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Self-Storage Facility

Princeton Storage

949 Beauchamp Blvd, Princeton, TX 75407

Listing Price: $16,500,000

Cap Rate
6.10%
Number of Units
533
Occupancy
77.7%
Rentable SF
105,500
Price/Rentable SF
$156.40
Year Built
2022

Investment Overview

Offered exclusively by Marcus & Millichap, Princeton Storage represents a unique opportunity to acquire a Class-A self-storage facility in the town of Princeton (D-FW Metroplex), Texas. The facility, which opened in September 2022 and rests upon one parcel approximately 7.02 acres in size, contains 145 first floor climate-controlled units (23 percent of the total rentable-square footage), 237 second-story climate-controlled units (20 percent of the total rentable-square footage), 92 drive-up units 16 percent of the total rentable-square footage), 51 fully enclosed boat/RV spaces 30 percent of the total rentable-square footage), five office/warehouse units (4 percent of the total rentable-square footage), and three warehouse units (6 percent of the total rentable-square footage). Amenities include 24/7 recorded video surveillance, personalized key-pad security access, perimeter fencing/lighting, garage-style roll-up doors, and concrete drives throughout. As of December 2023, the 105,500 square-foot facility’s lease-up trajectory has been nothing short of impressive. Princeton Storage has achieved 51 percent physical occupancy (rentable-square footage) within only 15 months of its delivery – thus substantiating the inherent value of the entitled expansion plans (see page 25) that will convey to a new owner at closing.

According to the US Census Bureau, in 2023 the Dallas-Fort Worth MSA was ranked the number one metro for job growth, and the number four market for gross metro product in the nation. Also, in 2023 the D-FW Metroplex ascended to the number four largest MSA in the nation, trailing only New York City, Los Angeles, and Chicago with roughly eight-million residents. In fact, Collin County (the county in which the city of Princeton is located) is typically considered the epicenter of D-FW population boom – having added more than 125,000 residents since 2020. And at a more granular level, the facility’s trade area (three-mile radius) seems to be on the precipice of an explosive growth cycle the likes of which have never been seen since Princeton was founded. More specifically, projections suggest by the year 2027 the city’s population will have grown by more than 25 percent - a growth rate that exceeds the national average by approximately 400 percent. Because of this, investors in search of sustainable yield are becoming increasingly drawn to markets like Princeton, which stand to be permanently transformed by the influx of new residents. In order to accommodate this demand, more than 10,135 single-family homes, and more than 3,800 multi-family units are either under construction, or in various stages of development/approval (see Development Map on page 10) within that same three-mile radius. The demographic profile of the trade area’s tenant base is also very compelling. Within a one-mile and three-mile radius of the facility, the average annual household income exceeds $107,000 and $90,000, respectively. These metrics suggest the facility is in an optimal position to capitalize on the market’s robust economic and population growth trends – all of which show no signs of abating anytime soon. At a purchase price of $16,500,000 a new operator may be poised to capture unleveraged yields approximating 6.10 percent by Year-Three, and 8.30 percent by Year-Five.

Investment Highlights

  • "Class-A" Institutional-Quality Asset: 105,500 RSF / Built in September 2022
  • Room for Expansion – Approved Entitlements for 20,450 RSF Expansion Convey to Buyer at Closing
  • Rapid Lease-up Trajectory (Current Physical Occupancy of 51% After Only 15 Months)
  • Apx. 10,000 Single-Family Homes, 3,800 Multifamily Units in Various Stages of Development and/or Approval (4 miles)
  • City of Princeton Population Expected to Grow by 25% during Next 5 Years (apx. 400% Higher than National Average)
  • D-FW Metroplex #1 in Job Growth (2022), #4 in Gross Metro Product, #4 Largest MSA in United States (Surpassed Houston in 2023)

Exclusively Listed By

Financing By

Self-Storage Facility

Princeton Storage

Listing Price: $16,500,000

Cap Rate
6.10%
Number of Units
533
Occupancy
77.7%
Rentable SF
105,500
Price/Rentable SF
$156.40
Year Built
2022

Investment Highlights

  • "Class-A" Institutional-Quality Asset: 105,500 RSF / Built in September 2022
  • Room for Expansion – Approved Entitlements for 20,450 RSF Expansion Convey to Buyer at Closing
  • Rapid Lease-up Trajectory (Current Physical Occupancy of 51% After Only 15 Months)
  • Apx. 10,000 Single-Family Homes, 3,800 Multifamily Units in Various Stages of Development and/or Approval (4 miles)
  • City of Princeton Population Expected to Grow by 25% during Next 5 Years (apx. 400% Higher than National Average)
  • D-FW Metroplex #1 in Job Growth (2022), #4 in Gross Metro Product, #4 Largest MSA in United States (Surpassed Houston in 2023)

Investment Overview

Offered exclusively by Marcus & Millichap, Princeton Storage represents a unique opportunity to acquire a Class-A self-storage facility in the town of Princeton (D-FW Metroplex), Texas. The facility, which opened in September 2022 and rests upon one parcel approximately 7.02 acres in size, contains 145 first floor climate-controlled units (23 percent of the total rentable-square footage), 237 second-story climate-controlled units (20 percent of the total rentable-square footage), 92 drive-up units 16 percent of the total rentable-square footage), 51 fully enclosed boat/RV spaces 30 percent of the total rentable-square footage), five office/warehouse units (4 percent of the total rentable-square footage), and three warehouse units (6 percent of the total rentable-square footage). Amenities include 24/7 recorded video surveillance, personalized key-pad security access, perimeter fencing/lighting, garage-style roll-up doors, and concrete drives throughout. As of December 2023, the 105,500 square-foot facility’s lease-up trajectory has been nothing short of impressive. Princeton Storage has achieved 51 percent physical occupancy (rentable-square footage) within only 15 months of its delivery – thus substantiating the inherent value of the entitled expansion plans (see page 25) that will convey to a new owner at closing. According to the US Census Bureau, in 2023 the Dallas-Fort Worth MSA was ranked the number one metro for job growth, and the number four market for gross metro product in the nation. Also, in 2023 the D-FW Metroplex ascended to the number four largest MSA in the nation, trailing only New York City, Los Angeles, and Chicago with roughly eight-million residents. In fact, Collin County (the county in which the city of Princeton is located) is typically considered the epicenter of D-FW population boom – having added more than 125,000 residents since 2020. And at a more granular level, the facility’s trade area (three-mile radius) seems to be on the precipice of an explosive growth cycle the likes of which have never been seen since Princeton was founded. More specifically, projections suggest by the year 2027 the city’s population will have grown by more than 25 percent - a growth rate that exceeds the national average by approximately 400 percent. Because of this, investors in search of sustainable yield are becoming increasingly drawn to markets like Princeton, which stand to be permanently transformed by the influx of new residents. In order to accommodate this demand, more than 10,135 single-family homes, and more than 3,800 multi-family units are either under construction, or in various stages of development/approval (see Development Map on page 10) within that same three-mile radius. The demographic profile of the trade area’s tenant base is also very compelling. Within a one-mile and three-mile radius of the facility, the average annual household income exceeds $107,000 and $90,000, respectively. These metrics suggest the facility is in an optimal position to capitalize on the market’s robust economic and population growth trends – all of which show no signs of abating anytime soon. At a purchase price of $16,500,000 a new operator may be poised to capture unleveraged yields approximating 6.10 percent by Year-Three, and 8.30 percent by Year-Five.

Exclusively Listed By

Financing By

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