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Self-Storage Facility

On The Lake Boat & RV Storage

4566 Bates Ln, Burton, TX 77835

Listing Price: $1,900,000

Cap Rate
7.99%
Number of Units
242
Occupancy
80.0%
Gross SF
71,848
Rentable SF
71,848
Price/Rentable SF
$26.44
Year Built
1970

Investment Overview

On the Lake Boat and RV Storage is a 242-unit 71,848 Net Rentable Square Foot storage facility situated across the street from the entrance to Rocky Creek Park on Lake Somerville about 45 minutes southwest of Bryan-College Station. The property rests on approximately 10.16 acres and has 11 buildings. The unit mix consists of 210 enclosed units, 28 outdoor parking spaces, 2 permanent RV pad sites with utilities, a newly renovated rent house, and a mobile home. There is also an office at the front of the property that could be used to operate the asset or used as a bait shop.   The property has amenities such as a light and electrical outlet in each unit, gravel parking surfaces and driveways, a security gate with keycode access, security lighting and video surveillance. The property was initially constructed in the early 1970's, but almost 30 percent of the property has been constructed since 2010. On the older buildings all the roofs have had significant repairs made to them since 2014.   Lake Somerville is a US Army Corps of Engineers reservoir that sits about halfway between Houston and Austin and is a popular tourist destination for outdoor enthusiasts. Rocky Creek Park is one of the most popular camping areas on the lake with 192 camp sites and also has two boat launches. Lake Somerville is regarded as one of the top spots for bass fishing in the state of Texas.   Priced at under $26.50 per NRSF On the Lake Boat & RV Storage provides an investor the opportunity to acquire a well-positioned asset with significant upside opportunity. By implementing small rental increases and reducing economic vacancy to 20 percent an investor could see a proforma unlevered return around 8 percent. Furthermore, there's around an acre of undeveloped expansion land included in the price.

Investment Highlights

  • $26.44/NRSF
  • Lake Somerville – Brazos Valley Tourist Destination | Bass Fisherman's Paradise
  • Across the Street from Rocky Creek Park – Popular Boat Launch and Camping Site
  • Approximately 1 Acre of Expansion Land Included
  • 242 Units – 71,848 NRSF
  • All Roofs Have Either Been Constructed or Repaired Since 2013

Exclusively Listed By

Financing By

Self-Storage Facility

On The Lake Boat & RV Storage

Listing Price: $1,900,000

Cap Rate
7.99%
Number of Units
242
Occupancy
80.0%
Gross SF
71,848
Rentable SF
71,848
Price/Rentable SF
$26.44
Year Built
1970

Investment Highlights

  • $26.44/NRSF
  • Lake Somerville – Brazos Valley Tourist Destination | Bass Fisherman's Paradise
  • Across the Street from Rocky Creek Park – Popular Boat Launch and Camping Site
  • Approximately 1 Acre of Expansion Land Included
  • 242 Units – 71,848 NRSF
  • All Roofs Have Either Been Constructed or Repaired Since 2013

Investment Overview

On the Lake Boat and RV Storage is a 242-unit 71,848 Net Rentable Square Foot storage facility situated across the street from the entrance to Rocky Creek Park on Lake Somerville about 45 minutes southwest of Bryan-College Station. The property rests on approximately 10.16 acres and has 11 buildings. The unit mix consists of 210 enclosed units, 28 outdoor parking spaces, 2 permanent RV pad sites with utilities, a newly renovated rent house, and a mobile home. There is also an office at the front of the property that could be used to operate the asset or used as a bait shop.   The property has amenities such as a light and electrical outlet in each unit, gravel parking surfaces and driveways, a security gate with keycode access, security lighting and video surveillance. The property was initially constructed in the early 1970's, but almost 30 percent of the property has been constructed since 2010. On the older buildings all the roofs have had significant repairs made to them since 2014.   Lake Somerville is a US Army Corps of Engineers reservoir that sits about halfway between Houston and Austin and is a popular tourist destination for outdoor enthusiasts. Rocky Creek Park is one of the most popular camping areas on the lake with 192 camp sites and also has two boat launches. Lake Somerville is regarded as one of the top spots for bass fishing in the state of Texas.   Priced at under $26.50 per NRSF On the Lake Boat & RV Storage provides an investor the opportunity to acquire a well-positioned asset with significant upside opportunity. By implementing small rental increases and reducing economic vacancy to 20 percent an investor could see a proforma unlevered return around 8 percent. Furthermore, there's around an acre of undeveloped expansion land included in the price.

Exclusively Listed By

Financing By

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