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Self-Storage Facility

Chapel Creek Storage

10113 First Chapel Dr, Fort Worth, TX 76108

Listing Price: $5,950,000

Cap Rate
5.83%
Number of Units
356
Occupancy
86.8%
Gross SF
56,650
Rentable SF
56,650
Price/Rentable SF
$105.03
Year Built
2015

Investment Overview

Chapel Creek Storage is a “Class A” facility built in 2015 comprised of 197 drive-up units and 159 climate-controlled units encompassing 56,650 rentable-square feet that rest on approximately 3.22 acres of land (one parcel) in Fort Worth, Texas (Tarrant County). The property features a full-service manager’s office and many amenities typically found in facilities of institutional-class construction. Such features include standing seam metal roofs, perimeter fencing and gating, 24-hour video surveillance, roll-up doors, fire sprinklers, concrete driveways, personalized key-pad gated entry, and a manager’s residence that is not currently utilized. The facility is located in the growing area of West Fort Worth / Parker County and is positioned just off the frontage road of Interstate 30 – upon which approximately 70,000 vehicles travel per day. The facility lies adjacent to several national retail establishments and benefits from its strategic location near multiple new single-family residential communities such as The Walsh, Highlands at Chapel Creek, and Chapin Village (please see page 20 for further detail). Additionally, by 2025 the number of residents living within a five-mile radius of the facility is expected to grow by approximately seven percent to 112,000. Average household income lies significantly above the national average at approximately $75,000 per year and the median price of homes sold in the West Fort Worth / Parker County market has increased more than 20 percent between 2020 and 2021. Due to this, the facility currently sits at approximately 99 percent physical occupancy and 87 percent economic occupancy with ample room to add value throughout the hold period by increasing rents up to market averages. To be sure, the facility’s street rates are approximately 28 percent below market when taken in comparison to all other competitors located within a three-mile radius of the property. Offered at $5,950,000 a new operator will be purchasing a physically and economically stabilized facility in one of the fastest growing submarkets in all Dallas/Fort Worth. Furthermore, attractive CMBS financing with one to three years of interest-only payments is available to well-qualified purchasers. Upon reaching economic stabilization of the pro-forma rents represented in the operating statement included herein, cash-on-cash yields in excess of eight percent are easily achievable.

Investment Highlights

  • Pro Forma Cap Rate – 6.24%
  • "Class A" Institutional-Quality Asset
  • Physically Occupied (99%) and Economically Occupied (87%) Facility

Exclusively Listed By

Self-Storage Facility

Chapel Creek Storage

Listing Price: $5,950,000

Cap Rate
5.83%
Number of Units
356
Occupancy
86.8%
Gross SF
56,650
Rentable SF
56,650
Price/Rentable SF
$105.03
Year Built
2015

Investment Highlights

  • Pro Forma Cap Rate – 6.24%
  • "Class A" Institutional-Quality Asset
  • Physically Occupied (99%) and Economically Occupied (87%) Facility

Investment Overview

Chapel Creek Storage is a “Class A” facility built in 2015 comprised of 197 drive-up units and 159 climate-controlled units encompassing 56,650 rentable-square feet that rest on approximately 3.22 acres of land (one parcel) in Fort Worth, Texas (Tarrant County). The property features a full-service manager’s office and many amenities typically found in facilities of institutional-class construction. Such features include standing seam metal roofs, perimeter fencing and gating, 24-hour video surveillance, roll-up doors, fire sprinklers, concrete driveways, personalized key-pad gated entry, and a manager’s residence that is not currently utilized. The facility is located in the growing area of West Fort Worth / Parker County and is positioned just off the frontage road of Interstate 30 – upon which approximately 70,000 vehicles travel per day. The facility lies adjacent to several national retail establishments and benefits from its strategic location near multiple new single-family residential communities such as The Walsh, Highlands at Chapel Creek, and Chapin Village (please see page 20 for further detail). Additionally, by 2025 the number of residents living within a five-mile radius of the facility is expected to grow by approximately seven percent to 112,000. Average household income lies significantly above the national average at approximately $75,000 per year and the median price of homes sold in the West Fort Worth / Parker County market has increased more than 20 percent between 2020 and 2021. Due to this, the facility currently sits at approximately 99 percent physical occupancy and 87 percent economic occupancy with ample room to add value throughout the hold period by increasing rents up to market averages. To be sure, the facility’s street rates are approximately 28 percent below market when taken in comparison to all other competitors located within a three-mile radius of the property. Offered at $5,950,000 a new operator will be purchasing a physically and economically stabilized facility in one of the fastest growing submarkets in all Dallas/Fort Worth. Furthermore, attractive CMBS financing with one to three years of interest-only payments is available to well-qualified purchasers. Upon reaching economic stabilization of the pro-forma rents represented in the operating statement included herein, cash-on-cash yields in excess of eight percent are easily achievable.

Exclusively Listed By

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