Investment Overview

Marcus & Millichap is pleased to present an exclusive offering for AAA Storage located in Lubbock, Texas. Consisting of 23,407 net rentable square feet situated on 2.23 acres. The facility maintains seven buildings with 105 climate-controlled units ranging from 25 to 192 square feet, 125 non-climate controlled units ranging in size from 80 to 800 square feet, two parking spaces and 30x30 Office/Apartment Rental Space. The 30x30 Office/Apartment rental possesses separate electric meter and gas utilities. The subject sustains 74 percent physical occupancy, allowing an investor to benefit from lease up opportunities across multiple unit sizes. The property rental rates are on average 27 percent below market value, allowing an investor to benefit from rental rate growth across multiple unit sizes. The property amenities include a well-appointed office to welcome tenants, an extensive security system including surveillance cameras, lighting, RFID key card entry to climate-controlled buildings and gated entry. The property also offers asphalt drives which can be easily maintained. Attractive seller financing available. AAA Storage is located in Lubbock, Texas the county seat of Lubbock County. Lubbock is located in the South Plains of West Texas and is known as the “Hub City” (Lubbock Economic Development Alliance). The city’s accessible location is the crossroads of Interstate 27 and four major U.S. highways. The property is located at the intersection of Clovis Drive and North Quaker Avenue with excellent visibility to both cross streets. Clovis Drive is the frontage road of U.S. Route 84 which is the main thorough way from Albuquerque, New Mexico to Lubbock, Texas. The average daily traffic count of U.S. Route 84 exceeds 11,000 vehicles per day. The average daily traffic count of Quaker Avenue exceeds 4,500 vehicles per day. The economy in Lubbock is diversified by education, agriculture, energy, healthcare and advanced technology. Texas Tech University is a large economic driver for the community and has over 40,000 students enrolled for the 2023 academic year. Population within a five-mile radius of the subject property is 113,947 in 2022 and has grown over 15 percent since 2000. There are currently 43,466 households within a 5-mile radius of the facility with a 15 percent growth since 2000. The subject property is near The Avenue, which is a 2 million square feet multi-family complex built in 2018, valued at $30 million. Wildwood Lubbock, a 1,005 unit multi-family complex, is located 0.5 miles from the subject property.