Self-Storage Facility

Woodforest Storage

Listing Price: $5,700,000

Cap Rate
3.61%
Number of Units
364
Occupancy
67.73%
Gross SF
71,922
Rentable SF
71,922
Price/Rentable SF
$79.25
Year Built
2007

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Woodforest Storage in Montgomery, Texas. The facility is approximately 55 minutes from downtown Houston and only 20 minutes from Conroe and The Woodlands.

Consisting of 71,922 net rentable square feet on 10 acres, the facility maintains 159 climate-controlled units ranging from 50 square feet to 300 square feet and 111 non-climate-controlled units ranging from 50 square feet to 480 square feet. There are currently 33 covered and 59 outdoor parking spaces. In addition, there are two office/retail spaces which combined total over 13,000 square feet. The subject sustains economic and physical occupancies of 69 and 67 percent, allowing an investor to benefit from the continuation of lease-up activity. The subject currently offers rates below the market average on selected units. The 10-acre parcel has room for single-story expansion to add 36,450 gross square feet without negatively impacting the existing parking revenue. The facility is fully fenced, gated and lighted for safety and also offers concrete entries, parking at the front of the property and concrete drives which can be easily maintained.

The facility is situated in a growing region and near several residential zones, schools and national retailers. There are 2,381 multifamily units within a five-mile radius of the property, an increase of 9.2 percent from the prior year. Likewise, 12-month absorption was 197 units, an increase of 89 percent compared to the prior 12-month period. Another 234 units are either proposed or under construction. Recent deliveries slightly increased multi-family vacancy to 12 percent, while the 5-year average is around 9.8 percent.

The award-winning Woodforest master-planned community is nearby. With over 3,000 acres, this development is listed among the nations 50 top-selling communities. The subject is within three and one-half miles of FM 1488 and major retailers such as Home Depot, Target, Ross, OfficeMax, PetSmart and Walgreens.

Montgomery is in Montgomery County, which was the 18th fastest-growing county in the United States from 2010 to 2018 based on data compiled by the Greater Houston Partnership in 2019. Montgomery County's growth rate trailed only Fort Bend County in the Houston MSA during most of the last decade. Montgomery County ranks No. 9 out of the fastest-growing counties in the state of Texas, according to newly released data from the U.S. Census Bureau. The county's population grew 3 percent from July 2018 to July 2019 increasing from 589,770 to 607,391 according to estimates released March 26, 2020. Its population has more than doubled in the last twenty years and its population is projected to top one million in the next twenty-five years.

Investment Highlights

  • Offered at $79 per Net Rentable Square Foot
  • 10-Acre Parcel with Room for Expansion
  • Value Add Opportunity via Lease Up and Targeted Rate Growth

Exclusively Listed By

Self-Storage Facility

Woodforest Storage

Listing Price: $5,700,000

Cap Rate
3.61%
Number of Units
364
Occupancy
67.73%
Gross SF
71,922
Rentable SF
71,922
Price/Rentable SF
$79.25
Year Built
2007

Investment Highlights

  • Offered at $79 per Net Rentable Square Foot
  • 10-Acre Parcel with Room for Expansion
  • Value Add Opportunity via Lease Up and Targeted Rate Growth

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Woodforest Storage in Montgomery, Texas. The facility is approximately 55 minutes from downtown Houston and only 20 minutes from Conroe and The Woodlands.

Consisting of 71,922 net rentable square feet on 10 acres, the facility maintains 159 climate-controlled units ranging from 50 square feet to 300 square feet and 111 non-climate-controlled units ranging from 50 square feet to 480 square feet. There are currently 33 covered and 59 outdoor parking spaces. In addition, there are two office/retail spaces which combined total over 13,000 square feet. The subject sustains economic and physical occupancies of 69 and 67 percent, allowing an investor to benefit from the continuation of lease-up activity. The subject currently offers rates below the market average on selected units. The 10-acre parcel has room for single-story expansion to add 36,450 gross square feet without negatively impacting the existing parking revenue. The facility is fully fenced, gated and lighted for safety and also offers concrete entries, parking at the front of the property and concrete drives which can be easily maintained.

The facility is situated in a growing region and near several residential zones, schools and national retailers. There are 2,381 multifamily units within a five-mile radius of the property, an increase of 9.2 percent from the prior year. Likewise, 12-month absorption was 197 units, an increase of 89 percent compared to the prior 12-month period. Another 234 units are either proposed or under construction. Recent deliveries slightly increased multi-family vacancy to 12 percent, while the 5-year average is around 9.8 percent.

The award-winning Woodforest master-planned community is nearby. With over 3,000 acres, this development is listed among the nations 50 top-selling communities. The subject is within three and one-half miles of FM 1488 and major retailers such as Home Depot, Target, Ross, OfficeMax, PetSmart and Walgreens.

Montgomery is in Montgomery County, which was the 18th fastest-growing county in the United States from 2010 to 2018 based on data compiled by the Greater Houston Partnership in 2019. Montgomery County's growth rate trailed only Fort Bend County in the Houston MSA during most of the last decade. Montgomery County ranks No. 9 out of the fastest-growing counties in the state of Texas, according to newly released data from the U.S. Census Bureau. The county's population grew 3 percent from July 2018 to July 2019 increasing from 589,770 to 607,391 according to estimates released March 26, 2020. Its population has more than doubled in the last twenty years and its population is projected to top one million in the next twenty-five years.

Exclusively Listed By

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