- GROWING POPULATION // There are approximately 33,000 people living within three miles of Affordable Storage and that count is expected to grow by around 8.5 percent in five years.
- SOLID DEMOGRAPHICS // The property benefits from a trade area where the average household income is approximately $83,000.
- EXCELLENT UPSIDE OPPORTUNITY // The Seller is a local family who self-manages the property and doesn’t collect tenant insurance and hasn’t raised street rates or rents on existing tenants in over five years.
- WELL-MAINTAINED ASSET // Roofs and lighting were replaced in 2016.
- AVERAGE UNIT SIZE UNDER 100 NRSF // 61,960 NRSF | 645 Units
Affordable Storage is a 61,960 NRSF self-storage facility with 645 units located in Alvin, Texas which is a southern suburb of the Greater Houston Area. The property sits on approximately 3.01 acres of land and has 8 single-story buildings. The facility has numerous amenities including but not limited to, video surveillance throughout the property, an automatic entrance gate with key code access, roll-up doors, concrete driveways, and a full-service on-site manager’s office with an onsite residence. Affordable Storage was originally constructed in 1982 and the climate control buildings were built in 1994. Since then, the Seller has exhibited a great amount of pride of ownership through the years. In 2016 all the roofs were replaced, and LED lighting was installed.
The facility also serves a high demographic population with approximately 33,000 people living within three miles and has an average household income that is over $83,000. The property sits about 2/10 of a mile from Alvin High School which is a 6A high school with around 3,000 students. The far southern portion of Greater Houston has been booming with massive residential communities and Alvin has had its fair share of growth highlighted by several infrastructure, residential, and retail projects that are taking place. TXDOT recently announced that construction will begin in 2026 on Segment B of the TX-99 Grand Parkway (Houston’s Outermost Loop) that will connect I-45 in League City to Alvin. There are 7 active subdivisions that are either being built or being expanded upon, and the city of Alvin has approved hundreds of new home permits in the most recent fiscal year. The city has also seen several new national and regional retailers and restaurants open their doors in recent months.
The Seller is a local family who self-manages the property, and this is the only storage facility they own. Affordable Storage is approximately 72 percent economically occupied and by reducing vacancy to 20 percent and creating ancillary revenue streams such as tenant insurance a 6 percent unlevered return could be achieved. Furthermore, the rental rates on both new and existing tenants haven’t been raised in over 5 years.