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Self-Storage Facility

Argyle Storage Co.

7433 Fort Worth Dr, Argyle, TX 76226

Listing Price: $20,000,000

Cap Rate
3.66%
Occupancy
73.2%
Gross SF
128,850
Rentable SF
128,850
Price/Rentable SF
$155.22
Year Built
2015

Investment Overview

Argyle Storage Co. is a “Class-A” 128,850 rentable-square foot storage facility resting approximately 21.48 acres in Argyle (Dallas-Fort Worth), Texas. The property is situated on four separate parcels - three of which are located in the Denton County extraterritorial jurisdiction. The 4.32-acre tract containing the storage leasing office, which fronts Highway 377 and is located within Denton City limits. Additionally, the property is split between two primary locations that are less than 0.2 miles apart. Originally constructed in 2015, the facility was expanded in 2017, and the most recent phase opened in July 2021. Totaling 587 units, the facility is comprised of 139 climate-controlled units, 109 non-climate drive up units, 97 enclosed boat/RV units, 58 covered boat/RV units, 8 office/warehouse units, 175 uncovered parking spaces, and a rental house. Argyle Storage Co. features the many of the typical amenities you would expect to find in a newly built class-A facility including a professional leasing office and showroom, multiple personalized key-pad gated entrances, wrought-iron perimeter fencing, standing-seam metal roofs, wide concrete driveways, LED perimeter lighting and 24-hour video surveillance cameras. Additionally, the offering includes ample land for future development. The facility has consistently enjoyed a rapid lease-up after each expansion phase, which can be partially attributed to its strategic location along Fort Worth Drive (also known as Hwy 377), upon which more than 10,000 vehicles travel each day. Drive by traffic in the immediate vicinity is poised to explode as Hwy 377 from Roanoke to Denton is set to expand from four to six lanes. Additionally, Bonnie Brae Street – located directly across the street from the property entrance – is slated to serve as the main artery connecting north Denton to Argyle and Hwy 377. To be sure, TxDot is expanding Bonnie Brae from a two-lane undivided road to a four-lane divided road. The six-phase project has one phase completed, and two additional phases actively in construction are scheduled for completion by the end of the year. Residential development will also play an important role in the final lease-up and any future expansions at the property. Two of the biggest developers in Texas have partnered with each other to develop a master-planned community that would bring more than 15,000 single-family residential units, along with more than 5,000 multifamily units, to nearby Denton. In June of 2019, the Denton City Council approved a detailed proposal from representatives with Hillwood Properties and Stratford Land. The master-planned community of Hunter Ranch and Cole Ranch will encompass roughly 6,300 acres and bring 15,000 new homes to the City of Denton, boosting the housing stock by nearly 50 percent once the project is completed. A June 2021 article in the Denton Record-Chronicle suggests construction may begin within the next year. Please see pages 19 and 20 for more information about these and additional developments impacting the submarket. Offered for $20,000,000, Argyle Storage Co. is the perfect opportunity for a new operator to plant their flag in one of the highest growth corridors in the DFW Metroplex. Both recent and projected demographic trends suggest future expansion – whether it be traditional self-storage or boat/RV storage – will be warranted in the very near future. The population with in a three-mile radius of the property has grown 44 percent since 2010 and is projected to grow another 25 percent within five years. Additionally, the affluent submarket in which the facility operates (average household income approximately $150,000) indicates a new owner will have an opportunity to systematically increase rental rates well into the future.

Investment Highlights

  • Substantial Residential & Commercial Development Underway Nearby
  • Affluent Submarket – Average Household Income Approximately $150,000
  • Excellent Visibility & Accessibility on Hwy 377 – Over 10,000 Vehicles per Day

Exclusively Listed By

Self-Storage Facility

Argyle Storage Co.

Listing Price: $20,000,000

Cap Rate
3.66%
Occupancy
73.2%
Gross SF
128,850
Rentable SF
128,850
Price/Rentable SF
$155.22
Year Built
2015

Investment Highlights

  • Substantial Residential & Commercial Development Underway Nearby
  • Affluent Submarket – Average Household Income Approximately $150,000
  • Excellent Visibility & Accessibility on Hwy 377 – Over 10,000 Vehicles per Day

Investment Overview

Argyle Storage Co. is a “Class-A” 128,850 rentable-square foot storage facility resting approximately 21.48 acres in Argyle (Dallas-Fort Worth), Texas. The property is situated on four separate parcels - three of which are located in the Denton County extraterritorial jurisdiction. The 4.32-acre tract containing the storage leasing office, which fronts Highway 377 and is located within Denton City limits. Additionally, the property is split between two primary locations that are less than 0.2 miles apart. Originally constructed in 2015, the facility was expanded in 2017, and the most recent phase opened in July 2021. Totaling 587 units, the facility is comprised of 139 climate-controlled units, 109 non-climate drive up units, 97 enclosed boat/RV units, 58 covered boat/RV units, 8 office/warehouse units, 175 uncovered parking spaces, and a rental house. Argyle Storage Co. features the many of the typical amenities you would expect to find in a newly built class-A facility including a professional leasing office and showroom, multiple personalized key-pad gated entrances, wrought-iron perimeter fencing, standing-seam metal roofs, wide concrete driveways, LED perimeter lighting and 24-hour video surveillance cameras. Additionally, the offering includes ample land for future development. The facility has consistently enjoyed a rapid lease-up after each expansion phase, which can be partially attributed to its strategic location along Fort Worth Drive (also known as Hwy 377), upon which more than 10,000 vehicles travel each day. Drive by traffic in the immediate vicinity is poised to explode as Hwy 377 from Roanoke to Denton is set to expand from four to six lanes. Additionally, Bonnie Brae Street – located directly across the street from the property entrance – is slated to serve as the main artery connecting north Denton to Argyle and Hwy 377. To be sure, TxDot is expanding Bonnie Brae from a two-lane undivided road to a four-lane divided road. The six-phase project has one phase completed, and two additional phases actively in construction are scheduled for completion by the end of the year. Residential development will also play an important role in the final lease-up and any future expansions at the property. Two of the biggest developers in Texas have partnered with each other to develop a master-planned community that would bring more than 15,000 single-family residential units, along with more than 5,000 multifamily units, to nearby Denton. In June of 2019, the Denton City Council approved a detailed proposal from representatives with Hillwood Properties and Stratford Land. The master-planned community of Hunter Ranch and Cole Ranch will encompass roughly 6,300 acres and bring 15,000 new homes to the City of Denton, boosting the housing stock by nearly 50 percent once the project is completed. A June 2021 article in the Denton Record-Chronicle suggests construction may begin within the next year. Please see pages 19 and 20 for more information about these and additional developments impacting the submarket. Offered for $20,000,000, Argyle Storage Co. is the perfect opportunity for a new operator to plant their flag in one of the highest growth corridors in the DFW Metroplex. Both recent and projected demographic trends suggest future expansion – whether it be traditional self-storage or boat/RV storage – will be warranted in the very near future. The population with in a three-mile radius of the property has grown 44 percent since 2010 and is projected to grow another 25 percent within five years. Additionally, the affluent submarket in which the facility operates (average household income approximately $150,000) indicates a new owner will have an opportunity to systematically increase rental rates well into the future.

Exclusively Listed By

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