Investment Overview

Country storage is a 26,434 net rentable square foot facility located in Richmond, Texas which is a southwest Houston suburb. Built in 2001 on approximately 2 acres, the property consists of eight single-story buildings with 53 enclosed parking spaces, 35 covered parking spaces, 4 offices, and 4 uncovered parking spots. The facility features include perimeter fencing, gated entry with keypad access, and 24/7 video surveillance. Perhaps the asset’s strongest selling point is its high demographic surroundings. It primarily serves the affluent Aliana master planned community where median household income exceeds $110,000. Country Storage fronts on Clodine Rd, where the population in the 3-mile trade area is around 120,000 and has grown approximately 9% since 2020. In fact, the 77407 zip code that Country Storage sits in ranked as the 45th fastest-growing zip code in the U.S. over the last decade. There’s also a robust demand story with just 5.2 square feet per capita of storage in the market. There are six major housing and multifamily developments planned or under construction within a 3-mile radius of Country Storage that will bring an estimated total of 1,600 new housing inventory. Specifically, Trillium by Taylor Morrison (662 single family homes), The Waterview second phase (368 multifamily units), and Grande at Aliana (294 unit multifamily development). The owner currently manages the facility himself and does not utilize any management software. Even so, Country Storage sits at 95 percent occupancy and had no turnover since a recent rental rate increase. Investors are presented with a stabilized cash flowing asset that can yield over 8.80% unlevered return in three years.