Investment Overview

Pharr Mini Storage is a 26,870 rentable-square foot storage facility resting on approximately 1.54 acres in Pharr, Texas. The facility was originally constructed in 1997, and the current owners added an additional 71 drive-up modular units in 2023. The original development comprises 108 traditional non-climate drive-up units, seven warehouse spaces, an office, and six uncovered parking spaces. Property amenities include personalized key-pad gated entry, garage-style roll up doors, paved driveways, perimeter fencing, and 24-hour video surveillance cameras. Additionally, the property benefits from the excellent visibility and accessibility provided by its infill neighborhood location – more than 25 percent of move-ins come from drive-by prospects, aided by the 845 pad RV park located at the end of the street. Furthermore, the facility is less than 0.3 miles from Interstate-69C, which is part of the larger U.S. Route 281 that stretches from Canada to Mexico. As of March 21st, the facility’s occupancy is approximately 90 percent when including the new 71 units, and the growth trends in the submarket are favorable for the property’s future as well. The section of I-69C closest to Pharr Mini Storage was recently expanded to accommodate the increase in traffic, as the population within a one-mile radius surrounding the property has increased more than 230 percent since 2000. Additionally, numerous commercial and residential developments are also underway in the trade area, as evidenced by the map on page 9. Pharr, TX is part of the McAllen-Edinburg-Mission Metropolitan Statistical Area in the Rio Grande Valley. The MSA is the fifth fastest growing in the state of Texas, and its local economy is well diversified in areas such as health care, oil and gas, logistics, trade, food storage and processing, and agriculture. Offered for $2,600,000, a new investor will be purchasing the stabilized asset for an 8.10 percent cap rate on seller’s current net operating income. The current steady cash flow provided by the facility is extremely attractive, but there are multiple opportunities to grow revenue and create value throughout the hold period.