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Self-Storage Facility

Grant Road & Kathy Lane Storage

13330 Grant Rd, Cypress, TX 77429

Listing Price: Request For Offer

Occupancy
80.0%
Rentable SF
96,574
Year Built
2002

Investment Overview

Grant Road and Kathy Lane Storage is a 454 unit, 96,574 NRSF Self-Storage and Boat & RV Storage facility adjacent to one another and managed as one property in Cypress, TX. The properties sit on approximately 6.7 acres of land and have 16 single story buildings and 1 two-story building that contains a full-service manager’s office and residence. There are 128 climate control units (12,5000 NRSF), 300 drive up non-climate units (78,974 NRSF) and 24 covered parking spaces, 22 of which are approximately 12’Wide x 42’Long and 2 of which are 11’Wide x 42’Long. In addition to traditional storage units there is a 3,600 square foot office building leased to a pest control company and a vacant 1,500 square foot office space that is located on the 2nd story of the manager’s office. The facility has numerous amenities including but not limited to, video surveillance throughout the property, an automatic entrance gate with key code and/or remote-control access, roll-up doors on the self-storage units, swing doors on the Boat/RV storage units, concrete driveways on the self-storage units, a steel slag driveway surface on the Boat/RV units and a marquee sign with a digital reader screen.   Cypress which is a northwestern Greater Houston suburb features one of the most affluent population bases in Harris County. The average household income is over $146,000 with a 3-mile population that is currently around nearly 87,000 and projected to grow by roughly 12,000 people over the next five years. The facility is sandwiched between several posh suburban neighborhoods such as Longwood, Coles Crossing, Rock Creek, and Stable Gate. In addition to its well-to-do surroundings the property also fronts on Grant Road which is a main feeder running throughout the heart of Cypress and connecting State Highway 249 to Cypress – Rosehill Road. The facility benefits from daily traffic counts between 13,000 and 14,000 and is situated between Louetta Road and Spring-Cypress Road which are 2 major Cypress thoroughfares. At the intersection of Grant and Louetta is a Kroger anchored shopping center and at the intersection of Spring-Cypress Road and Grant Road is an HEB anchored shopping center.   The owner is the original developer of the property who is an area resident in his mid 70’s and self-manages the assets. These are the only storage properties he has owned, and he is looking to retire. No money is spent on marketing or advertising the facility and there is no website. The asking rents are substantially below market in many cases and the owner has never raised the rates on existing tenants. The facility does do well with U-Haul truck rentals but doesn’t offer other ancillary items like tenant insurance. By increasing rates to market standards and raising occupancy on the traditional mini-storage units a purchaser could achieve above market returns within a year.   As of mid-November the Grant Road Storage facility (self-storage) is 65 percent physically occupied while the Kathy Lane Storage asset is 100 percent physically occupied.

Investment Highlights

  • Affluent Cypress Location – Average Household Income: 1 Mile $173,072 | 3 Mile $146,524
  • Frontage on Grant Road – 13,499 Daily Traffic Counts
  • 454 Units | 96,574 NRSF + 24 Covered Parking Spaces (22 Approximately 12'x42', 2 Approximately 11'x42')
  • Marquee Signage with Digital Reader Board
  • Value Add Components – No Website, No Tenant Insurance, Minimal Rate Increases Historically, and Zero Rental Raises on Existing Tenants
  • Current Physical Occupancy: Grant Road Storage (Self-Storage Units) 65 Percent | Kathy Lane Storage (Boat/RV Storage Units) 100 Percent

Exclusively Listed By

Financing By

Self-Storage Facility

Grant Road & Kathy Lane Storage

Listing Price: Request For Offer

Occupancy
80.0%
Rentable SF
96,574
Year Built
2002

Investment Highlights

  • Affluent Cypress Location – Average Household Income: 1 Mile $173,072 | 3 Mile $146,524
  • Frontage on Grant Road – 13,499 Daily Traffic Counts
  • 454 Units | 96,574 NRSF + 24 Covered Parking Spaces (22 Approximately 12'x42', 2 Approximately 11'x42')
  • Marquee Signage with Digital Reader Board
  • Value Add Components – No Website, No Tenant Insurance, Minimal Rate Increases Historically, and Zero Rental Raises on Existing Tenants
  • Current Physical Occupancy: Grant Road Storage (Self-Storage Units) 65 Percent | Kathy Lane Storage (Boat/RV Storage Units) 100 Percent

Investment Overview

Grant Road and Kathy Lane Storage is a 454 unit, 96,574 NRSF Self-Storage and Boat & RV Storage facility adjacent to one another and managed as one property in Cypress, TX. The properties sit on approximately 6.7 acres of land and have 16 single story buildings and 1 two-story building that contains a full-service manager’s office and residence. There are 128 climate control units (12,5000 NRSF), 300 drive up non-climate units (78,974 NRSF) and 24 covered parking spaces, 22 of which are approximately 12’Wide x 42’Long and 2 of which are 11’Wide x 42’Long. In addition to traditional storage units there is a 3,600 square foot office building leased to a pest control company and a vacant 1,500 square foot office space that is located on the 2nd story of the manager’s office. The facility has numerous amenities including but not limited to, video surveillance throughout the property, an automatic entrance gate with key code and/or remote-control access, roll-up doors on the self-storage units, swing doors on the Boat/RV storage units, concrete driveways on the self-storage units, a steel slag driveway surface on the Boat/RV units and a marquee sign with a digital reader screen.   Cypress which is a northwestern Greater Houston suburb features one of the most affluent population bases in Harris County. The average household income is over $146,000 with a 3-mile population that is currently around nearly 87,000 and projected to grow by roughly 12,000 people over the next five years. The facility is sandwiched between several posh suburban neighborhoods such as Longwood, Coles Crossing, Rock Creek, and Stable Gate. In addition to its well-to-do surroundings the property also fronts on Grant Road which is a main feeder running throughout the heart of Cypress and connecting State Highway 249 to Cypress – Rosehill Road. The facility benefits from daily traffic counts between 13,000 and 14,000 and is situated between Louetta Road and Spring-Cypress Road which are 2 major Cypress thoroughfares. At the intersection of Grant and Louetta is a Kroger anchored shopping center and at the intersection of Spring-Cypress Road and Grant Road is an HEB anchored shopping center.   The owner is the original developer of the property who is an area resident in his mid 70’s and self-manages the assets. These are the only storage properties he has owned, and he is looking to retire. No money is spent on marketing or advertising the facility and there is no website. The asking rents are substantially below market in many cases and the owner has never raised the rates on existing tenants. The facility does do well with U-Haul truck rentals but doesn’t offer other ancillary items like tenant insurance. By increasing rates to market standards and raising occupancy on the traditional mini-storage units a purchaser could achieve above market returns within a year.   As of mid-November the Grant Road Storage facility (self-storage) is 65 percent physically occupied while the Kathy Lane Storage asset is 100 percent physically occupied.

Exclusively Listed By

Financing By

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