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Self-Storage Facility

Allsafe Storage

12828 Telge Rd, Cypress, TX 77429

Listing Price: $12,000,000

Cap Rate
4.18%
Number of Units
648
Occupancy
88.0%
Gross SF
59,625
Rentable SF
59,625
Price/Rentable SF
$201.26
Year Built
2002

Investment Overview

Allsafe Storage is a 648 unit, 59,625 NRSF self-storage facility in Cypress, TX, an affluent northwest Houston suburb. The property sits on approximately 8.24 acres of land and has four single story buildings. There are 354 climate control units (40,750 NRSF), 107 drive up non-climate units (18,875 NRSF) and 187 open parking spaces. The facility has numerous amenities including but not limited to, video surveillance throughout the property, an automatic entrance gate with digital key code access, roll-up doors, concrete driveways on the self-storage units, a full-service manager’s office with a two- bedroom/one-bathroom residence and a marquee sign with a digital reader screen. Cypress features one of the most affluent population bases in Harris County. The average household income is over $160,000 within one mile of the property and over $133,000 within three miles. The three-mile population that is current-ly over 82,000 is projected to grow by roughly 9,000 people by 2026. Highlighting the growth are multiple newly con-structed multi-family developments around the facility. The facility also serves several well established posh suburban neighborhoods such as Longwood, Coles Crossing, Rock Creek, and Stable Gate. In addition to its well-to-do surroundings the property also wraps around the intersection of Telge Road and Jarvis Road providing frontage and access on two thoroughfares and combined traffic counts of 23,062. Telge is a main north/south feeder running from south of US 290 through the Grand Parkway (TX 99), Houston’s outermost loop and on to FM 2920. Directly across the street from the facility is the newly constructed retail project, Shops at Telge, along with a new McDonald’s. The owner is a partnership and the original developer of the property. While there is a website, no money is spent on marketing or advertising online. The website hasn’t been updated in years. Despite the rather unsophisticated operations the facility has been over 90 percent physically occupied for several years and the ownership has been able to consistently push rents. The facility does well with Budget truck rentals but doesn’t capitalize on selling tenant insurance. The outdoor parking lots are approximately 4.20 acres and while all the spaces are currently occupied the land could offer upside by way of expansion or a future covered land play. As of April 30th, 2022 the asset is approximately 92 percent physically occupied.

Investment Highlights

  • AFFLUENT CYPRESS LOCATION/DEMOGRAPHICS // The average household income is $160,329 within one mile of the property and $133,024 within three miles of the property.
  • 23,062 COMBINED DAILY TRAFFIC COUNTS // The facility wraps around the intersection of Telge Road and Jarvis Road providing visibility and customer access on both thoroughfares.
  • VALUE ADD COMPONENTS // The owner doesn't do any online marketing and no tenant insurance is offered. The outdoor parking area could be a covered land play or an expansion opportunity.
  • 461 ENCLOSED UNITS | 59,625 NRSF + 187 OPEN PARKING SPACES // There are 3 parcels totaling 8.24 acres with approximately 4.20 acres currently being used for outdoor parking. The facility has been over 90 percent occupied for several years and the outdoor parking area is currently 100 percent occupied.

Exclusively Listed By

Financing By

Self-Storage Facility

Allsafe Storage

Listing Price: $12,000,000

Cap Rate
4.18%
Number of Units
648
Occupancy
88.0%
Gross SF
59,625
Rentable SF
59,625
Price/Rentable SF
$201.26
Year Built
2002

Investment Highlights

  • AFFLUENT CYPRESS LOCATION/DEMOGRAPHICS // The average household income is $160,329 within one mile of the property and $133,024 within three miles of the property.
  • 23,062 COMBINED DAILY TRAFFIC COUNTS // The facility wraps around the intersection of Telge Road and Jarvis Road providing visibility and customer access on both thoroughfares.
  • VALUE ADD COMPONENTS // The owner doesn't do any online marketing and no tenant insurance is offered. The outdoor parking area could be a covered land play or an expansion opportunity.
  • 461 ENCLOSED UNITS | 59,625 NRSF + 187 OPEN PARKING SPACES // There are 3 parcels totaling 8.24 acres with approximately 4.20 acres currently being used for outdoor parking. The facility has been over 90 percent occupied for several years and the outdoor parking area is currently 100 percent occupied.

Investment Overview

Allsafe Storage is a 648 unit, 59,625 NRSF self-storage facility in Cypress, TX, an affluent northwest Houston suburb. The property sits on approximately 8.24 acres of land and has four single story buildings. There are 354 climate control units (40,750 NRSF), 107 drive up non-climate units (18,875 NRSF) and 187 open parking spaces. The facility has numerous amenities including but not limited to, video surveillance throughout the property, an automatic entrance gate with digital key code access, roll-up doors, concrete driveways on the self-storage units, a full-service manager’s office with a two- bedroom/one-bathroom residence and a marquee sign with a digital reader screen. Cypress features one of the most affluent population bases in Harris County. The average household income is over $160,000 within one mile of the property and over $133,000 within three miles. The three-mile population that is current-ly over 82,000 is projected to grow by roughly 9,000 people by 2026. Highlighting the growth are multiple newly con-structed multi-family developments around the facility. The facility also serves several well established posh suburban neighborhoods such as Longwood, Coles Crossing, Rock Creek, and Stable Gate. In addition to its well-to-do surroundings the property also wraps around the intersection of Telge Road and Jarvis Road providing frontage and access on two thoroughfares and combined traffic counts of 23,062. Telge is a main north/south feeder running from south of US 290 through the Grand Parkway (TX 99), Houston’s outermost loop and on to FM 2920. Directly across the street from the facility is the newly constructed retail project, Shops at Telge, along with a new McDonald’s. The owner is a partnership and the original developer of the property. While there is a website, no money is spent on marketing or advertising online. The website hasn’t been updated in years. Despite the rather unsophisticated operations the facility has been over 90 percent physically occupied for several years and the ownership has been able to consistently push rents. The facility does well with Budget truck rentals but doesn’t capitalize on selling tenant insurance. The outdoor parking lots are approximately 4.20 acres and while all the spaces are currently occupied the land could offer upside by way of expansion or a future covered land play. As of April 30th, 2022 the asset is approximately 92 percent physically occupied.

Exclusively Listed By

Financing By

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