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Self-Storage Facility

Park Place 4 RVs

9320 FM306, New Braunfels, TX 78132

Listing Price: $4,000,000

Cap Rate
3.28%
Number of Units
158
Occupancy
72.0%
Gross SF
47,600
Rentable SF
47,600
Price/Rentable SF
$84.03
Year Built
2010

Investment Overview

Park Place 4 RVs is a 47,600-rentable square foot storage facility resting on three parcels encompassing approximately 15.15 acres in Canyon Lake, Texas. Originally constructed in 2010 then later expanded in 2013 and 2015, the property is comprised of 56 enclosed boat/RV parking units, 56 covered boat/RV parking units, and 46 uncovered parking spaces. The facility has a total of four storage buildings and a leasing office. The storage buildings are metal construction, with garage-style roll-up doors, and standing-seam metal roofs. The facility features an on-site leasing office, wrought iron personalized key-pad gate system, perimeter fencing and lighting, camera surveillance, and wide driveways. Park Place 4 RV’s location also provides dual directional access and 503 feet of excellent visibility on FM 306, with traffic counts exceeding 9,568 vehicles daily. Due to its high-quality construction, customer amenities, location, and the fact that virtually all competing storage facilities are nearly 100 percent occupied, Park Place 4 RVs is 100 percent physically occupied as of August 2021. This is particularly impressive given that the current owner dedicates zero dollars toward marketing and promotion. A number of commercial and residential developments are also currently underway within a three-mile radius of the facility, which gives credence to the income projections contained within the offering memorandum – wherein a new operator can reasonably expect to substantially increase cash flow throughout the hold period. To that end, a pro-forma cap rate of 5.19 percent is achievable after raising existing tenants up to the current street rates, and then escalating the gross potential rent to market norms. Lastly, but importantly, substantial value could ultimately be created by expanding upon the approximately nine acres of raw land that comes with the offering.

Investment Highlights

  • 100% Physical Occupancy (August 2021) – Stabilized Cash Flow
  • Opportunity for Expansion – 9 Acres of Raw Land
  • Several New Commercial and Residential Projects Near Facility

Exclusively Listed By

Financing By

Self-Storage Facility

Park Place 4 RVs

Listing Price: $4,000,000

Cap Rate
3.28%
Number of Units
158
Occupancy
72.0%
Gross SF
47,600
Rentable SF
47,600
Price/Rentable SF
$84.03
Year Built
2010

Investment Highlights

  • 100% Physical Occupancy (August 2021) – Stabilized Cash Flow
  • Opportunity for Expansion – 9 Acres of Raw Land
  • Several New Commercial and Residential Projects Near Facility

Investment Overview

Park Place 4 RVs is a 47,600-rentable square foot storage facility resting on three parcels encompassing approximately 15.15 acres in Canyon Lake, Texas. Originally constructed in 2010 then later expanded in 2013 and 2015, the property is comprised of 56 enclosed boat/RV parking units, 56 covered boat/RV parking units, and 46 uncovered parking spaces. The facility has a total of four storage buildings and a leasing office. The storage buildings are metal construction, with garage-style roll-up doors, and standing-seam metal roofs. The facility features an on-site leasing office, wrought iron personalized key-pad gate system, perimeter fencing and lighting, camera surveillance, and wide driveways. Park Place 4 RV’s location also provides dual directional access and 503 feet of excellent visibility on FM 306, with traffic counts exceeding 9,568 vehicles daily. Due to its high-quality construction, customer amenities, location, and the fact that virtually all competing storage facilities are nearly 100 percent occupied, Park Place 4 RVs is 100 percent physically occupied as of August 2021. This is particularly impressive given that the current owner dedicates zero dollars toward marketing and promotion. A number of commercial and residential developments are also currently underway within a three-mile radius of the facility, which gives credence to the income projections contained within the offering memorandum – wherein a new operator can reasonably expect to substantially increase cash flow throughout the hold period. To that end, a pro-forma cap rate of 5.19 percent is achievable after raising existing tenants up to the current street rates, and then escalating the gross potential rent to market norms. Lastly, but importantly, substantial value could ultimately be created by expanding upon the approximately nine acres of raw land that comes with the offering.

Exclusively Listed By

Financing By

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