Inn, and La Quinta. Demonstrating the renovation and revitalization that have gone on recently, both the Whataburger restaurant and the Ramada Inn have undergone extensive renovation and updating over the last several years. The Plaza Del Sol Mall is located a short distance to the north of the subject. The area immediately surrounding the subject does not consist of national type tenant retail development, but occupants that are more secondary in nature. The immediate area is a mixture of office/medical office, retail, and single and multi-family development. The subject is located in very close proximity to the Val Verde Regional Medical Center. This hospital has created a demand for medical office space in the area. There are several relatively new medical and professional offices located along Bedell near the subject property. Generally, the area features older development, but there has been new development taking place on a limited basis. In short, the subject property is located in a more mature neighborhood, with little new development taking place, but with revitalization and new development taking place a short distance away.
National and regional tenant type properties along Bedell are located closer to the Plaza Del Sol Mall, to the north of the property. Such recent developments include a Hampton Innand a Rudy's Bar-B-Que. Inshort, the property is located along one of the primary thoroughfares in Del Rio, which features a mixture of primary and secondary commercial development.
Insummary, the property is located in a relatively mature neighborhood, which is experiencing revitalization. The remaining vacant land in the neighborhood is being steadily developed. The overall neighborhood is considered to be stable with new growth anticipated in terms of commercial development.
Although The Ruiz Companies, as broker, has used reasonable care in obtaining data and making projections based upon that data, the information contained here in is submitted without representation or warranty. Information provided may be subject to errors, omissions, price changes, changes in terms and conditions, prior sale or lease, withdrawal from the market without notice, and other events beyond the broker's control.