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Self-Storage Facility

Highland Mini Storage

1663 Horal Dr, San Antonio, TX 78245

Listing Price: $4,200,000

Cap Rate
4.05%
Number of Units
490
Occupancy
92.0%
Rentable SF
45,400
Price/Rentable SF
$92.51
Year Built
2000

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Highland Mini Storage in San Antonio, Texas. The facility is located in West San Antonio in an established neighborhood near Interstate 410 and Marbach Road. Consisting of 45,400 net rentable square feet, the facility contains 490 total units, of which 101 are climate-controlled units ranging from 25 square feet to 200 square feet and 309 non-climate-controlled units ranging from 25 square feet to 300 square feet. As of July 2021, the property achieved overall physical occupancy of 92 percent. The subject is at 96 percent physical occupancy for climate-controlled units and covered parking with five out of the six offered unit types at or near 100 percent occupancy, presenting an immediate opportunity to grow revenue from existing tenants. The facility is fenced, gated and lighted for safety and security. The property also offers asphalt drives and parking surfaces throughout which can be easily maintained. Highland Mini Storage is conveniently located on Horal Drive with a daily traffic count of 9,051. The nearest intersection from Horal Drive is Interstate 410 and Marbach Road (0.3 Mile) which experiences average daily traffic count more than 40,000 vehicles. The subject property is also surrounded by established retail including HEB Plus, Wells Fargo Bank, several fast-food establishments as well as several apartment complexes with over 16,000 occupied units. 2020 population near the subject property is over 260,000. The population is estimated to grow to over 274,000 within the next five years. In addition to the already established neighborhoods and multi-family properties near Highland Mini Storage, three new residential developments are either in permitting or under construction. Horal Cove is situated next door to Highland Mini and will have 20 dwelling units. Lennar is developing two neighborhoods in immediate proximity to the property and will have almost 150 homes available in six to twelve months priced from $220,000 to $250,000. Many established employers are nearby as well, such Lackland Airforce Base with over 35,000 employees and Boeing Company which employees over 4,500. There is 9.89 net rentable square feet per capita in the trade area and average 10x10 non-climate rents are approximately $1.29 per square foot. However, the subject property average 10x10 rents are substantially lower than competitors at $0.95 per square foot. In some cases, the subject property is 90 percent below the current market average rent. By strategically increasing rental rates, an investor may grow Gross Scheduled Rents nearly $80,000 while 20 percent below the market in many standard non-climate unit sizes. These non-climate units constitute 62 percent of the non-climate net rentable square footage. In addition to growth opportunities above, 8615 Marbach Road is offered for sale separately. This 39,270 square foot building is a great conversion play for climate control storage with further climate control expansion at the rear of the parcel. Please contact listing agent for additional details.

Investment Highlights

  • Current Gross Rent Multiplier 7.72
  • Year 1 CAP Rate 6.50 Percent
  • Value Add Opportunity – Some Rates Are 90 Percent Below Market
  • Conversion Opportunity – Ask Listing Agent For Details

Exclusively Listed By

Financing By

Self-Storage Facility

Highland Mini Storage

Listing Price: $4,200,000

Cap Rate
4.05%
Number of Units
490
Occupancy
92.0%
Rentable SF
45,400
Price/Rentable SF
$92.51
Year Built
2000

Investment Highlights

  • Current Gross Rent Multiplier 7.72
  • Year 1 CAP Rate 6.50 Percent
  • Value Add Opportunity – Some Rates Are 90 Percent Below Market
  • Conversion Opportunity – Ask Listing Agent For Details

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Highland Mini Storage in San Antonio, Texas. The facility is located in West San Antonio in an established neighborhood near Interstate 410 and Marbach Road. Consisting of 45,400 net rentable square feet, the facility contains 490 total units, of which 101 are climate-controlled units ranging from 25 square feet to 200 square feet and 309 non-climate-controlled units ranging from 25 square feet to 300 square feet. As of July 2021, the property achieved overall physical occupancy of 92 percent. The subject is at 96 percent physical occupancy for climate-controlled units and covered parking with five out of the six offered unit types at or near 100 percent occupancy, presenting an immediate opportunity to grow revenue from existing tenants. The facility is fenced, gated and lighted for safety and security. The property also offers asphalt drives and parking surfaces throughout which can be easily maintained. Highland Mini Storage is conveniently located on Horal Drive with a daily traffic count of 9,051. The nearest intersection from Horal Drive is Interstate 410 and Marbach Road (0.3 Mile) which experiences average daily traffic count more than 40,000 vehicles. The subject property is also surrounded by established retail including HEB Plus, Wells Fargo Bank, several fast-food establishments as well as several apartment complexes with over 16,000 occupied units. 2020 population near the subject property is over 260,000. The population is estimated to grow to over 274,000 within the next five years. In addition to the already established neighborhoods and multi-family properties near Highland Mini Storage, three new residential developments are either in permitting or under construction. Horal Cove is situated next door to Highland Mini and will have 20 dwelling units. Lennar is developing two neighborhoods in immediate proximity to the property and will have almost 150 homes available in six to twelve months priced from $220,000 to $250,000. Many established employers are nearby as well, such Lackland Airforce Base with over 35,000 employees and Boeing Company which employees over 4,500. There is 9.89 net rentable square feet per capita in the trade area and average 10x10 non-climate rents are approximately $1.29 per square foot. However, the subject property average 10x10 rents are substantially lower than competitors at $0.95 per square foot. In some cases, the subject property is 90 percent below the current market average rent. By strategically increasing rental rates, an investor may grow Gross Scheduled Rents nearly $80,000 while 20 percent below the market in many standard non-climate unit sizes. These non-climate units constitute 62 percent of the non-climate net rentable square footage. In addition to growth opportunities above, 8615 Marbach Road is offered for sale separately. This 39,270 square foot building is a great conversion play for climate control storage with further climate control expansion at the rear of the parcel. Please contact listing agent for additional details.

Exclusively Listed By

Financing By

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