Skip to main content

Self-Storage Facility

West Texas Lock Storage Portfolio

3301 FM700, Big Spring, TX 79720

Listing Price: $9,000,000

Cap Rate
6.85%
Number of Units
923
Occupancy
81.5%
Gross SF
164,298
Rentable SF
164,298
Price/Rentable SF
$54.78
Year Built
1965

Investment Overview

Big Spring Lock Storage is a 93,696 net rentable square foot self-storage facility located in Big Spring, Texas. Included in the opportunity are 482 non-climate units, one office space, a warehouse space and 13 outdoor parking spaces. The “main” facility located at 3301 FM 700 sits on 5 parcels that total up to approximately 9.08 acres. There is also an “annex” facility located at 1300 East 4th Street approximately one and a half miles away that sits on 1.84 acres. Big Spring Lock Storage offers amenities including, but not limited to video surveillance throughout the property, an automated security gate with keycode access, roll up doors, asphalt driveways, and a manager’s office. The FM 700 facility is approximately a mile south of Interstate 20 with daily traffic counts of approximately 7,000. The portion of FM 700 where Big Spring Lock Storage sits serves as the eastern loop around Big Spring. The 4th Street property is more centrally located sitting less than a mile east of downtown Big Spring. 4th Street is also known as the Business Interstate 20-G (Bus. I-20-G) and is a business loop of I-20 that is the primary thoroughfare through downtown Big Spring. Similarly to the FM 700 location, the 4th street location also has over 7,000 traffic counts. Situated in the Permian Basin which is the “Oil Capital of America”, Big Spring is approximately 40 miles east of Midland-Odessa and is the county seat of Howard County. The Big Spring Lock Storage locations are less than a mile from Howard College, which is home to around 5,000 students and faculty members, is one of the top ranked nursing schools in Texas and competes in six intercollegiate sports. The average household income in the trade area is over $70,000. The asset is currently around 90 percent physically occupied with a minimal amount of economic vacancy. The ownership group is an out of state partnership and self manages the asset. The asset is priced around $64/NRSF and offers a day one all cash unlevered return of close to 5 percent with upside in the ability to drive rates and push ancillary revenue sources. Big Spring Lock Storage may be purchased separately or in conjunction with its sister property Midland Lock Storage which is also being marketed by Marcus & Millichap. Midland Lock Storage is a 70,602 net rentable square foot self-storage facility located in Midland, Texas. Included in the opportunity are 395 non-climate units, one office space, and 30 outdoor parking spaces. There are two stores located approximately three quarters of a mile from each other. The facility located at 3013 W. Industrial Avenue sits on two parcels that total up to approximately 2.86 acres. The facility at 2215 W. Florida Avenue has three parcels that sits on approximately 2.27 acres. Midland Lock Storage offers amenities including, but not limited to video surveillance throughout the property, an automated security gate with keycode access at the Industrial Avenue location, several units with roll up doors, asphalt driveways, and there are manager’s offices at both properties. The facilities are in a busy industrial area in central Midland approximately one and a half miles from downtown. This area of Midland also has around 80,000 people living within a three-mile radius of the facility. The Midland-Odessa area is the hub of the Permian Basin which is the “Oil Capital of America”, and Midland is the county seat of Midland County. In addition to being in the shadows of downtown Midland Lock Storage is also close to Midland International Air & Space Port (MAF). The average household income in the trade area is around $95,000. The asset is currently around 68 percent economically occupied and offers a five and a half percent pro forma cap rate by increasing gross potential rents five percent, improving ancillary income streams namely tenant insurance and reducing economic vacancy by seven percent. The ownership group is an out of state partnership and self manages the asset. The asset is priced at $66.44/NRSF. Midland Lock Storage may be purchased separately or in conjunction with its sister property Big Spring Lock Storage which is also being marketed by Marcus & Millichap.

Investment Highlights

  • PERMIAN BASIN // "OIL CAPITAL OF AMERICA"
  • TWO LOCATIONS FM 700 & EAST 4TH STREET // Traffic Counts +/- 7,000 at Each Store (Big Spring)
  • VERY MINIMAL CONCESSIONS // 89 Percent Physical Occupancy – 88 Percent Economic Occupancy (Big Spring)
  • EXCELLENT FEATURES // Amenities Such as Roll Up Doors, Asphalt Drives, a Security Gate with Keycode Access and an On-Site Managers Office (Big Spring)
  • OTHER ECONOMIC DRIVERS // County Seat of Midland County, six miles from Midland International Air & Space Port (MAF) (Midland)
  • ASSET PROXIMITY // Two properties are three quarters of a mile apart about one and a half miles from downtown Midland (Midland)
  • OPPORTUNITY // Upside in Increasing Economic Occupancy (Midland)
  • EXCELLENT AMENITIES // Roll Up Doors, Asphalt Driveways, a Security Gate with Keycode Access at the Industrial Avenue Location and an On-Site Managers Offices at Both Locations (Midland)

Exclusively Listed By

Financing By

Self-Storage Facility

West Texas Lock Storage Portfolio

Listing Price: $9,000,000

Cap Rate
6.85%
Number of Units
923
Occupancy
81.5%
Gross SF
164,298
Rentable SF
164,298
Price/Rentable SF
$54.78
Year Built
1965

Investment Highlights

  • PERMIAN BASIN // "OIL CAPITAL OF AMERICA"
  • TWO LOCATIONS FM 700 & EAST 4TH STREET // Traffic Counts +/- 7,000 at Each Store (Big Spring)
  • VERY MINIMAL CONCESSIONS // 89 Percent Physical Occupancy – 88 Percent Economic Occupancy (Big Spring)
  • EXCELLENT FEATURES // Amenities Such as Roll Up Doors, Asphalt Drives, a Security Gate with Keycode Access and an On-Site Managers Office (Big Spring)
  • OTHER ECONOMIC DRIVERS // County Seat of Midland County, six miles from Midland International Air & Space Port (MAF) (Midland)
  • ASSET PROXIMITY // Two properties are three quarters of a mile apart about one and a half miles from downtown Midland (Midland)
  • OPPORTUNITY // Upside in Increasing Economic Occupancy (Midland)
  • EXCELLENT AMENITIES // Roll Up Doors, Asphalt Driveways, a Security Gate with Keycode Access at the Industrial Avenue Location and an On-Site Managers Offices at Both Locations (Midland)

Investment Overview

Big Spring Lock Storage is a 93,696 net rentable square foot self-storage facility located in Big Spring, Texas. Included in the opportunity are 482 non-climate units, one office space, a warehouse space and 13 outdoor parking spaces. The “main” facility located at 3301 FM 700 sits on 5 parcels that total up to approximately 9.08 acres. There is also an “annex” facility located at 1300 East 4th Street approximately one and a half miles away that sits on 1.84 acres. Big Spring Lock Storage offers amenities including, but not limited to video surveillance throughout the property, an automated security gate with keycode access, roll up doors, asphalt driveways, and a manager’s office. The FM 700 facility is approximately a mile south of Interstate 20 with daily traffic counts of approximately 7,000. The portion of FM 700 where Big Spring Lock Storage sits serves as the eastern loop around Big Spring. The 4th Street property is more centrally located sitting less than a mile east of downtown Big Spring. 4th Street is also known as the Business Interstate 20-G (Bus. I-20-G) and is a business loop of I-20 that is the primary thoroughfare through downtown Big Spring. Similarly to the FM 700 location, the 4th street location also has over 7,000 traffic counts. Situated in the Permian Basin which is the “Oil Capital of America”, Big Spring is approximately 40 miles east of Midland-Odessa and is the county seat of Howard County. The Big Spring Lock Storage locations are less than a mile from Howard College, which is home to around 5,000 students and faculty members, is one of the top ranked nursing schools in Texas and competes in six intercollegiate sports. The average household income in the trade area is over $70,000. The asset is currently around 90 percent physically occupied with a minimal amount of economic vacancy. The ownership group is an out of state partnership and self manages the asset. The asset is priced around $64/NRSF and offers a day one all cash unlevered return of close to 5 percent with upside in the ability to drive rates and push ancillary revenue sources. Big Spring Lock Storage may be purchased separately or in conjunction with its sister property Midland Lock Storage which is also being marketed by Marcus & Millichap. Midland Lock Storage is a 70,602 net rentable square foot self-storage facility located in Midland, Texas. Included in the opportunity are 395 non-climate units, one office space, and 30 outdoor parking spaces. There are two stores located approximately three quarters of a mile from each other. The facility located at 3013 W. Industrial Avenue sits on two parcels that total up to approximately 2.86 acres. The facility at 2215 W. Florida Avenue has three parcels that sits on approximately 2.27 acres. Midland Lock Storage offers amenities including, but not limited to video surveillance throughout the property, an automated security gate with keycode access at the Industrial Avenue location, several units with roll up doors, asphalt driveways, and there are manager’s offices at both properties. The facilities are in a busy industrial area in central Midland approximately one and a half miles from downtown. This area of Midland also has around 80,000 people living within a three-mile radius of the facility. The Midland-Odessa area is the hub of the Permian Basin which is the “Oil Capital of America”, and Midland is the county seat of Midland County. In addition to being in the shadows of downtown Midland Lock Storage is also close to Midland International Air & Space Port (MAF). The average household income in the trade area is around $95,000. The asset is currently around 68 percent economically occupied and offers a five and a half percent pro forma cap rate by increasing gross potential rents five percent, improving ancillary income streams namely tenant insurance and reducing economic vacancy by seven percent. The ownership group is an out of state partnership and self manages the asset. The asset is priced at $66.44/NRSF. Midland Lock Storage may be purchased separately or in conjunction with its sister property Big Spring Lock Storage which is also being marketed by Marcus & Millichap.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower