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Self-Storage Facility

EZ Storage

5006 TX-7, Marlin, TX 76661

Listing Price: $1,900,000

Cap Rate
7.15%
Number of Units
299
Occupancy
77.0%
Rentable SF
45,140
Price/Rentable SF
$42.09
Year Built
1900

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 85% 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 $42 per net rentable square feet or a 7.15% cap rate on the current twelve months of income, an investor can enjoy a stabilized year two cash on cash return of 9.68%.

Investment Highlights

  • Opportunity to own 90% of the Storage in Marlin TX
  • 299 units within 45,140 NRSF across seven locations
  • Room to Expand at Four of the Locations
  • Cap Rate on Current 7.15%
  • New roof on six of the seven sites

Exclusively Listed By

Broker of Record

  • Tim Speck

    Senior Vice President / Division Manager

    (972) 755-5200

    License(s) TX: 9002994

    Texas

Self-Storage Facility

EZ Storage

Listing Price: $1,900,000

Cap Rate
7.15%
Number of Units
299
Occupancy
77.0%
Rentable SF
45,140
Price/Rentable SF
$42.09
Year Built
1900

Investment Highlights

  • Opportunity to own 90% of the Storage in Marlin TX
  • 299 units within 45,140 NRSF across seven locations
  • Room to Expand at Four of the Locations
  • Cap Rate on Current 7.15%
  • New roof on six of the seven sites

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 85% 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 $42 per net rentable square feet or a 7.15% cap rate on the current twelve months of income, an investor can enjoy a stabilized year two cash on cash return of 9.68%.

Exclusively Listed By

Broker of Record

  • Tim Speck

    Senior Vice President / Division Manager

    (972) 755-5200

    License(s): TX: 9002994

    Texas

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