Pittman St, Longview, TX 75602
I-20 Ranch Self Storage is a 55,956 rentable-square foot storage facility resting on apx. 5.15 acres in Longview, TX. Originally constructed in 1994, the property comprises 38 climate-controlled units, 298 non-climate drive up units, 18 enclosed boat/RV units, 4 covered boat/RV units, and 21 uncovered parking spaces. Additionally, it features garage-style roll up doors, personalized key-pad gated entry and exit, perimeter fencing and lighting, on-site manager’s office, and concrete driveways. The property benefits from the excellent visibility and accessibility provided by its strategic location between U.S-259 – upon which apx. 20,000 vehicles travel each day – and Interstate-20 – upon which apx. 40,000 vehicles travel each day. Despite the facility’s exceptional location, its occupancy has suffered over the past several years, due in large part to a relatively absentee owner who has consciously decided to focus his efforts and attention on the myriad additional businesses he owns and operates. As a result, the current owner has not had time to develop or implement a marketing or managerial strategy of any sort. Offered for $1,800,000, a new investor will be purchasing the asset well below replacement cost at only $32.17 per rentable-square foot. More importantly, a new operator has a very real opportunity to achieve unleveraged returns approaching 10 percent by leasing the property to submarket standards. To be sure, physical occupancies for storage facilities in the area exceed 90 percent on average, and only 6.60 square feet of storage space per capita exists within a 3-mile radius surrounding I-20 Ranch Self-Storage. Furthermore, once physical occupancy has reached stabilization, there exists a very legitimate opportunity for further storage expansion – particularly boat & RV storage – given the location off two major thoroughfares.
I-20 Ranch Self Storage is a 55,956 rentable-square foot storage facility resting on apx. 5.15 acres in Longview, TX. Originally constructed in 1994, the property comprises 38 climate-controlled units, 298 non-climate drive up units, 18 enclosed boat/RV units, 4 covered boat/RV units, and 21 uncovered parking spaces. Additionally, it features garage-style roll up doors, personalized key-pad gated entry and exit, perimeter fencing and lighting, on-site manager’s office, and concrete driveways. The property benefits from the excellent visibility and accessibility provided by its strategic location between U.S-259 – upon which apx. 20,000 vehicles travel each day – and Interstate-20 – upon which apx. 40,000 vehicles travel each day. Despite the facility’s exceptional location, its occupancy has suffered over the past several years, due in large part to a relatively absentee owner who has consciously decided to focus his efforts and attention on the myriad additional businesses he owns and operates. As a result, the current owner has not had time to develop or implement a marketing or managerial strategy of any sort. Offered for $1,800,000, a new investor will be purchasing the asset well below replacement cost at only $32.17 per rentable-square foot. More importantly, a new operator has a very real opportunity to achieve unleveraged returns approaching 10 percent by leasing the property to submarket standards. To be sure, physical occupancies for storage facilities in the area exceed 90 percent on average, and only 6.60 square feet of storage space per capita exists within a 3-mile radius surrounding I-20 Ranch Self-Storage. Furthermore, once physical occupancy has reached stabilization, there exists a very legitimate opportunity for further storage expansion – particularly boat & RV storage – given the location off two major thoroughfares.
