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Self-Storage Facility

CubeSmart Storage (Managed)

555 Bay Area Blvd, Houston, TX 77058

Listing Price: $14,000,000

Cap Rate
7.80%
Number of Units
802
Occupancy
85.0%
Gross SF
93,715
Rentable SF
93,715
Price/Rentable SF
$149.39
Year Built
2018

Investment Overview

CubeSmart Self Storage (Managed) is a 93,715 NRSF self-storage facility in the Clear Lake area of southeast Houston. The two story facility has a unit mix consisting of 802 climate-controlled units and the parcel the facility sits on is approximately 3.5 acres after being recently replatted. The brick façade facility was originally an office building that was constructed in 1985 and was converted to a storage facility in 2018. CubeSmart Self Storage (Managed) features numerous amenities found in modern institutional quality storage facilities including, but not limited to a full-service manager’s office and showroom, video surveillance cameras throughout the property, and multiple loading/unloading areas. The property fronts on Bay Area Boulevard about ¼ mile east of Highway 3 (Old Galveston Road) and sees traffic counts close to 39,000. The Clear Lake demographics are significant with nearly 73,000 people living within three miles and an average household income of $91,133. The facility is also slightly over one mile from the Gulf Freeway (I-45). Clear Lake is one of the most desirable addresses in the Greater Houston area long known for its tourist attractions such as the Kemah Boardwalk, Space Center Houston, and Galveston Bay. Literally across the street from CubeSmart Self Storage (Managed) sit a Starbucks and a McDonalds and within 5/10 of a mile are major grocers and drugstores such as HEB, Kroger, CVS and Walgreens. Dozens of well-known restaurants are very close along with Baybrook Mall which has undergone an extensive transformation recently and is a retail hub for the area. The aerospace industry is a prominent player in the area with the NASA Johnson Space Center about one mile east of the facility. Healthcare plays an important role in the area economy with HCA Houston Healthcare Hospital Clear Lake and its nationally recognized cardiovascular unit is a ½ mile to the west and there are numerous medical clinics and doctors’ offices in the immediate area that feed into the hospital. Education is a significant factor in the economic picture too as The University of Houston Clear Lake and Clear Lake High School are within three miles. With so many national, regional, and local retailers and companies from a multitude of industries dotting the nearby landscape it’s not surprising that the daytime employee population exceeds 52,000 within three miles. A new multifamily development is being developed adjacent to the facility and there are two retail pad sites next to the property on the market as well. The occupancy as of August 31, 2021 is 91 percent.

Investment Highlights

  • Clear Lake Demographics – Average Household Income $91,133
  • 3 Mile Population – 72,806
  • Converted to Self Storage in 2018
  • Bay Area Boulevard and Gemini Street Frontage – 39,165 Combined Daily Traffic Counts
  • 100 Percent Climate Controlled Facility - 93,715 NRSF | 802 Units
  • 91 Percent Physical Occupancy as of August 31st, 2021 (By Square Footage)
  • 52,659 Daytime Population – Major Employers Include NASA Johnson Space Center, HCA Healthcare Houston, and The University of Houston Clear Lake

Exclusively Listed By

Financing By

Self-Storage Facility

CubeSmart Storage (Managed)

Listing Price: $14,000,000

Cap Rate
7.80%
Number of Units
802
Occupancy
85.0%
Gross SF
93,715
Rentable SF
93,715
Price/Rentable SF
$149.39
Year Built
2018

Investment Highlights

  • Clear Lake Demographics – Average Household Income $91,133
  • 3 Mile Population – 72,806
  • Converted to Self Storage in 2018
  • Bay Area Boulevard and Gemini Street Frontage – 39,165 Combined Daily Traffic Counts
  • 100 Percent Climate Controlled Facility - 93,715 NRSF | 802 Units
  • 91 Percent Physical Occupancy as of August 31st, 2021 (By Square Footage)
  • 52,659 Daytime Population – Major Employers Include NASA Johnson Space Center, HCA Healthcare Houston, and The University of Houston Clear Lake

Investment Overview

CubeSmart Self Storage (Managed) is a 93,715 NRSF self-storage facility in the Clear Lake area of southeast Houston. The two story facility has a unit mix consisting of 802 climate-controlled units and the parcel the facility sits on is approximately 3.5 acres after being recently replatted. The brick façade facility was originally an office building that was constructed in 1985 and was converted to a storage facility in 2018. CubeSmart Self Storage (Managed) features numerous amenities found in modern institutional quality storage facilities including, but not limited to a full-service manager’s office and showroom, video surveillance cameras throughout the property, and multiple loading/unloading areas. The property fronts on Bay Area Boulevard about ¼ mile east of Highway 3 (Old Galveston Road) and sees traffic counts close to 39,000. The Clear Lake demographics are significant with nearly 73,000 people living within three miles and an average household income of $91,133. The facility is also slightly over one mile from the Gulf Freeway (I-45). Clear Lake is one of the most desirable addresses in the Greater Houston area long known for its tourist attractions such as the Kemah Boardwalk, Space Center Houston, and Galveston Bay. Literally across the street from CubeSmart Self Storage (Managed) sit a Starbucks and a McDonalds and within 5/10 of a mile are major grocers and drugstores such as HEB, Kroger, CVS and Walgreens. Dozens of well-known restaurants are very close along with Baybrook Mall which has undergone an extensive transformation recently and is a retail hub for the area. The aerospace industry is a prominent player in the area with the NASA Johnson Space Center about one mile east of the facility. Healthcare plays an important role in the area economy with HCA Houston Healthcare Hospital Clear Lake and its nationally recognized cardiovascular unit is a ½ mile to the west and there are numerous medical clinics and doctors’ offices in the immediate area that feed into the hospital. Education is a significant factor in the economic picture too as The University of Houston Clear Lake and Clear Lake High School are within three miles. With so many national, regional, and local retailers and companies from a multitude of industries dotting the nearby landscape it’s not surprising that the daytime employee population exceeds 52,000 within three miles. A new multifamily development is being developed adjacent to the facility and there are two retail pad sites next to the property on the market as well. The occupancy as of August 31, 2021 is 91 percent.

Exclusively Listed By

Financing By

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