overview video
investment highlights
- AFFLUENT FORT BEND COUNTY LOCATION & DEMOGRAPHICS // The average household income is nearly $130,000 within three miles of the property. There are approximately 55,000 people living within three miles of the property and the population is expected to grow to 64,000 by 2028. The trade area is in the heart of massive established developments such as Pecan Grove and New Territory, as well as the Indigo community, which is under construction.
- 28,288 DAILY TRAFFIC COUNTS // The facility fronts on US Highway 90 A which is a major thoroughfare connecting the southwestern suburbs to inner-loop Houston.
- 570 ENCLOSED AND COVERED UNITS | 107,317 NRSF // There are two parcels totaling 13.56 acres. The parcel that’s primarily covered and open parking is on a ground lease that runs through 2045.
- VALUE ADD COMPONENTS // The property is being offered at north of a six percent in place cap rate at 84 percent physical occupancy and without offering tenant insurance.
- LIMITED NEARBY SUPPLY // 5.14 feet per capita much of which is inferior property or boat/RV storage. The closest new facility is over 5.5 miles away.
property summary
All Star Storage is a 782 unit, 107,317 NRSF self-storage facility in Richmond, TX, an affluent southwest Houston suburb. The property sits on approximately 13.56 acres of land and has thirteen single-story
buildings and a two-story manager’s office with a one bedroom/one bathroom apartment. There are 232 climate control units (24,597 NRSF), 246 drive-up non-climate units (47,635 NRSF), 92 covered parking spaces (35,085 NRSF) and 194 open parking spaces. There is also an additional one bedroom/one bathroom apartment that’s utilized by the onsite maintenance employee. The facility has numerous amenities including but not limited to, video surveillance throughout the property, an automatic entrance gate with digital key code access, roll-up doors, and concrete driveways on the traditional self-storage units.
Richmond features one of the most affluent population bases in the Greater Houston area. The average household income is nearly $130,000 within three miles of the property and the three-mile population that is currently around 55,000 is projected to grow by roughly 9,000 people (15.6 percent increase) by 2026. Highlighting the growth is the 235-acre Indigo community which is about a mile and a half from All Star Storage and is currently under development. The facility also serves several well established posh suburban neighborhoods such as New Territory and Pecan Grove. In addition to its well-to-do surroundings, the property also fronts on US Highway 90 A and boasts traffic counts of over 28,000. US Highway 90 A is a main thoroughfare that connects the far southwest Houston suburbs to the inner loop of the metropolitan area.
The owner is a local family and the original developer of the property and is looking to retire. The facility benefits from limited nearby competition as the existing three-mile supply is at 5.14 feet per capita which is far below statewide averages. Furthermore, the closest facility under construction is over 5.5 miles away. The facility has been well occupied for several years and the ownership has been able to consistently push rents. The facility is being offered at an in-place cap rate slightly north of six percent and that’s without capitalizing on selling tenant insurance. The western parcel which consists of outdoor parking and covered spaces is on a ground lease that expires in 2045.
As of September 30th, 2024, the asset is approximately 84 percent physically occupied.
