Self-Storage Facility

Westside Storage

9341 W University Blvd, Odessa, TX 79764

Listing Price: $1,300,000

Cap Rate
3.68%
Number of Units
181
Occupancy
46.94%
Gross SF
29,160
Rentable SF
29,160
Price/Rentable SF
$44.58
Year Built
2008

Investment Overview

Westside Storage #1 and #2 are exclusively offered for purchase by Marcus & Millichap for $1,300,000.00. The facilities are both located in Odessa, Texas. Built in 2008, the facilities feature metal paneling, screw-down metal roofs, wrought iron perimeter fencing, perimeter lighting, security cameras, garage-style roll-up doors, and concrete foundations. Westside Storage #1 is located on West University Drive, one of Odessas primary residential and commercial thoroughfares. Westside Storage #2 is located on the northwest corner of 10th Street and Loop 302.

Both facilities are highly visible and receive ample drive-by traffic. The facilities have been family-managed since their inception, but have only served as an ancillary source of revenue compared to the owners primary business ranching. Neither facility features an on-site manager, and very little concentration has been given to marketing and promotion as a way to increase occupancy. The leasing is currently handled from the family office located at a separate location (not included in this offering).

Offered at replacement cost $44.58 per rentable-square feet, an experienced storage operator possessive of time and resources could dedicate both toward the goal of increasing occupancy at two facilities which require no capital improvements to the physical structures themselves, and are both located in relatively under-supplied three-mile trade areas. In doing so, above-market unleveraged yields exceeding 10 percent are capturable upon economic stabilization of the facilities.

Investment Highlights

  • Offered at Replacement Cost -- $44.58 per RSF
  • Pro Forma Unleveraged Returns Exceeding 10%
  • Excellent Visibility, Quality Construction, Under-Supplied Trade Area

Exclusively Listed By

Self-Storage Facility

Westside Storage

Listing Price: $1,300,000

Cap Rate
3.68%
Number of Units
181
Occupancy
46.94%
Gross SF
29,160
Rentable SF
29,160
Price/Rentable SF
$44.58
Year Built
2008

Investment Highlights

  • Offered at Replacement Cost -- $44.58 per RSF
  • Pro Forma Unleveraged Returns Exceeding 10%
  • Excellent Visibility, Quality Construction, Under-Supplied Trade Area

Investment Overview

Westside Storage #1 and #2 are exclusively offered for purchase by Marcus & Millichap for $1,300,000.00. The facilities are both located in Odessa, Texas. Built in 2008, the facilities feature metal paneling, screw-down metal roofs, wrought iron perimeter fencing, perimeter lighting, security cameras, garage-style roll-up doors, and concrete foundations. Westside Storage #1 is located on West University Drive, one of Odessas primary residential and commercial thoroughfares. Westside Storage #2 is located on the northwest corner of 10th Street and Loop 302.

Both facilities are highly visible and receive ample drive-by traffic. The facilities have been family-managed since their inception, but have only served as an ancillary source of revenue compared to the owners primary business ranching. Neither facility features an on-site manager, and very little concentration has been given to marketing and promotion as a way to increase occupancy. The leasing is currently handled from the family office located at a separate location (not included in this offering).

Offered at replacement cost $44.58 per rentable-square feet, an experienced storage operator possessive of time and resources could dedicate both toward the goal of increasing occupancy at two facilities which require no capital improvements to the physical structures themselves, and are both located in relatively under-supplied three-mile trade areas. In doing so, above-market unleveraged yields exceeding 10 percent are capturable upon economic stabilization of the facilities.

Exclusively Listed By

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