Investment Overview

287 Boat & RV Storage is a 52,800 rentable-square foot boat / RV storage facility located in Alvord, Texas. The property sits on approximately three acres of land consisting of three storage canopies containing 150 covered parking spaces, and 37 uncovered spots. The property also features a motorized gate with keypad access, perimeter fencing and lighting, and 24/7 video surveillance. The facility is positioned on Highway 287, upon which more than 15,000 vehicles travel each day because of the ease with which it allows Dallas-Fort Worth residents to conveniently access smaller North Texas communities like Alvord. To be sure, Alvord has seen steady population growth of 3 percent year-over-year since 2022, and the immediate trade area is anchored primarily by the manufacturing and healthcare industries – providing a stable employment base for potential storage tenants. Because only three square-feet of storage space per capita exists within a five-mile radius of the facility, and because there aren’t any nearby facilities in planning or development, the facility is poised to serve as the submarket’s premier storage solution moving forward. In fact, Alvord has two new housing developments in the works, including Whispering Winds and The Ranches at Rolling Hills, each of which are located within 5 miles of the property. Although day-to-day operations are handled remotely by the current owner, and although the tenant move-in process is virtually contactless, time constraints have prevented the seller from dedicating the effort necessary to lift the facility’s physical occupancy rate beyond its current 53 percent level. For this reason, the asset has been priced below its replacement cost – providing a new owner with legitimate opportunities to create value via occupancy growth, ancillary income streams, and physical expansion. Upon economic stabilization of the facility’s existing footprint, a buyer will be in position to generate unleveraged yields approaching 12 percent at the list price.