Investment Overview

Marcus and Millichap is pleased announce the exclusive offering of EZ Storage located in Marlin, TX. EZ Storage has seven locations throughout Marlin, TX, most of which are across the street from each other or adjacent with a combined 299 non climate controlled units within 45,140 Net Rentable Square Feet. EZ Storage is currently being run remotely with a call center in place and a boots on the ground person managing the day to day operations. EZ Storage also has someone locally that helps with maintenance. EZ Storage is the largest self storage operation in Marlin making it very manageable to control the street rates in the market. A good amount of CAPEX has been done to the the facilities including a new roof at each location except for the Highway seven location. Other CAPEX includes concreting the driveways, painting, adding rocks and redoing the entrance at the Highway seven location. Solar lights have been added as well keeping the utilities extremely low. As of April 1st, 2024 tenant protection will be mandatory going forward. Current tenants will be grandfathered in and not required to obtain TPP. There are several locations which have room to expand or offer outdoor parking which is not offered at the moment. Along with mandatory tenant protection now in place, rent increases will be a significant value add. While portfolio is 87% physically occupied, the portfolio is just 77% economically occupied. Marlin, TX is located about thirty miles Southeast of Waco, TX. The self storage market in Marlin is still relatively underdeveloped compared to larger metropolitan areas. Marlin's economy is bolstered by industries such as healthcare, education and mainly agriculture. Priced at $38 per net rentable square feet or a 8.06% cap rate on the current twelve months of income, an investor can enjoy a stabilized year one cash on cash return of 12.28%.