Advantage Storage (Managed) – Houston, Texas

Property Location

12555 Northborough Drive
Houston, TX 77067

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investment highlights

  • BUSY NORTH HOUSTON CORRIDOR NEAR THREE MAJOR FREEWAYS // Advantage Storage (Managed) is approximately 1/10 mile from the intersection of Greens Road and Northborough Drive where approximately 28K vehicles per day travel.
  • DENSELY POPULATED MAJOR EMPLOYMENT CENTER // There are 128,328 people living within three miles of the facility and there is a daytime population of 145,752. The facility is near George Bush Intercontinental Airport, one of the 50 busiest airports in the world. Amazon, Lowe’s Home Improvement, Coca Cola, and Sysco have large operations nearby. Public Sector employers include the IRS, and US Citizenship and Immigration Services and United States Armed Forces. Aldine Davis High School and the newly constructed IDEA High School are also all in close proximity.
  • RECENT CLASS “A” CONSTRUCTION // The property was converted into a self-storage facility and new modular drive-up buildings added in 2017. Advantage Storage (Managed) is one of only two facilities that have been constructed in the trade area in the past 15 years.
  • IMPROVING OPERATIONS // Ownership recently changed third party management companies and has seen improvement over the past six months. With continued improvement, an end of year one unlevered projected return of 4.47 percent could be attainable with a five year levered IRR of 16.3 percent.

property summary

Advantage Storage (Managed) is a 69,839 net rentable square foot self-storage facility located in Houston, Texas. The property sits on approximately 4.19 acres of land and has one two story self-climate-controlled building (45,039 NRSF), six single-story modular drive-up buildings (23,800 NRSF) and 76 outdoor parking spaces. The facility was originally an office building that was constructed in 1980 and was converted to a storage facility in December of 2016. There are a total of 777 enclosed units and the average unit size is 99.62 square feet. The property has many amenities commonly found in Class “ A” self-storage facilities. There is a gated entry with a digital keypad, a spacious full-service on-site management office, 24/7 video surveillance throughout the facility, concrete driveways, large loading dock and units with roll up doors.

Advantage Storage (Managed) sits in a densely populated area of North Houston with around 128,000 people living within three miles. The property is less than a mile from the intersection of the Sam Houston Tollway and Interstate 45 and is also about two miles from the Hardy Toll Road. Advantage Storage (Managed) fronts on Northborough Drive approximately 500 feet north of the intersection of Greens Road and is visible at the intersection. There are traffic counts of 10,000 vehicles per day on Northborough and the intersection with Greens sees a combined 28,000 vehicles daily. Northborough turns into Greens Parkway and meanders through this area of North Houston making a convenient secondary thoroughfare for local residents. Proximity to a busy intersection and three major freeways is only one of the reasons Advantage Storage (Managed) boasts a daytime population of 145K in the three-mile radius. There are numerous economic drivers very close to the facility with the most noteworthy being George Bush Intercontinental Airport, one of the 50 busiest airports in the world. Additionally, major companies such as Amazon, Lowe’s Home Improvement, Coca Cola, and Sysco have large operations nearby. There are also several public sector employers that feed off the IAH location such as the Internal Revenue Service, the United States Citizenship and Immigration Services building and the United States Armed Forces. The facility is less than a mile from Aldine Davis High School which is a 6A high school (the largest Texas public high school classification) and about two miles from the recently constructed IDEA High School. Several restaurants, hotels and other national and regional retailers dot the nearby landscape as well.

The facility changed third-party management companies in the third quarter of 2021 and has star ted seeing a noticeable increase in operations. The facility is one of two properties that has been constructed within a three-mile radius in the past 15 years. Having a mix of multi-story and drive-up options gives the customers flexibility. Rental rates are increasing but are still lagging behind in the market. With the strong rental rate conditions the trade area offers, a purchaser could see a 4.47 percent unlevered cap rate at the end of the first y ear and an approximate 16.3 percent levered five-year IRR.

Broker Information

Dave Knobler

Senior Vice President

Phone: 713.452.4293
License: TX 606252

Charles "Chico" LeClaire

Executive Managing Director

Phone: 303.328.2025
License: CO EA00147681

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