- THREE-MILE POPULATION +/- 150,000 // Projected to increase to over 4.5 percent in the next four years.
- SIGNIFICANT RECENT CAPEX // Numerous capital improvements have been completed since 2017.
- APPROXIMATELY 14,000 NRSF OF RENOVATED UNITS COMING ONLINE IN 2ND QUARTER OF 2022
- SPRING VALLEY VILLAGE // $112,538 Three-Mile Average Household Income
- CLIMATE CONTROL UNITS ARE 95 PERCENT OCCUPIED
- 49,539 NRSF – 271 UNITS
- INNER WEST HOUSTON LOCATION // Ten miles from downtown, five miles from the Galleria, two miles from Memorial City, three miles from City Centre.
AA Storage at Ruland Road is a 49,539 net rentable square foot self-storage facility located in the Spring V alley Village area of Houston, Texas which is an affluent suburb less than ten miles west of downtown. The property is on approximately 2.3 acres with five metal framed single story buildings consisting of 112 climate control units, 143 drive-up non-climate storage units, and five executive office suites, five warehouse spaces. There are two office spaces that are under construction and are scheduled to come online in the second quarter of 2022. There is also about 640 feet of outdoor parking area that’s four spaces. The facility was originally built in 1971 and has gone through various upgrades and renovations over the years. A vast assortment of upgrades throughout the property have been made since ownership purchased the property in 2017. The facility has many amenities including but not limited to roll up doors, concrete driveways, and a full-service on-site manager’s office.
Spring Valley Village is in a cluster of six independent cities (Spring Valley, Bunker Hill, Hedwig, Hilshire, Hunters Creek, and Piney Point) that make up the Memorial Villages. The convenience to Interstate 10 in between Loop 610 and Beltway 8 (Houston’s inner loop and middle loop respectively) makes the area ideal for both urban convenience and suburban comforts. AA Storage at Ruland Road benefits from its high demographic setting. The average household income is over $112,000 and home to around 150,000 people within a three-mile radius of the property. The population is expected to increase by close to 4.5 percent by 2026. The facility is close to the intersection of Campbell Road and Long Point drive in the heart of the Spring Branch area and the proximity to these main thoroughfares allows AA Storage at Ruland Road to draw tenants from both Spring Branch and Memorial areas. The facility is two miles from Memorial City, three miles from City Centre, and five miles from the Houston Galleria which are three of the most popular shopping destinations in Greater Houston.
The investment offers a purchaser the opportunity to own a stable self-storage facility that has undergone significant physical upgrades in recent years in the heart of one of Houston’s most highly sought after residential areas. The facility had enjoyed over 95 percent occupancy before a fire in July of 2021 knocked 61 storage units and three office spaces that were all occupied offline. The repair work is in the final stages of completion
and the units are starting to re-lease at strong rates. By continuing to reduce physical vacancy, limiting concessions and managing rents upward an investor could see an end of year one unlevered return north of 5.5 percent.