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Self Storage

Interstate-35 Self-Storage Development Gainesville, TX

2383 I-35 Frontage Rd, Gainesville, TX 76240

Listing Price: $1,364,000

Lot Size
4.90 acres
Price/Acre
$278,367
Land Type
Land

Investment Overview

Marcus & Millichap is pleased to offer for purchase the Interstate-35 Self-Storage Development Land opportunity, which consists of approximately 4.90 acres of raw land in Gainesville, Texas. The county seat of Cooke County, Gainesville is located just south of the Texas / Oklahoma border on I-35. The development site (located only 0.65 north of US-Highway 82) is poised to benefit from the future growth that it’s location on I-35 will provide. To be sure, the I-35 Cooke County Expansion Project (ID #0195-01-119), which is currently underway and scheduled for completion in December 2024, will widen 7.1 miles of I-35 from 1.4 miles south of Spring Creek Road to 0.20 miles south of US-Hwy 82. When complete, this project will increase capacity to six lanes of traffic. Traffic counts (2021) exceed 54,000 vehicles per day and projections suggest that figure is likely to increase by at least 25 percent within five years after completion of the expansion project. At a high level, expansion of the interstate is a byproduct of the I-35 Corridor’s strategic importance (both at the state and national level) as a conduit of the transportation of passengers and goods. In fact, according to a TxDOT report from 2016, population and employment along the Texas-portion of the I-35 corridor is expected to grow by 82 percent and 77 percent respectively by the year 2040. With that said, the long-term viability of the development site is less a byproduct of these macro-economic trends (despite their validity) than it is a result of the site’s proximity to the WinStar World Casino & Resort, located on I-35 just seven miles to the north in Thackerville, Oklahoma. WinStar is the largest casino in North America (based on gaming floor space), and the legitimacy of its economic impact on the surrounding markets is difficult to overstate. At the state level (Oklahoma) WinStar brought more than $5.5 billion to the economy, supported more than 34,400 jobs, and was responsible for $1.8 billion in wages and benefits. The casino has a major impact on the Texas economy as well, Cooke County in particular. More specifically, it is estimated more than one-third of WinStar’s employees reside in Cooke County, and the trickle-down impact is easily visible at grocery stores, gas stations, and hotels. While the historical data is impressive by any measure, the casino’s impact on Gainesville is likely to only improve. To be sure, WinStar is currently undergoing a $600 million expansion/enhancement project that will bring a new 6,500 seat live music venue to the hotel/casino by 2024, and already includes the recently-delivered Spa Tower, a 304-room luxury “hotel within the hotel” designed to cater to affluent consumers from Texas, which represent more than 90 percent of the hotel/casino’s overall business. When the data and trends are contextualized against the backdrop of a competitive trade area within which no climate-controlled units even exist, the unique nature of the development opportunity contained herein becomes even more visible.

Investment Highlights

  • Under-Supplied Submarket – 0.00 RSF/Capita (Climate-Controlled, 3-miles)
  • Excellent Visibility and Accessibility on Insterstate-35 (55,000 VPD)
  • Self-Storage Development Permitted by Zoning Right (Industrial District)
  • TxDOT Expansion of I-35 Underway (Increasing to Six Lanes)
  • Apx. Seven Miles from WinStar World Resort & Casino – Largest Casino in North America

Exclusively Listed By

Self Storage

Interstate-35 Self-Storage Development Gainesville, TX

Listing Price: $1,364,000

Lot Size
4.90 acres
Price/Acre
$278,367
Land Type
Land

Investment Highlights

  • Under-Supplied Submarket – 0.00 RSF/Capita (Climate-Controlled, 3-miles)
  • Excellent Visibility and Accessibility on Insterstate-35 (55,000 VPD)
  • Self-Storage Development Permitted by Zoning Right (Industrial District)
  • TxDOT Expansion of I-35 Underway (Increasing to Six Lanes)
  • Apx. Seven Miles from WinStar World Resort & Casino – Largest Casino in North America

Investment Overview

Marcus & Millichap is pleased to offer for purchase the Interstate-35 Self-Storage Development Land opportunity, which consists of approximately 4.90 acres of raw land in Gainesville, Texas. The county seat of Cooke County, Gainesville is located just south of the Texas / Oklahoma border on I-35. The development site (located only 0.65 north of US-Highway 82) is poised to benefit from the future growth that it’s location on I-35 will provide. To be sure, the I-35 Cooke County Expansion Project (ID #0195-01-119), which is currently underway and scheduled for completion in December 2024, will widen 7.1 miles of I-35 from 1.4 miles south of Spring Creek Road to 0.20 miles south of US-Hwy 82. When complete, this project will increase capacity to six lanes of traffic. Traffic counts (2021) exceed 54,000 vehicles per day and projections suggest that figure is likely to increase by at least 25 percent within five years after completion of the expansion project. At a high level, expansion of the interstate is a byproduct of the I-35 Corridor’s strategic importance (both at the state and national level) as a conduit of the transportation of passengers and goods. In fact, according to a TxDOT report from 2016, population and employment along the Texas-portion of the I-35 corridor is expected to grow by 82 percent and 77 percent respectively by the year 2040. With that said, the long-term viability of the development site is less a byproduct of these macro-economic trends (despite their validity) than it is a result of the site’s proximity to the WinStar World Casino & Resort, located on I-35 just seven miles to the north in Thackerville, Oklahoma. WinStar is the largest casino in North America (based on gaming floor space), and the legitimacy of its economic impact on the surrounding markets is difficult to overstate. At the state level (Oklahoma) WinStar brought more than $5.5 billion to the economy, supported more than 34,400 jobs, and was responsible for $1.8 billion in wages and benefits. The casino has a major impact on the Texas economy as well, Cooke County in particular. More specifically, it is estimated more than one-third of WinStar’s employees reside in Cooke County, and the trickle-down impact is easily visible at grocery stores, gas stations, and hotels. While the historical data is impressive by any measure, the casino’s impact on Gainesville is likely to only improve. To be sure, WinStar is currently undergoing a $600 million expansion/enhancement project that will bring a new 6,500 seat live music venue to the hotel/casino by 2024, and already includes the recently-delivered Spa Tower, a 304-room luxury “hotel within the hotel” designed to cater to affluent consumers from Texas, which represent more than 90 percent of the hotel/casino’s overall business. When the data and trends are contextualized against the backdrop of a competitive trade area within which no climate-controlled units even exist, the unique nature of the development opportunity contained herein becomes even more visible.

Exclusively Listed By

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