Skip to main content

Self-Storage Facility

Park Central Self Service Storage

7301 Memorial Blvd, Port Arthur, TX 77640

Listing Price: $1,850,000

Cap Rate
5.93%
Number of Units
312
Occupancy
85.0%
Rentable SF
48,430
Price/Rentable SF
$38.20
Year Built
1980

Investment Overview

Park Central Self Service Storage is a 48,430 net-rentable-square foot self-storage facility located in Port Arthur, Texas. The property was constructed in 1980 and consists of 312 units. There are 292 non-climate control units and 20 outdoor parking spaces. Park Central Self Service Storage offers amenities including, but not limited to video surveillance throughout the property, an automated security gate with keycode access, roll up doors, concrete driveways, and a manager’s office with a two-bedroom one bathroom residence. The facility fronts on Memorial Boulevard with daily traffic counts of approximately 55,000 vehicles per day. Memorial Boulevard (also US Highway 96/287) is a freeway that connects Port Arthur and Beaumont. The facility is in an area of southeast Texas known as the “Golden Triangle”, an area where numerous oil refineries, petrochemical and other energy companies call home. Park Central Self Service Storage is also in one of the busiest “mid-county” retail areas with Central Mall, numerous national retailers, major hotel chains, and several restaurants all nearby. Park Central Self Service Storage is less than two miles from Jack Brooks Regional Airport which services American Eagle with daily non-stop flights to DFW Airport. The asset is currently around 70 percent physically occupied but just over 50 percent economically occupied. The ownership group is a local family who self-manages the facility and this is the only facility they own. The management is rather antiquated with no money being spent on marketing or promotions and there is no website. Professionally managed facilities in the trade area are seeing effective rates close to $9.00 per foot whereas Park Central Self Service Storage is seeing effective rates about one-third of that. Priced at under $40 a square foot an investor could see close to an 8.5 percent unlevered return by implementing a professional expense load and achieving rents at roughly 75 percent of market.

Investment Highlights

  • Freeway Frontage on Memorial Boulevard (US 96/287) – Apx 55,000 Vehicles per Day
  • Huge Upside in Improving Performance: 8.5 Percent Pro Forma Cap Rate by getting achieved rates to 75 percent of market norms
  • Amenities Such as Roll Up Doors, Concrete Driveways, a Security Gate with Keycode Access and an On-Site Managers Office/Residence
  • In Port Arthur's Primary Retail Corridor – Wal-Mart, Lowe's Home Improvement, numerous restaurants, hotels and other nearby economic drivers
  • Within 2 Miles of Jack Brooks Regional Airport

Exclusively Listed By

Self-Storage Facility

Park Central Self Service Storage

Listing Price: $1,850,000

Cap Rate
5.93%
Number of Units
312
Occupancy
85.0%
Rentable SF
48,430
Price/Rentable SF
$38.20
Year Built
1980

Investment Highlights

  • Freeway Frontage on Memorial Boulevard (US 96/287) – Apx 55,000 Vehicles per Day
  • Huge Upside in Improving Performance: 8.5 Percent Pro Forma Cap Rate by getting achieved rates to 75 percent of market norms
  • Amenities Such as Roll Up Doors, Concrete Driveways, a Security Gate with Keycode Access and an On-Site Managers Office/Residence
  • In Port Arthur's Primary Retail Corridor – Wal-Mart, Lowe's Home Improvement, numerous restaurants, hotels and other nearby economic drivers
  • Within 2 Miles of Jack Brooks Regional Airport

Investment Overview

Park Central Self Service Storage is a 48,430 net-rentable-square foot self-storage facility located in Port Arthur, Texas. The property was constructed in 1980 and consists of 312 units. There are 292 non-climate control units and 20 outdoor parking spaces. Park Central Self Service Storage offers amenities including, but not limited to video surveillance throughout the property, an automated security gate with keycode access, roll up doors, concrete driveways, and a manager’s office with a two-bedroom one bathroom residence. The facility fronts on Memorial Boulevard with daily traffic counts of approximately 55,000 vehicles per day. Memorial Boulevard (also US Highway 96/287) is a freeway that connects Port Arthur and Beaumont. The facility is in an area of southeast Texas known as the “Golden Triangle”, an area where numerous oil refineries, petrochemical and other energy companies call home. Park Central Self Service Storage is also in one of the busiest “mid-county” retail areas with Central Mall, numerous national retailers, major hotel chains, and several restaurants all nearby. Park Central Self Service Storage is less than two miles from Jack Brooks Regional Airport which services American Eagle with daily non-stop flights to DFW Airport. The asset is currently around 70 percent physically occupied but just over 50 percent economically occupied. The ownership group is a local family who self-manages the facility and this is the only facility they own. The management is rather antiquated with no money being spent on marketing or promotions and there is no website. Professionally managed facilities in the trade area are seeing effective rates close to $9.00 per foot whereas Park Central Self Service Storage is seeing effective rates about one-third of that. Priced at under $40 a square foot an investor could see close to an 8.5 percent unlevered return by implementing a professional expense load and achieving rents at roughly 75 percent of market.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower