Investment Overview

Lane Prairie Self Storage is a 204-unit facility located in Joshua, Texas, located within the greater Dallas-Fort Worth Metroplex. The facility consists of a mix of drive-up units, covered parking spaces, and uncovered parking spaces totaling 28,030 rentable-square feet. The entire parcel is approximately 4.29 acres in size, approximately 1.90 of which is raw land that could be expanded upon. Built in 1996, the facility has been owner-operated, however, recent changes in personal circumstances began to seriously impede the owner’s ability to proactively run the business at a day-to-day level. It should be noted that the facility has operated without an onsite leasing office, nor a website. Potential tenants call the facility’s phone number, speak to the owner about pricing, meet them on-site, and physically sign a lease on the premises. As a result, the property offers a significant operational value-add opportunity through modernization, online leasing, and professional management. There is a semi-converted 5 x 10 unit that a new owner could choose to utilize as an office moving forward, but phone and internet connections would have to be installed. The purchase includes a 50-year cell tower lease, executed in June 2025, which will generate $1,500 in monthly income starting in April 2026. Additionally, several long-term tenants are leasing at rates below current street rates, resulting in a conservative estimate of more than $17,000 in annual lost rental revenue (see Broker for details). At a $1,500,000 purchase price, a new owner will be purchasing the property at a 7.33 percent year-one cap rate, and a 12.22 percent projected cash-on-cash return below the facility’s replacement cost at only $53.51 per rentable-square foot. The attractive year-one returns, coupled with a legitimate opportunity for future value creation, makes Lane Prairie Storage an attractive acquisition target – particularly when considered against the backdrop of a local market that is in the middle of an unprecedented growth phase precipitated by the development of the Chisholm Trail Parkway in 2014. The Chisholm Trail Parkway is a 27.6-mile, controlled-access toll road operated by the NTTA connecting downtown Fort Worth (I-30) to Cleburne (US-67). The Parkway significantly reduced travel times between Tarrant and Johnson counties, and the growth – from both a population and economic perspective – has been exceptional. To be sure, in May 2025 the North Texas Tollway Authority announced they will now expand the Parkway from two to four lanes between Cleburne and Crowley to accommodate this growth. The right-of-way was purchased when the toll road was built, which should accelerate the project toward a quick completion date of Fall 2028. The growth of the Chisholm Trail corridor certainly hasn’t been missed by online retailer Amazon, which is nearing completion of a massive 1.7 million-square-foot operations facility off the Chisholm Trail Parkway at Industrial Drive. Cleburne officials said the capital investment in the area will be $200 million and the project will create an estimated 800 to 1,000 jobs once fully operational. Lane Prairie Self Storage is located approximately three miles from the Amazon center, two miles away from the Chisholm Trail Parkway and is located outside both the Joshua city limits and its Extra-Territorial Jurisdiction (ETJ).