Investment Overview

Sentry Storage is a 47,356 rentable-square foot self-storage facility located in the east Texas town of Athens – located approximately 50 miles southeast of Dallas. The facility includes one primary location on Texas State Highway 19 just north of the US-175 loop, in addition to a satellite location one mile further south on the same thoroughfare. The property’s 316 units are located on three separate tracts totaling approximately 9.17 acres. Originally built in 1981, the facility has been expanded periodically over the years to accommodate growing demand. In fact, in September 2023 the current owner delivered 64 new non-climate drive-up units that are 25% physically occupied after only two months of use, suggesting a new operator could be able to achieve the pro forma revenue projections contained herein. Sentry Storage features garage-style roll up doors, perimeter fencing and lighting, personalized key-pad gated entry, wide paved driveways, pitched metal roofs, and 24-hour video surveillance cameras. The city of Athens is the county seat of Henderson County, and the strength of its local economy is largely a byproduct of its location near the intersection of three major thoroughfares – Texas State Highway 19, U.S. Route 175, and Interstate-45. Texas State Highway 19 originates in Paris, Texas to the north and eventually feeds into Interstate-45 just north of Houston. Beginning in Dallas, U.S. Route 175 runs through Athens before it connects with U.S. 69 in Jacksonville, just south of Tyler; and Texas State Highway 31 connects the Tyler and Longview MSA to Waco and Interstate-35 just north of Austin. Historically, the Athens self-storage market was almost exclusively inhabited by “mom and pop” owner/operators who erroneously prioritized physical occupancy over cash flow. As a result, during the past five-to-seven years, many private-capital buyers targeted the market and implemented revenue management programs that have been very lucrative. This trend bodes well for a new investor at Sentry Storage, whose rental rates are approximately 15 percent below the competitors on average. Additionally, as Athens continues to grow, a new owner could expand the facility, whether it be climate-controlled, boat/RV, or non-climate, on the approximately three acres of raw land that come with the opportunity.