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Self-Storage Facility

82 Storage

1700 FM1201, Gainesville, TX 76240

Listing Price: $1,500,000

Cap Rate
6.23%
Number of Units
74
Occupancy
60.4%
Rentable SF
29,498
Price/Rentable SF
$50.85
Year Built
2020

Investment Overview

82 Storage is a 29,498 rentable-square foot boat and RV storage facility resting on five acres in Gainesville, Texas (approximately 15 miles north of the Dallas-Fort Worth Metroplex). The facility was originally constructed in 2020, and an additional 21 covered parking spaces were added in April 2022. As of June 2022, the facility is comprised of five enclosed boat/RV units, 54 covered boat/RV spaces, and 15 uncovered spaces. Additionally, the facility features many of the amenities you would expect to find in a state-of-the-art facility, including personalized key-pad gated entry and exit, concrete driveways, perimeter fencing and lighting, and 24-hour video surveillance cameras. Gainesville, Texas is conveniently located on Interstate-35 near the Texas/Oklahoma border, and the facility is located on Highway 82 (only 1.25 miles from I-35), which makes it an ideal location for a boat and RV storage facility. To be sure, Interstate-35 boasts daily vehicle counts well above 50,000, and approximately 20,000 vehicles travel by the facility on Highway 82 each day. The current owner of 82 Storage built the facility originally and is solely responsible for managing its day-to-day operations. With that said, the owner is only able to dedicate a portion of his time to 82 Storage because a variety of other unrelated professional responsibilities also require his attention. As such, a new operator with more time to devote to the facility’s day-to-day management will almost certainly be able to take the facility to the next level in terms of occupancy, rental rate growth, and future expansion. Leasing the newest units and increasing rental rates to market standards appears to be the easiest path to revenue growth at 82 Storage. Once the facility is stabilized from both a physical and economic standpoint, further expansion would be the next logical step. To be sure, preliminary estimates demonstrate an additional 50,000-60,000 rentable-square feet of boat and RV storage space could be constructed on the current site.

Investment Highlights

  • Additional Land for Future Storage Expansion – Approximately 2.50 Acres
  • Opportunity to Increase Rental Rates
  • Excellent Location on Highway 82 – 20,000 Vehicles per Day
  • Recently Built Facility – 2020 Construction, 2022 Expansion
  • Currently "Mom & Pop" Owner/Operated

Exclusively Listed By

Financing By

Self-Storage Facility

82 Storage

Listing Price: $1,500,000

Cap Rate
6.23%
Number of Units
74
Occupancy
60.4%
Rentable SF
29,498
Price/Rentable SF
$50.85
Year Built
2020

Investment Highlights

  • Additional Land for Future Storage Expansion – Approximately 2.50 Acres
  • Opportunity to Increase Rental Rates
  • Excellent Location on Highway 82 – 20,000 Vehicles per Day
  • Recently Built Facility – 2020 Construction, 2022 Expansion
  • Currently "Mom & Pop" Owner/Operated

Investment Overview

82 Storage is a 29,498 rentable-square foot boat and RV storage facility resting on five acres in Gainesville, Texas (approximately 15 miles north of the Dallas-Fort Worth Metroplex). The facility was originally constructed in 2020, and an additional 21 covered parking spaces were added in April 2022. As of June 2022, the facility is comprised of five enclosed boat/RV units, 54 covered boat/RV spaces, and 15 uncovered spaces. Additionally, the facility features many of the amenities you would expect to find in a state-of-the-art facility, including personalized key-pad gated entry and exit, concrete driveways, perimeter fencing and lighting, and 24-hour video surveillance cameras. Gainesville, Texas is conveniently located on Interstate-35 near the Texas/Oklahoma border, and the facility is located on Highway 82 (only 1.25 miles from I-35), which makes it an ideal location for a boat and RV storage facility. To be sure, Interstate-35 boasts daily vehicle counts well above 50,000, and approximately 20,000 vehicles travel by the facility on Highway 82 each day. The current owner of 82 Storage built the facility originally and is solely responsible for managing its day-to-day operations. With that said, the owner is only able to dedicate a portion of his time to 82 Storage because a variety of other unrelated professional responsibilities also require his attention. As such, a new operator with more time to devote to the facility’s day-to-day management will almost certainly be able to take the facility to the next level in terms of occupancy, rental rate growth, and future expansion. Leasing the newest units and increasing rental rates to market standards appears to be the easiest path to revenue growth at 82 Storage. Once the facility is stabilized from both a physical and economic standpoint, further expansion would be the next logical step. To be sure, preliminary estimates demonstrate an additional 50,000-60,000 rentable-square feet of boat and RV storage space could be constructed on the current site.

Exclusively Listed By

Financing By

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