Investment Overview

Marcus & Millichap is pleased to present an exclusive opportunity to acquire Premium Storage, an institutional-quality boat and RV storage facility located at 11847 Spears-Gears Road in Houston, Texas. Purpose-built and strategically positioned in a rapidly growing submarket of North Houston, the facility features 251 enclosed units specifically designed for boat and RV storage, plus 48 uncovered parking spaces, totaling 299 rentable units. Constructed with modern users in mind, Premium Storage offers oversized enclosed units ranging from 14' x 30' to 14' x 80', each equipped with interior lighting and individual 20-amperage power outlets—a premium amenity that appeals to recreational vehicle owners and commercial tenants alike. The facility is fully fenced, includes barbed wire perimeter security, and is monitored by 48 high-definition surveillance cameras, offering tenants a secure, well-lit environment with personalized keypad-controlled gate access. The property's prime location is just off the Sam Houston Tollway and Interstate-45 provides exceptional regional connectivity and visibility. With strong household demographics, above-average income levels, and consistent population growth in the immediate trade area, Premium Storage is well-positioned to benefit from long-term storage demand. As of the latest reporting, the facility is operating at a strong 96 percent physical occupancy rate, with revenue enhancement opportunities available through existing tenant rate increases (ECRIs) and market rent alignment. The facility currently collects $0.64 per occupied square-foot, while the local market supports average rates of approximately $0.69 per square-foot. Bringing in-place rents up to market levels—along with the potential to convert uncovered parking into additional enclosed units—presents a clear path for meaningful net operating income growth and long-term value creation. At a purchase price of $10,000,000, Premium Storage offers a compelling 6.06 percent current cap rate, with a projected 6.25 percent cap rate by Year One, and an 8.19 percent pro forma cap rate by Year Five. This offering presents a rare opportunity to acquire a stabilized, high-performing RV and boat storage facility with institutional-grade infrastructure, built-in revenue upside, and long-term durability in one of Texas’s strongest and most active storage markets.