Investment Overview

Overflow Garage combines a low acquisition basis with significant room to improve performance in one of the faster-growing areas of the Dallas-Fort Worth Metroplex. The 28,600 square-foot facility is currently 66 percent physically occupied, leaving meaningful upside potential for a new owner. At the $2,200,000 asking price, the property is offered at approximately $77 per square-foot and a 6.11 percent current cap rate. The property's location provides a strong foundation for continued lease-up. Overflow Garage sits less than a quarter-mile from Interstate 35W, immediately adjacent to Sam’s Club, with more than 76,000 vehicles traveling per day along I-35W and over 17,000 vehicles traveling per day along North Burleson Boulevard. The combination of highway access, visibility and surrounding retail places the facility directly in the path of continued growth along the South Fort Worth/Burleson corridor. That growth has already been substantial, with the population within five miles increasing approximately 49 percent since 2010 to nearly 119,000 residents. The surrounding demographics are equally compelling, with average household income of approximately $113,000 and median household income approaching $95,000 within five miles. The combination of strong population growth, above-average incomes and continued development should support additional storage demand as a new owner works to improve occupancy and maximize the performance of the existing facility.