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Self-Storage Facility

U-Lock-It Mini Storage

3233 N Main St, Cleburne, TX 76033

Listing Price: $1,300,000

Cap Rate
7.50%
Number of Units
224
Occupancy
85.0%
Rentable SF
27,120
Price/Rentable SF
$47.94
Year Built
1984

Investment Overview

U-Lock-It Mini Storage is a 27,120 rentable-square foot storage facility resting on two parcels encompassing approximately 3.34 acres in Cleburne, Texas (Fort Worth MSA). Built in 1980 and expanded in 1984, the property is comprised of 189 non-climate drive up units and 35 uncovered parking spaces. Amenities include garage-style roll up doors, wide driveways, perimeter fencing, 24-hour video surveillance cameras, on-site manager’s residence, and a security gate on automatic timer.

Located just 10 miles south of Fort Worth, the city of Cleburne has enjoyed significant population growth and new housing developments over the past decade, due in large part to the opening of the Chisholm Trail Parkway, a 27.6-mile toll road connecting downtown Fort Worth to Cleburne that opened in 2014. Additionally, U-Lock-It Mini Storage benefits from its strategic location on TX-174, the main thoroughfare running north and south through the city which sees more than 25,000 vehicles per day. A small sample of the myriad commercial and residential projects in development within the facility’s submarket can be found on page 10.

The current owners purchased the real estate in 2004, live on-site in a three-bedroom residence, and personally operate the facility at a day-to-day level. The sellers have always prioritized physical occupancy above revenue growth, and as a result the facility’s street rates are approximately 22 percent below market (three-mile) as of February 2024. It is therefore reasonable to assume that a new operator – one (as opposed to the current owners) possessing fewer personal ties to the local community – could almost immediately raise rental rates on both new and existing tenants. Also included in the offering is approximately 1.25-acres of raw land that could be expanded upon after the existing units achieve economic stability.

Investment Highlights

  • 7.50 Percent Cap Rate – Year One
  • $47.94 per Rentable Square Foot – Replacement Cost
  • Significant Housing Developments Underway within the Submarket
  • Rental Rates more than 22 Percent Below Submarket Averages
  • Opportunity for Future Expansion - 1.25-acres

Exclusively Listed By

Financing By

Self-Storage Facility

U-Lock-It Mini Storage

Listing Price: $1,300,000

Cap Rate
7.50%
Number of Units
224
Occupancy
85.0%
Rentable SF
27,120
Price/Rentable SF
$47.94
Year Built
1984

Investment Highlights

  • 7.50 Percent Cap Rate – Year One
  • $47.94 per Rentable Square Foot – Replacement Cost
  • Significant Housing Developments Underway within the Submarket
  • Rental Rates more than 22 Percent Below Submarket Averages
  • Opportunity for Future Expansion - 1.25-acres

Investment Overview

U-Lock-It Mini Storage is a 27,120 rentable-square foot storage facility resting on two parcels encompassing approximately 3.34 acres in Cleburne, Texas (Fort Worth MSA). Built in 1980 and expanded in 1984, the property is comprised of 189 non-climate drive up units and 35 uncovered parking spaces. Amenities include garage-style roll up doors, wide driveways, perimeter fencing, 24-hour video surveillance cameras, on-site manager’s residence, and a security gate on automatic timer. Located just 10 miles south of Fort Worth, the city of Cleburne has enjoyed significant population growth and new housing developments over the past decade, due in large part to the opening of the Chisholm Trail Parkway, a 27.6-mile toll road connecting downtown Fort Worth to Cleburne that opened in 2014. Additionally, U-Lock-It Mini Storage benefits from its strategic location on TX-174, the main thoroughfare running north and south through the city which sees more than 25,000 vehicles per day. A small sample of the myriad commercial and residential projects in development within the facility’s submarket can be found on page 10. The current owners purchased the real estate in 2004, live on-site in a three-bedroom residence, and personally operate the facility at a day-to-day level. The sellers have always prioritized physical occupancy above revenue growth, and as a result the facility’s street rates are approximately 22 percent below market (three-mile) as of February 2024. It is therefore reasonable to assume that a new operator – one (as opposed to the current owners) possessing fewer personal ties to the local community – could almost immediately raise rental rates on both new and existing tenants. Also included in the offering is approximately 1.25-acres of raw land that could be expanded upon after the existing units achieve economic stability.

Exclusively Listed By

Financing By

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