Self-Storage Facility

Ashley's Storage Portfolio

229 Dell Dale St, Channelview, TX 77530

Listing Price: $3,750,000

Cap Rate
7.38%
Number of Units
544
Occupancy
83.58%
Gross SF
96,338
Rentable SF
96,338
Price/Rentable SF
$38.93
Year Built
1940

Investment Overview

Ashleys Storage Portfolio is a self-storage facility (Ashleys Self Storage) in Channelview, Texas an east Houston suburb and two Boat/RV Storage facilities (Ashleys Boat & RV Storage) in Houston that comprise 96,338 net rentable square feet. The properties sit on a combined 6.70 acres of land, have 18 buildings and a total of 544 units.

Ashleys Self Storage consists of 41,300 net rentable square feet and sits on 3.2 acres. There is one facility on Dell Dale Avenue and an annex about 300 feet to the east on Grand Avenue that are operated as one facility. There are 333 units consisting of 292 drive-up non-climate storage units, one apartment that is currently rented, 10 covered parking spaces and 30 outdoor parking spaces. The facility has numerous amenities including but not limited to, concrete driveways, perimeter chain link fencing and a full-service on-site manager's office and residence. The Dell Dale Avenue facility was constructed in 1994 and the Grand Avenue location was added in 2004.

Ashleys Boat & RV Storage in northwest Houston is two boat & RV storage properties that are approximately 2.75 miles from one another and add up to 55,038 net rentable square feet. The facility near Cutten Road (7114 Belgold), has 136 enclosed units and three parking spots while the Fallbrook facility (10018 Edwards Street) has 54 enclosed units and 18 parking spots. While both facilities were built in the 1970s (Cutten 1977 | Fallbrook 1972) the assets have been well maintained through the years. The Cutten Road location had an automatic gate with keycode access installed in November of 2019. Both facilities have amenities such as a light and 110-volt outlet in each unit, swing doors, wide gravel driveways, and perimeter chain link fencing.

The properties benefit from easy access to the Sam Houston Tollway and strong nearby population density. At the Cutten Road location, there are over 100,000 residents with an average household income of nearly $96,000 within a three-mile radius. The Fallbrook location also is densely populated with over 102,000 residents within a three-mile radius with an average household income of around $70,000.

The new gate at Cutten is only a small part of the recent improvements that ownership has performed on these properties. In the last 12 months there has been approximately $91,000 spent on capital expenditures across the portfolio. Included in the improvements are a new camera system, gate operators, LED lighting, and renovations that included new HVAC and a new roof being installed at the residences at the Channelview properties. Listed at $3,750,000, the property grosses approximately $510,000 annually which lends itself to some efficiencies that a new owner could translate into a higher return.

As of June 30, 2020 the portfolio had a combined physical occupancy of approximately 87 percent.

Investment Highlights

  • Densely Populated Areas | Close Proximity to Major Freeways
  • $3,750,000 List Price | $509,336 EGI | 7.38 Percent CAP Rate on In Place Income
  • 3 Property Self Storage/Boat & RV Storage Portfolio 96,338 NRSF
  • Channelview Location -6.54 Square Fee of Self Storage Per Capita
  • Well Maintained - $90,975 in CAPEX Spent Over Last 12 Months

Exclusively Listed By

Self-Storage Facility

Ashley's Storage Portfolio

Listing Price: $3,750,000

Cap Rate
7.38%
Number of Units
544
Occupancy
83.58%
Gross SF
96,338
Rentable SF
96,338
Price/Rentable SF
$38.93
Year Built
1940

Investment Highlights

  • Densely Populated Areas | Close Proximity to Major Freeways
  • $3,750,000 List Price | $509,336 EGI | 7.38 Percent CAP Rate on In Place Income
  • 3 Property Self Storage/Boat & RV Storage Portfolio 96,338 NRSF
  • Channelview Location -6.54 Square Fee of Self Storage Per Capita
  • Well Maintained - $90,975 in CAPEX Spent Over Last 12 Months

Investment Overview

Ashleys Storage Portfolio is a self-storage facility (Ashleys Self Storage) in Channelview, Texas an east Houston suburb and two Boat/RV Storage facilities (Ashleys Boat & RV Storage) in Houston that comprise 96,338 net rentable square feet. The properties sit on a combined 6.70 acres of land, have 18 buildings and a total of 544 units.

Ashleys Self Storage consists of 41,300 net rentable square feet and sits on 3.2 acres. There is one facility on Dell Dale Avenue and an annex about 300 feet to the east on Grand Avenue that are operated as one facility. There are 333 units consisting of 292 drive-up non-climate storage units, one apartment that is currently rented, 10 covered parking spaces and 30 outdoor parking spaces. The facility has numerous amenities including but not limited to, concrete driveways, perimeter chain link fencing and a full-service on-site manager's office and residence. The Dell Dale Avenue facility was constructed in 1994 and the Grand Avenue location was added in 2004.

Ashleys Boat & RV Storage in northwest Houston is two boat & RV storage properties that are approximately 2.75 miles from one another and add up to 55,038 net rentable square feet. The facility near Cutten Road (7114 Belgold), has 136 enclosed units and three parking spots while the Fallbrook facility (10018 Edwards Street) has 54 enclosed units and 18 parking spots. While both facilities were built in the 1970s (Cutten 1977 | Fallbrook 1972) the assets have been well maintained through the years. The Cutten Road location had an automatic gate with keycode access installed in November of 2019. Both facilities have amenities such as a light and 110-volt outlet in each unit, swing doors, wide gravel driveways, and perimeter chain link fencing.

The properties benefit from easy access to the Sam Houston Tollway and strong nearby population density. At the Cutten Road location, there are over 100,000 residents with an average household income of nearly $96,000 within a three-mile radius. The Fallbrook location also is densely populated with over 102,000 residents within a three-mile radius with an average household income of around $70,000.

The new gate at Cutten is only a small part of the recent improvements that ownership has performed on these properties. In the last 12 months there has been approximately $91,000 spent on capital expenditures across the portfolio. Included in the improvements are a new camera system, gate operators, LED lighting, and renovations that included new HVAC and a new roof being installed at the residences at the Channelview properties. Listed at $3,750,000, the property grosses approximately $510,000 annually which lends itself to some efficiencies that a new owner could translate into a higher return.

As of June 30, 2020 the portfolio had a combined physical occupancy of approximately 87 percent.

Exclusively Listed By

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