- STREET RATES 35-40 PERCENT BELOW MARKET // Significant upside in bringing rates in line with market norms.
- COMPETITIVE SELLER FINANCING // Seller is willing to finance the asset with a 65 percent LTV and 5.5 percent interest only note with a 48 month term.
- BENTWATER DEMOGRAPHICS // $176,605 Average Household Income
- 115,124 NRSF // 193 Units
- APPROXIMATELY 9.50 ACRES OF LAND INCLUDED IN THE SALE // The land is prepped and permitted for a 120,000 NRSF expansion. All utilities have already been brought to the site.
- WIND RATED CONSTRUCTION TO 120 MPH // The property features concrete driveways, concrete parking surfaces, electrical outlets with a light in every unit, a full service managers office, security fencing and entry with digital key code access. The units are 14 feet wide and have 12 foot wide roll up doors that are 14 feet tall allowing all street legal vehicles to be stored.
A Storage Place is a 115,124 net rentable square foot boat & RV storage facility located in the Bentwater/Lake Conroe area of Montgomery, Texas, a lakeside community about 50 miles north of downtown Houston. The property sits on approximately 17.93 acres of land and consists of 156 enclosed storage units, one office warehouse type space, five commercial retail spaces, and one 5,560 square foot owner’s unit space. There are eight single story metal framed buildings and one two story building with concrete driveways and 30 parking spaces on concrete. The property was constructed in two phases between 2012 and 2015. There are several first-class amenities that are commensurate with the high-end boats and recreational vehicles and other “toys” that are stored at this facility including concrete parking surfaces electrical outlets in each of the units, a manager ’s office, security fencing and an automatic entrance gate with keycode access. The construction of the buildings is wind rated to 120 MPH and the units feature 14 feet tall doors and partitions that are 14 feet wide so that any street legal vehicle can be stored at A Storage Place. Each unit has LED lighting and power outlets with the option to add Phase three power available if a tenant so desires. Additionally, there are numerous trip preparation stations located throughout the property that have water and an air compressor.
A Storage Place fronts on FM 1097 and is conveniently located about one mile from Lake Conroe. FM 1097 is the main thoroughfare on the northern side of Lake Conroe connecting Interstate 45 to Montgomery with around 10,962 vehicles daily. Lake Conroe is a major Houston tourist destination for its numerous camping areas, watersports, and is one of the top areas in the country for freshwater anglers. Furthermore, A Storage Place draws the majority of its tenants from its nearby high demographic surroundings including Bentwater which is a 1,400 acre gated water front master planned community. The area is some of the most sought after residential real estate in Montgomery County and features the Bentwater Country Club with three 18-hole championship golf courses and a yacht club. Substantial growth is on the horizon as well namely the Lake Celestine development about one mile away which is a 289 acre mixed use master planned development with nearly 1,100 single family residential lots where the average home price will be between $3,000,000 and $5,000,000. Other new neighborhoods coming in are Bentwood Farms which is about 5/10 mile from A-Storage Place and then Montgomery Bend which is a 300 home development with 45 foot lots about two miles away
The asset offers enormous stability and yet also presents a significant expansion opportunity with just under ten acres of additional land included in the sale. There are permits in place to develop an additional 112,000 NRSF of storage. No further detention should be required on the expansion land and the dirt has been prepped and ready to expand upon. High voltage power has already been brought to the land is stubbed out. Given that the facility is around 98 percent physically occupied and has been highly occupied within months of both phases being constructed, A Storage Place appears to be primed for continued development.
The Seller is willing to finance the purchase of the asset with an LTV of 65 percent on a five and a half percent interest only note that comes due 48 months after the closing. The facility does have a website but ownership isn’t very aggressive on doing any advertising or marketing otherwise. Rates across the board are approximately 35-40 percent below market for comparable properties. The owner is a local resident who self manages the property and this is the only storage facility that he owns.