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Self-Storage Facility

CubeSmart (Managed) RV & Boat Storage CofO

21615 Hufsmith - Kohrville Rd, Tomball, TX 77375

Listing Price: $21,242,000

Cap Rate
5.25%
Number of Units
491
Occupancy
85.0%
Gross SF
181,350
Rentable SF
181,350
Price/Rentable SF
$117.13
Year Built
2022

Investment Overview

CubeSmart (Managed) RV & Boat Storage CofO is a 491-unit, 181,350 square foot Boat & RV storage facility under construction in Tomball, Texas. The property sits on approximately 9.81 acres of land and upon completion will have seven single story buildings containing 416 enclosed units and 63 covered parking units. There will also be 12 concrete outdoor parking spaces as part of the unit mix. CubeSmart (Managed) RV & Boat Storage will have an attractive facade along with many amenities commonly found in Class “A” self-storage facilities. There will be a gated entry with a digital keypad, a full-service on-site management office, 24/7 video surveillance throughout the facility, wide concrete driveways for ample turning radius, and units with roll up doors. CubeSmart (Managed) RV & Boat Storage CofO fronts on Hufsmith-Kohrville Road which connects State Highway 249 to several northwest Houston suburbs including Tomball and turns into FM 2978 and winds through the western edge of The Woodlands. This busy residential thoroughfare sees approximately 22,000 vehicles pass by the facility daily. Additionally, construction on Medical Complex Drive approximately one quarter mile north of CubeSmart (Managed) RV & Boat Storage CofO is nearly complete allowing direct east-west access from the neighborhoods along Hufsmith-Kohrville into the heart of Tomball. There are numerous drivers that should make CubeSmart (Managed) RV & Boat Storage CofO a successful location for a Boat & RV storage facility. The property is in the heart of several relatively new single family neighborhoods where the booming population grew nearly 50 percent over the previous decade. There are over 150,000 residents living within five miles of the facility and another 19 percent growth is expected by 2026, highlighted by several new prominent developers. Hines is developing the Raburn Reserve master planned community about one half mile north of CubeSmart (Managed) RV & Boat Storage CofO and Lennar Homes is building a community named Alexander Estates approximately a quarter mile to the south of the facility. Numerous other single-family developments are at various of construction throughout this pocket of Greater Houston. Spurring the strong residential growth are the highly rated schools as the Tomball ISD has received an overall A rating from the Texas Education Agency. The pent-up demand for large storage units is reflected by the historically strong rates and high occupancies that nearby competitors are achieving in the trade area. A recent rent survey showed the closest competitor who is a major national operator is asking approximately $1.00/square foot for larger class A type spaces with very limited availability. A rapid lease up with limited concessions is expected given the combination of the average household income being nearly $137,000 in a five-mile radius and the area Homeowners Associations’ disapproving stance on storing RV’s and boats in driveways or on neighborhood streets. While a few buildings should be open to rent units considerably sooner, the facility is expected to obtain a CofO for the entire property by the fourth quarter of 2022.

Investment Highlights

  • HIGH DEMOGRAPHIC LOCATION // Five-Mile Average Household Income $136,595.
  • CLASS A CONSTRUCTION // 416 enclosed units, 63 covered parking spaces and 12 outdoor parking spaces totaling 181,350 rentable square feet is expected to be delivered by fourth quarter of 2022.
  • TOMBALL ISD // Overall "A" rating by the Texas Education Agency
  • BUSY NORTHWEST HOUSTON SUBURBAN LOCATION // There is frontage on Hufsmith-Kohrville Road with 22K daily traffic counts. Roadwork to connect Hufsmith-Kohrville to State Highway 249 in Tomball is nearing completion mile to the north of the property via Medical Complex Drive.
  • BOOMING RESIDENTIAL AREA // The facility is approximately ½ mile from two new master planned single family residential communities and the five-mile population is 153,526. The population in the trade area grew nearly 50 percent during the previous decade and another 19 percent growth is expected by 2026.

Exclusively Listed By

Financing By

Self-Storage Facility

CubeSmart (Managed) RV & Boat Storage CofO

Listing Price: $21,242,000

Cap Rate
5.25%
Number of Units
491
Occupancy
85.0%
Gross SF
181,350
Rentable SF
181,350
Price/Rentable SF
$117.13
Year Built
2022

Investment Highlights

  • HIGH DEMOGRAPHIC LOCATION // Five-Mile Average Household Income $136,595.
  • CLASS A CONSTRUCTION // 416 enclosed units, 63 covered parking spaces and 12 outdoor parking spaces totaling 181,350 rentable square feet is expected to be delivered by fourth quarter of 2022.
  • TOMBALL ISD // Overall "A" rating by the Texas Education Agency
  • BUSY NORTHWEST HOUSTON SUBURBAN LOCATION // There is frontage on Hufsmith-Kohrville Road with 22K daily traffic counts. Roadwork to connect Hufsmith-Kohrville to State Highway 249 in Tomball is nearing completion mile to the north of the property via Medical Complex Drive.
  • BOOMING RESIDENTIAL AREA // The facility is approximately ½ mile from two new master planned single family residential communities and the five-mile population is 153,526. The population in the trade area grew nearly 50 percent during the previous decade and another 19 percent growth is expected by 2026.

Investment Overview

CubeSmart (Managed) RV & Boat Storage CofO is a 491-unit, 181,350 square foot Boat & RV storage facility under construction in Tomball, Texas. The property sits on approximately 9.81 acres of land and upon completion will have seven single story buildings containing 416 enclosed units and 63 covered parking units. There will also be 12 concrete outdoor parking spaces as part of the unit mix. CubeSmart (Managed) RV & Boat Storage will have an attractive facade along with many amenities commonly found in Class “A” self-storage facilities. There will be a gated entry with a digital keypad, a full-service on-site management office, 24/7 video surveillance throughout the facility, wide concrete driveways for ample turning radius, and units with roll up doors. CubeSmart (Managed) RV & Boat Storage CofO fronts on Hufsmith-Kohrville Road which connects State Highway 249 to several northwest Houston suburbs including Tomball and turns into FM 2978 and winds through the western edge of The Woodlands. This busy residential thoroughfare sees approximately 22,000 vehicles pass by the facility daily. Additionally, construction on Medical Complex Drive approximately one quarter mile north of CubeSmart (Managed) RV & Boat Storage CofO is nearly complete allowing direct east-west access from the neighborhoods along Hufsmith-Kohrville into the heart of Tomball. There are numerous drivers that should make CubeSmart (Managed) RV & Boat Storage CofO a successful location for a Boat & RV storage facility. The property is in the heart of several relatively new single family neighborhoods where the booming population grew nearly 50 percent over the previous decade. There are over 150,000 residents living within five miles of the facility and another 19 percent growth is expected by 2026, highlighted by several new prominent developers. Hines is developing the Raburn Reserve master planned community about one half mile north of CubeSmart (Managed) RV & Boat Storage CofO and Lennar Homes is building a community named Alexander Estates approximately a quarter mile to the south of the facility. Numerous other single-family developments are at various of construction throughout this pocket of Greater Houston. Spurring the strong residential growth are the highly rated schools as the Tomball ISD has received an overall A rating from the Texas Education Agency. The pent-up demand for large storage units is reflected by the historically strong rates and high occupancies that nearby competitors are achieving in the trade area. A recent rent survey showed the closest competitor who is a major national operator is asking approximately $1.00/square foot for larger class A type spaces with very limited availability. A rapid lease up with limited concessions is expected given the combination of the average household income being nearly $137,000 in a five-mile radius and the area Homeowners Associations’ disapproving stance on storing RV’s and boats in driveways or on neighborhood streets. While a few buildings should be open to rent units considerably sooner, the facility is expected to obtain a CofO for the entire property by the fourth quarter of 2022.

Exclusively Listed By

Financing By

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