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Self-Storage Facility

Crowley Storage Portfolio

10701 Old Cleburne Crowley Jct, Crowley, TX 76036

Listing Price: $1,950,000

Cap Rate
2.81%
Number of Units
263
Occupancy
58.7%
Gross SF
33,100
Rentable SF
33,100
Price/Rentable SF
$58.91
Year Built
2017

Investment Overview

The Crowley Storage Portfolio encompasses two self-storage facilities located approximately 0.10 miles away from one another in the Fort Worth, Texas suburb of  Crowley.  The newest property, Crowley Storage, was built in 2018 and features personalized key-pad gated entry, garage-style roll up doors, perimeter fencing and lighting, 24-hour video surveillance cameras, and land for future storage expansion.  Happy Storage was constructed in 2015, and while it does not currently enjoy many of the same amenities as Crowley, the owner will construct the following prior to closing with a new buyer: personalized key-pad gate, perimeter fencing and lighting, and 24-hour video surveillance cameras.  Combined, the properties rest on two parcels totaling approximately 3.67 acres.   The Crowley Storage Portfolio benefits from the excellent visibility and accessibility provided by its strategic location on Old Cleburne Crowley Road, upon which approximately 5,000 vehicles travel each day.  Traffic in the trade area is only going to increase as numerous residential developments are currently under construction, and several others have recently been completed within a three-mile radius surrounding the properties.  Furthermore, Crowley High School – which boasts an enrollment of more than 2,100 students – is located less than one mile to the southeast, and the Chisholm Trail Parkway is approximately two-miles to the west.  Completed in 2014, the Chisholm Trail Parkway is a 27.6-mile-long toll road that connects downtown Fort Worth to the city of Cleburne. The project opened the door for countless residential and commercial development projects in the area - the most visible of which are the Shops at Clearfork, a Simon Property Group mixed-use development in Fort Worth that includes tenants such as Neiman Marcus, Tiffany & Co., Louis Vuitton, and Burberry.   Offered at a combined price of $1,950,000, the portfolio offers a new investor the opportunity to create economies of scale by operating the two facilities as one entity. Currently the facilities are managed remotely and marketed as separate properties by slightly different ownership groups.  Furthermore, a rental rate increase that will go into effect July 1, 2021 will help a new owner realize the Pro Forma returns stated herein in the near future.

Investment Highlights

  • 32 Percent Population Growth in Submarket since 2010
  • Rental Rate Increase Implemented July 1, 2021
  • Opportunity for Future Storage Expansion

Exclusively Listed By

Self-Storage Facility

Crowley Storage Portfolio

Listing Price: $1,950,000

Cap Rate
2.81%
Number of Units
263
Occupancy
58.7%
Gross SF
33,100
Rentable SF
33,100
Price/Rentable SF
$58.91
Year Built
2017

Investment Highlights

  • 32 Percent Population Growth in Submarket since 2010
  • Rental Rate Increase Implemented July 1, 2021
  • Opportunity for Future Storage Expansion

Investment Overview

The Crowley Storage Portfolio encompasses two self-storage facilities located approximately 0.10 miles away from one another in the Fort Worth, Texas suburb of  Crowley.  The newest property, Crowley Storage, was built in 2018 and features personalized key-pad gated entry, garage-style roll up doors, perimeter fencing and lighting, 24-hour video surveillance cameras, and land for future storage expansion.  Happy Storage was constructed in 2015, and while it does not currently enjoy many of the same amenities as Crowley, the owner will construct the following prior to closing with a new buyer: personalized key-pad gate, perimeter fencing and lighting, and 24-hour video surveillance cameras.  Combined, the properties rest on two parcels totaling approximately 3.67 acres.   The Crowley Storage Portfolio benefits from the excellent visibility and accessibility provided by its strategic location on Old Cleburne Crowley Road, upon which approximately 5,000 vehicles travel each day.  Traffic in the trade area is only going to increase as numerous residential developments are currently under construction, and several others have recently been completed within a three-mile radius surrounding the properties.  Furthermore, Crowley High School – which boasts an enrollment of more than 2,100 students – is located less than one mile to the southeast, and the Chisholm Trail Parkway is approximately two-miles to the west.  Completed in 2014, the Chisholm Trail Parkway is a 27.6-mile-long toll road that connects downtown Fort Worth to the city of Cleburne. The project opened the door for countless residential and commercial development projects in the area - the most visible of which are the Shops at Clearfork, a Simon Property Group mixed-use development in Fort Worth that includes tenants such as Neiman Marcus, Tiffany & Co., Louis Vuitton, and Burberry.   Offered at a combined price of $1,950,000, the portfolio offers a new investor the opportunity to create economies of scale by operating the two facilities as one entity. Currently the facilities are managed remotely and marketed as separate properties by slightly different ownership groups.  Furthermore, a rental rate increase that will go into effect July 1, 2021 will help a new owner realize the Pro Forma returns stated herein in the near future.

Exclusively Listed By

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