Investment Overview

The Storage Place – Abilene is a three-property self-storage portfolio located in Abilene, Texas. Combined, the locations encompass 22,152 rentable-square feet of storage spread across 175 non-climate drive up units and five uncovered parking spaces. The locations – referred to as Clark Rd., North 1st St. and Pine St. – were constructed in and 1996, 2002 and 1977, respectively, and each has undergone significant physical renovations to ensure they are of similar quality. To be sure, each property now features a perimeter fence and a personalized key-pad gate system, and Pine St. also has 24-hour video surveillance cameras. Additionally, North 1st St. and Clark Rd. have additional land that could be used to develop more storage in the future. The current owners took over the facilities in the fall of 2023 and have implemented all the technology necessary for a new operator to manage the facilities remotely. There is also a part-time contract laborer who handles routine maintenance and leasing and who would be willing to continue his role with a new employer. The previous owner had plans to tear down the Clark Rd. location to build office/warehouse units, so that location was completely vacant until the current operator took over. As of May 2024, Clark Rd. is already 50 percent occupied, suggesting it could be fully occupied within the next six months. The current owners have done all the heavy lifting to put the property on a positive trajectory, so a new owner operator could continue the current course of action to stabilize the facilities from a physical and economic occupancy standpoint. Offered for $1,550,000, current trends suggest a new investor would be purchasing the assets for a year-one projected 7.22 percent cap rate. From there, the construction of additional non-climate drive up or office/warehouse units appears prudent.