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Self-Storage Facility

Sugar Land RV/Boat & Self Storage

14311 W Bellfort Blvd, Sugar Land, TX 77498

Listing Price: $4,750,000

Cap Rate
7.09%
Number of Units
319
Occupancy
88.0%
Rentable SF
95,942
Price/Rentable SF
$49.51
Year Built
1999

Investment Overview

Sugar Land RV/Boat & Self Storage is a 95,942 NRSF RV/Boat & self-storage facility located in Sugar Land, Texas, an affluent southwestern suburb of Houston. The property sits on approximately 6.01 acres of land and was constructed in 1999. Sugar Land RV/Boat Self Storage has eight single story buildings consisting of 304 drive-up non-climatized units, one larger warehouse/workshop type space, eight covered parking spots, and six outdoor parking spaces. The facility has amenities including, but not limited to, video surveillance, an automatic entrance gate, swing doors, asphalt and concrete driveways, along with a manager’s office and residence.   One of the most attractive components of the facility is its busy north Sugar Land location. The property sits at the hard corner of the signalized intersection of West Bellfort and Burney Road with approximately 1,000’ of frontage on West Bellfort. The facility is a block from the intersection of West Bellfort and State Highway 6 and major retailers such as The Home Depot, Whataburger and Aldi. West Bellfort is a major southwest Houston thoroughfare stretching from the Grand Parkway at its westernmost point to near Hobby Airport on Houston’s southeast side. Burney Road is a north-south artery that runs through north Sugar Land and connects several residential neighborhoods to Sugar Land RV/Boat & Self Storage. The facility sees daily traffic counts of approximately 27,000 vehicles combined. There are around 140,635 people living within three miles of the facility and the population is expected to rise to nearly six percent by 2027. The average household income is over $96,000 and makes Sugar Land RV/Boat & Self Storage a popular spot for recreational users and area businesses that need a large storage area, but don’t require office space.   The owner is a recent widow whose late husband developed the facility. She self-manages the asset but has rented virtually zero units since her husband passed away in August of 2021. As of the 1st quarter in 2023, the property has a physical vacancy of around 24 percent and an economic vacancy of an additional 24 percent offering a tremendous amount of upside to an investor. There are massive barriers to entry given all the residential real estate surrounding the property, zoning obstacles to the south in Sugar Land, and land prices in general. Offered at less than $50 per net rentable square foot an investor could expect an unlevered stabilized yield of just under 7.10 percent at the end of year three by implementing more sophisticated marketing strategies such as doing advertising, using management software, and developing a website.

Investment Highlights

  • Owned by a recent widow who self-manages the asset and has avoided leasing units since August of 2021
  • Densely Populated Growing Area of Southwest Houston – 3 Mile Population 140,635 | 5 Mile Population 360,845 | +/- 6 Percent Projected Population Increase by 2027
  • 95,942 NRSF | 319 Units
  • Sugar Land Demographics – Average Household Income $96,054
  • Stabilized Pro Forma Cap Rate 7.09 Percent – The asset is being offered at $49.51/NRSF
  • Hard Corner at Signalized Intersection of West Bellfort and Burney one block from Highway 6 - The combined traffic counts are 27,223 VPD and the Property benefits from around 1,000' of Frontage on West Bellfort

Exclusively Listed By

Financing By

Self-Storage Facility

Sugar Land RV/Boat & Self Storage

Listing Price: $4,750,000

Cap Rate
7.09%
Number of Units
319
Occupancy
88.0%
Rentable SF
95,942
Price/Rentable SF
$49.51
Year Built
1999

Investment Highlights

  • Owned by a recent widow who self-manages the asset and has avoided leasing units since August of 2021
  • Densely Populated Growing Area of Southwest Houston – 3 Mile Population 140,635 | 5 Mile Population 360,845 | +/- 6 Percent Projected Population Increase by 2027
  • 95,942 NRSF | 319 Units
  • Sugar Land Demographics – Average Household Income $96,054
  • Stabilized Pro Forma Cap Rate 7.09 Percent – The asset is being offered at $49.51/NRSF
  • Hard Corner at Signalized Intersection of West Bellfort and Burney one block from Highway 6 - The combined traffic counts are 27,223 VPD and the Property benefits from around 1,000' of Frontage on West Bellfort

Investment Overview

Sugar Land RV/Boat & Self Storage is a 95,942 NRSF RV/Boat & self-storage facility located in Sugar Land, Texas, an affluent southwestern suburb of Houston. The property sits on approximately 6.01 acres of land and was constructed in 1999. Sugar Land RV/Boat Self Storage has eight single story buildings consisting of 304 drive-up non-climatized units, one larger warehouse/workshop type space, eight covered parking spots, and six outdoor parking spaces. The facility has amenities including, but not limited to, video surveillance, an automatic entrance gate, swing doors, asphalt and concrete driveways, along with a manager’s office and residence.   One of the most attractive components of the facility is its busy north Sugar Land location. The property sits at the hard corner of the signalized intersection of West Bellfort and Burney Road with approximately 1,000’ of frontage on West Bellfort. The facility is a block from the intersection of West Bellfort and State Highway 6 and major retailers such as The Home Depot, Whataburger and Aldi. West Bellfort is a major southwest Houston thoroughfare stretching from the Grand Parkway at its westernmost point to near Hobby Airport on Houston’s southeast side. Burney Road is a north-south artery that runs through north Sugar Land and connects several residential neighborhoods to Sugar Land RV/Boat & Self Storage. The facility sees daily traffic counts of approximately 27,000 vehicles combined. There are around 140,635 people living within three miles of the facility and the population is expected to rise to nearly six percent by 2027. The average household income is over $96,000 and makes Sugar Land RV/Boat & Self Storage a popular spot for recreational users and area businesses that need a large storage area, but don’t require office space.   The owner is a recent widow whose late husband developed the facility. She self-manages the asset but has rented virtually zero units since her husband passed away in August of 2021. As of the 1st quarter in 2023, the property has a physical vacancy of around 24 percent and an economic vacancy of an additional 24 percent offering a tremendous amount of upside to an investor. There are massive barriers to entry given all the residential real estate surrounding the property, zoning obstacles to the south in Sugar Land, and land prices in general. Offered at less than $50 per net rentable square foot an investor could expect an unlevered stabilized yield of just under 7.10 percent at the end of year three by implementing more sophisticated marketing strategies such as doing advertising, using management software, and developing a website.

Exclusively Listed By

Financing By

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