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Self-Storage Facility

Holliday RV & Boat Storage

17818 French Rd, Houston, TX 77084

Listing Price: $2,700,000

Cap Rate
7.62%
Number of Units
292
Occupancy
92.0%
Rentable SF
73,993
Price/Rentable SF
$36.49
Year Built
1990

Investment Overview

Holliday RV & Boat Storage is a 73,993 NRSF Boat/RV storage facility located in Houston, Texas in the western Bear Creek suburb. The property sits on two parcels that encompass approximately 5.19 acres of land and was constructed in three phases between 1990 and 1994. Holliday RV & Boat Storage has nine single-story buildings consisting of 243 drive-up non-climatized units and 49 outdoor parking spaces. The facility has amenities including but not limited to, video surveillance throughout the property, an entrance gate with manual lock & key access, swing doors, and crushed concrete driveways. The Seller has spent a tremendous amount of effort keeping the facility well maintained over the years and recently completed CAPEX items such as replacing the framing and hinging on the bottom of all the doors and preventative maintenance on some of the roofs.? ? One of the most attractive components of the facility is its busy west Houston location. There are around 330,000 people living within three miles of the facility and the population is expected to rise to nearly 11 percent by 2027. The customer base comes predominantly from within a 10-mile area where the population is over 329,753. The average household income is over $93,000 and makes Holliday RV & Boat Storage a popular spot for area recreational users. The facility is convenient to several major employment centers including the energy corridor which is about six miles away.? ? The owner is a local couple in their 70’s who developed and self-manage the asset. Holliday RV & Boat Storage has some of the lower street rates in its submarket and is currently achieving monthly rents around $0.31 per square foot which is about 20 percent below the submarket norms. As of the 4th quarter 2022, the property is over 97 percent physically occupied on the enclosed units and has been highly occupied for decades. The overall physical occupancy is only 86 percent, but that is due to the owner having to vacate tenants earlier this year due to the Harris County Water Department building a pipeline through the outdoor parking area of the property. By implementing more sophisticated marketing strategies such as doing advertising, using management software to help get achieved rents to market, and reducing the vacancy on the outdoor parking an investor could see north of a 7.62 percent end of year one unlevered yield.

Investment Highlights

  • 97 Percent Physical Occupancy on Enclosed Units.
  • Densely Populated Growing Area of West Houston – 3 Mile Population 150,060 | 5 Mile Population 329,753 | 10.5 Percent Projected Population Increase by 2026.
  • 73,993 NRSF | 243 Enclosed Units + 49 Outdoor Parking Spaces
  • Solid Demographics – Average Household Income $93,576
  • Owned and operated by the original developer who is a couple in their 70's.
  • Adjusted Cap Rate 6.16 Percent | End of Year One Pro Forma Cap Rate 7.62 Percent

Exclusively Listed By

Financing By

Self-Storage Facility

Holliday RV & Boat Storage

Listing Price: $2,700,000

Cap Rate
7.62%
Number of Units
292
Occupancy
92.0%
Rentable SF
73,993
Price/Rentable SF
$36.49
Year Built
1990

Investment Highlights

  • 97 Percent Physical Occupancy on Enclosed Units.
  • Densely Populated Growing Area of West Houston – 3 Mile Population 150,060 | 5 Mile Population 329,753 | 10.5 Percent Projected Population Increase by 2026.
  • 73,993 NRSF | 243 Enclosed Units + 49 Outdoor Parking Spaces
  • Solid Demographics – Average Household Income $93,576
  • Owned and operated by the original developer who is a couple in their 70's.
  • Adjusted Cap Rate 6.16 Percent | End of Year One Pro Forma Cap Rate 7.62 Percent

Investment Overview

Holliday RV & Boat Storage is a 73,993 NRSF Boat/RV storage facility located in Houston, Texas in the western Bear Creek suburb. The property sits on two parcels that encompass approximately 5.19 acres of land and was constructed in three phases between 1990 and 1994. Holliday RV & Boat Storage has nine single-story buildings consisting of 243 drive-up non-climatized units and 49 outdoor parking spaces. The facility has amenities including but not limited to, video surveillance throughout the property, an entrance gate with manual lock & key access, swing doors, and crushed concrete driveways. The Seller has spent a tremendous amount of effort keeping the facility well maintained over the years and recently completed CAPEX items such as replacing the framing and hinging on the bottom of all the doors and preventative maintenance on some of the roofs.? ? One of the most attractive components of the facility is its busy west Houston location. There are around 330,000 people living within three miles of the facility and the population is expected to rise to nearly 11 percent by 2027. The customer base comes predominantly from within a 10-mile area where the population is over 329,753. The average household income is over $93,000 and makes Holliday RV & Boat Storage a popular spot for area recreational users. The facility is convenient to several major employment centers including the energy corridor which is about six miles away.? ? The owner is a local couple in their 70’s who developed and self-manage the asset. Holliday RV & Boat Storage has some of the lower street rates in its submarket and is currently achieving monthly rents around $0.31 per square foot which is about 20 percent below the submarket norms. As of the 4th quarter 2022, the property is over 97 percent physically occupied on the enclosed units and has been highly occupied for decades. The overall physical occupancy is only 86 percent, but that is due to the owner having to vacate tenants earlier this year due to the Harris County Water Department building a pipeline through the outdoor parking area of the property. By implementing more sophisticated marketing strategies such as doing advertising, using management software to help get achieved rents to market, and reducing the vacancy on the outdoor parking an investor could see north of a 7.62 percent end of year one unlevered yield.

Exclusively Listed By

Financing By

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