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Self-Storage Facility

Freedom Mini Storage

910 W 29th St, San Angelo, TX 76903

Listing Price: $310,000

Cap Rate
1.45%
Number of Units
73
Occupancy
46.0%
Gross SF
14,290
Rentable SF
14,290
Price/Rentable SF
$21.69
Year Built
1980

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Freedom Storage in San Angelo, TX. Consisting of 14,290 net rentable square feet on 1.02 acres, the facility maintains 73 non-climate controlled units ranging from 30 square feet to 600 square feet. With a 6.09% Year 1 CAP Rate, there is plenty of upside with continued lease up activity and rental rate increases. The facility provides 5.93 GRM and a Year 1 GRM of 5.60. The GRM at Freedom Storage is 5.93 while comparable self-storage properties currently available on our national platform have a much higher GRM at an average of 7.96. Property is aggressively priced below replacement value at $21.69 PSF. Price per unit at $4,247 is 40 percent of the on-market current average. Freedom Self Storage is conveniently located 2.9 miles from Downtown San Angelo and 3.8 miles from Angelo State University which enrolls 10,447 students. Within a 5 mile radius of the facility, there are 5,800 apartments with a 3.9% vacancy rate (Costar). Freedom Self Storage is located 7.8 miles from Goodfellow Airforce Base. Home to 3,419 active Military Personnel and more than 5,000 employees, Goodfellow Air Force Base is a nonflying United States Air Force base located in San Angelo, Texas. As part of Air Education and Training Command (AETC), Goodfellow's main mission is cryptologic and intelligence training for the Air Force, Army, Coast Guard, Navy, and Marine Corps. Military firefighters are also trained here as part of the 312th Training Squadron. The population of San Angelo is an estimated 121,000 (US Census Bureau 2019). San Angelo's economy increased by more than $200,000,000 in capital in 2019. With strong economic growth, 110 manufacturing companies exist within San Angelo. Some of San Angelo's largest employers include Goodfellow Airforce Base (5,333), Shannon Heath Systems (4,896), San Angelo ISD (2,322), Angelo State University (1,323) & Community Medical Center (1,236). San Angelo, sometimes referred to as The River City, is home to historic Fort Concho, Angelo Civic Theater (the oldest civic theater in Texas) and has burgeoning economic sectors in defense and telecommunications. The city is home to Angelo State University as well as a branch of Howard College, which is based in Big Spring, Texas. San Angelo, TX was rated #74 on Forbes list of Best Small Places for Business and Careers in 2019.

Investment Highlights

  • 73 Non-Climate Controlled Units
  • 14,290 Net Rentable Square Feet
  • 5.93 GRM

Exclusively Listed By

Self-Storage Facility

Freedom Mini Storage

Listing Price: $310,000

Cap Rate
1.45%
Number of Units
73
Occupancy
46.0%
Gross SF
14,290
Rentable SF
14,290
Price/Rentable SF
$21.69
Year Built
1980

Investment Highlights

  • 73 Non-Climate Controlled Units
  • 14,290 Net Rentable Square Feet
  • 5.93 GRM

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Freedom Storage in San Angelo, TX. Consisting of 14,290 net rentable square feet on 1.02 acres, the facility maintains 73 non-climate controlled units ranging from 30 square feet to 600 square feet. With a 6.09% Year 1 CAP Rate, there is plenty of upside with continued lease up activity and rental rate increases. The facility provides 5.93 GRM and a Year 1 GRM of 5.60. The GRM at Freedom Storage is 5.93 while comparable self-storage properties currently available on our national platform have a much higher GRM at an average of 7.96. Property is aggressively priced below replacement value at $21.69 PSF. Price per unit at $4,247 is 40 percent of the on-market current average. Freedom Self Storage is conveniently located 2.9 miles from Downtown San Angelo and 3.8 miles from Angelo State University which enrolls 10,447 students. Within a 5 mile radius of the facility, there are 5,800 apartments with a 3.9% vacancy rate (Costar). Freedom Self Storage is located 7.8 miles from Goodfellow Airforce Base. Home to 3,419 active Military Personnel and more than 5,000 employees, Goodfellow Air Force Base is a nonflying United States Air Force base located in San Angelo, Texas. As part of Air Education and Training Command (AETC), Goodfellow's main mission is cryptologic and intelligence training for the Air Force, Army, Coast Guard, Navy, and Marine Corps. Military firefighters are also trained here as part of the 312th Training Squadron. The population of San Angelo is an estimated 121,000 (US Census Bureau 2019). San Angelo's economy increased by more than $200,000,000 in capital in 2019. With strong economic growth, 110 manufacturing companies exist within San Angelo. Some of San Angelo's largest employers include Goodfellow Airforce Base (5,333), Shannon Heath Systems (4,896), San Angelo ISD (2,322), Angelo State University (1,323) & Community Medical Center (1,236). San Angelo, sometimes referred to as The River City, is home to historic Fort Concho, Angelo Civic Theater (the oldest civic theater in Texas) and has burgeoning economic sectors in defense and telecommunications. The city is home to Angelo State University as well as a branch of Howard College, which is based in Big Spring, Texas. San Angelo, TX was rated #74 on Forbes list of Best Small Places for Business and Careers in 2019.

Exclusively Listed By

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