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Self-Storage Facility

Valor Storage

2121 TX-276, West Tawakoni, TX 75474

Listing Price: $1,600,000

Cap Rate
7.21%
Number of Units
180
Occupancy
92.5%
Rentable SF
20,400
Price/Rentable SF
$78.43
Year Built
2000

Investment Overview

Valor Storage is a 20,400 rentable-square foot self-storage facility resting on approximately 1.57 acres in West Tawakoni, Texas. The facility’s first phase (9,300 NRSF) was built in 2000, and the second phase (11,100 NRSF) is currently under construction and scheduled for delivery in March of 2023. Upon completion, the property will contain a total of 179 non-climate drive up units. Property features include an on-site manager’s residence, personalized key-pad gated entry, 24-hour video surveillance cameras, garage-style roll up doors, and concrete driveways. Approximately 45-miles east of Dallas, West Tawakoni is one of several communities bordering Lake Tawakoni – a 38,000-acre reservoir known as the “Catfish Capital of Texas”. The reservoir attracts thousands of visitors each year and is known for its fishing, boating, camping, and forest trails. Due to the inherently convenient nature of their locations, self-Storage facilities situated adjacent to heavily-visited recreational sites like Lake Tawakoni typically lease up very quickly – particularly when the competitive landscape is healthy. To be sure, the average physical occupancy rate within a five-mile radius of Valor Storage exceeds 95 percent, and the facility benefits from the visibility provided by its position on Highway 276 – the only major East Texas thoroughfare that provides multi-directional access to Lake Tawakoni. The current owner, located in Tennessee, spends very little time managing Valor Storage at a day-to-day level, as virtually all leasing/operational issues are handled via a call center and website powered by Easy Storage Solutions. Additionally, one of the tenants, who has lived in the on-site apartment for over seven years, serves as the de facto maintenance man, security guard, and overall “property manager” in exchange for a discount on the apartment lease. At a sales price of $1,600,000, upon stabilization of the expansion phase and systematic escalation of the facility’s street rates, a new operator will be in position to capture unleveraged pro-forma yields in excess of 8.30 percent.

Investment Highlights

  • New Construction – 11,100 NRSF to be Delivered March 2023
  • Excellent Visibility and Accessibility on Hwy 276
  • 8.30 Percent Pro Forma Cap Rate

Exclusively Listed By

Self-Storage Facility

Valor Storage

Listing Price: $1,600,000

Cap Rate
7.21%
Number of Units
180
Occupancy
92.5%
Rentable SF
20,400
Price/Rentable SF
$78.43
Year Built
2000

Investment Highlights

  • New Construction – 11,100 NRSF to be Delivered March 2023
  • Excellent Visibility and Accessibility on Hwy 276
  • 8.30 Percent Pro Forma Cap Rate

Investment Overview

Valor Storage is a 20,400 rentable-square foot self-storage facility resting on approximately 1.57 acres in West Tawakoni, Texas. The facility’s first phase (9,300 NRSF) was built in 2000, and the second phase (11,100 NRSF) is currently under construction and scheduled for delivery in March of 2023. Upon completion, the property will contain a total of 179 non-climate drive up units. Property features include an on-site manager’s residence, personalized key-pad gated entry, 24-hour video surveillance cameras, garage-style roll up doors, and concrete driveways. Approximately 45-miles east of Dallas, West Tawakoni is one of several communities bordering Lake Tawakoni – a 38,000-acre reservoir known as the “Catfish Capital of Texas”. The reservoir attracts thousands of visitors each year and is known for its fishing, boating, camping, and forest trails. Due to the inherently convenient nature of their locations, self-Storage facilities situated adjacent to heavily-visited recreational sites like Lake Tawakoni typically lease up very quickly – particularly when the competitive landscape is healthy. To be sure, the average physical occupancy rate within a five-mile radius of Valor Storage exceeds 95 percent, and the facility benefits from the visibility provided by its position on Highway 276 – the only major East Texas thoroughfare that provides multi-directional access to Lake Tawakoni. The current owner, located in Tennessee, spends very little time managing Valor Storage at a day-to-day level, as virtually all leasing/operational issues are handled via a call center and website powered by Easy Storage Solutions. Additionally, one of the tenants, who has lived in the on-site apartment for over seven years, serves as the de facto maintenance man, security guard, and overall “property manager” in exchange for a discount on the apartment lease. At a sales price of $1,600,000, upon stabilization of the expansion phase and systematic escalation of the facility’s street rates, a new operator will be in position to capture unleveraged pro-forma yields in excess of 8.30 percent.

Exclusively Listed By

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