Investment Overview

Texas Boat & RV Storage is a 53,675 net rentable square foot storage facility located in La Marque, Texas a south-eastern Houston suburb in Galveston County. The property sits on approximately 3.81 acres and consists of RVs, and there are 80 10x10 non-climate controlled drive-up units, seven office warehouse spaces, and 30 outdoor parking spaces included. Approximately 85 percent of the enclosed units are 450 feet or larger to accommodate boats and RV’s. The facility has eight single-story buildings with a mix of wide concrete and gravel driveways. Built in 2010, the Texas Boat & RV Storage is of metal construction and has numerous amenities including, but not limit-ed to, security lighting, perimeter fencing, a large marquee sign, video surveillance, and an electronically controlled access gate. There is also an on-site manager’s office and residence which is not currently being utilized. Owner-ship has spent nearly $100,000 in recent CAPEX projects including a new gate motor, keypad entry and exit, LED lighting, driveway repairs, and adding security cameras. Part of the CAPEX project was installing electrical outlets and lights in 31 units which allowed the Seller to raise rates 25 percent on those units. Sitting about 5/10 of a mile from the Gulf Freeway (Interstate 45) the facility is in an ideal location for a boat and RV storage facility. The Main Street exit on I-45 is the second to last exit before Galveston Bay, offering a convenient drop-off point to Galveston Bay, Clear Lake, The Gulf of Mexico, and numerous other recreational destinations along the coast. Texas Boat & RV Storage fronts Main Street which is a thoroughfare that intersects with major arteries I-45, Texas State Highway 3, Texas State Highway 6, and Texas State Highway146. While the tenant base stretches across Greater Houston due to the Gulf Coast proximity there are also over 30,000 people living within three miles of the facility. Leasing has been trending upwards and there are only four enclosed Boat/RV storage units currently available. December 2022 was the best revenue month for the facility at nearly 12 percent higher than September 2022; however, upside still exists through lease-up, as the property sits at about 83 percent physical occupancy. An additional boost in revenue could potentially be achieved through converting open parking spaces to enclosed or covered parking areas and/or by adding electricity to the remaining 15x45 units. Texas Boat & Self Storage may be purchased individually or in tandem with Greenkey Storage – Northline.