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Self-Storage Facility

Smart Self Storage

2701 FM 2004, Texas City, TX 77591

Listing Price: $3,500,000

Cap Rate
6.86%
Number of Units
255
Occupancy
85.0%
Rentable SF
26,234
Price/Rentable SF
$133.41
Year Built
2002

Investment Overview

Smart Self Storage is a 26,234 NRSF self-storage facility in Texas City, TX, a city on the southeastern end of the Greater Houston Area. The facility is a single 2 story building with a unit mix consisting of 188 climate-controlled units and 67 non-climate units. The property sits on an approximately 2.01-acre parcel with approximately .86 acres of expansion land included. Smart Self Storage 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, prominent marquee signage, and concrete driveways wrapped around the building. Smart Self Storage sits near one of the busiest and most desirable intersections in Galveston County fronting on FM 2004 near I-45 where 4,317 vehicles pass by the facility each day. Smart Self Storage benefits from an abundance of nearby economic drivers including being across the street from Mainland City Centre. Mainland City Centre is a 900,000 square foot former mall that has undergone a massive transformation and is fast becoming Texas City’s premier entertainment destination. Spurring the growth in the area are numerous substantial residential developments. Lago Mar, which is less than a mile from the asset is a 2,000-acre master planned community that’s projected to have around 4,000 houses and be home to around 14,000 people upon completion. While Lago Mar is the largest development, single family homes continue to be built at the Cobblestone development which is 5/10 of a mile north on FM 2004 from Smart Self Storage. Also, within a mile is Central Park Square which is the newest residential development and is anchored by Meritage Homes. Despite being in a tremendous growth area operations have struggled mightily as Smart Self Storage compared to the competition. The facility is self-managed by a California group who is more comfortable with retail properties, and this is the only self-storage facility they own. The facility has both below market rents at approximately ten percent under the bottom of the market and is under 70 percent physically occupied which is considerably under market. With more sophisticated operations there is substantial upside for an investor who can implement more sophisticated operations. Further upside could be obtained by developing out the additional acreage that’s included in the offering.

Investment Highlights

  • Substantial Upside in Increasing Occupancy and Achieved Rents
  • Lago Mar 2,000-acre Master Planned Community 1 Mile Away
  • Average Unit Size: 81 Square Feet
  • Across the Street from Mainland City Centre – Texas City's Premier Entertainment Destination
  • Multistory Construction – Primarily Climate Control Facility
  • Near the Intersection of I-45 and Emmett F. Lowery Expressway (Combined Traffic Count of +/- 100,000 Vehicles Per Day)
  • Average Household Income – 1 Mile: $103,245 | 3 Mile: $85,991

Exclusively Listed By

Financing By

Self-Storage Facility

Smart Self Storage

Listing Price: $3,500,000

Cap Rate
6.86%
Number of Units
255
Occupancy
85.0%
Rentable SF
26,234
Price/Rentable SF
$133.41
Year Built
2002

Investment Highlights

  • Substantial Upside in Increasing Occupancy and Achieved Rents
  • Lago Mar 2,000-acre Master Planned Community 1 Mile Away
  • Average Unit Size: 81 Square Feet
  • Across the Street from Mainland City Centre – Texas City's Premier Entertainment Destination
  • Multistory Construction – Primarily Climate Control Facility
  • Near the Intersection of I-45 and Emmett F. Lowery Expressway (Combined Traffic Count of +/- 100,000 Vehicles Per Day)
  • Average Household Income – 1 Mile: $103,245 | 3 Mile: $85,991

Investment Overview

Smart Self Storage is a 26,234 NRSF self-storage facility in Texas City, TX, a city on the southeastern end of the Greater Houston Area. The facility is a single 2 story building with a unit mix consisting of 188 climate-controlled units and 67 non-climate units. The property sits on an approximately 2.01-acre parcel with approximately .86 acres of expansion land included. Smart Self Storage 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, prominent marquee signage, and concrete driveways wrapped around the building. Smart Self Storage sits near one of the busiest and most desirable intersections in Galveston County fronting on FM 2004 near I-45 where 4,317 vehicles pass by the facility each day. Smart Self Storage benefits from an abundance of nearby economic drivers including being across the street from Mainland City Centre. Mainland City Centre is a 900,000 square foot former mall that has undergone a massive transformation and is fast becoming Texas City’s premier entertainment destination. Spurring the growth in the area are numerous substantial residential developments. Lago Mar, which is less than a mile from the asset is a 2,000-acre master planned community that’s projected to have around 4,000 houses and be home to around 14,000 people upon completion. While Lago Mar is the largest development, single family homes continue to be built at the Cobblestone development which is 5/10 of a mile north on FM 2004 from Smart Self Storage. Also, within a mile is Central Park Square which is the newest residential development and is anchored by Meritage Homes. Despite being in a tremendous growth area operations have struggled mightily as Smart Self Storage compared to the competition. The facility is self-managed by a California group who is more comfortable with retail properties, and this is the only self-storage facility they own. The facility has both below market rents at approximately ten percent under the bottom of the market and is under 70 percent physically occupied which is considerably under market. With more sophisticated operations there is substantial upside for an investor who can implement more sophisticated operations. Further upside could be obtained by developing out the additional acreage that’s included in the offering.

Exclusively Listed By

Financing By

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