- PERMIAN BASIN OIL CAPITAL OF AMERICA // Three Mile Average Household Income +/- $70,000
- TWO LOCATIONS FM 700 & EAST 4TH STREET // Traffic Counts +/- 7,000 at Each Store
- STRONG OPERATIONS // 90 Percent Physical Occupancy – 86 Percent Economic Occupancy
- EXCELLENT FEATURES // Amenities Such as Roll Up Doors, Asphalt Drives, a Security Gate with Keycode Access and an On-Site Managers Office.
- LOCAL EMPLOYMENT DRIVERS // Within one-mile of Howard College & Big Spring is County Seat of Howard County.
Big Spring Lock Storage is a 94,320 net rentable square foot self-storage facility located in Big Spring, Texas. Included in the opportunity are 481 non-climate units, one office space, two warehouse spaces and 26 outdoor parking spaces. The “main” facility located at 3301 FM 700 sits on five parcels that total up to approximately 9.08 acres. There is also an “annex” facility located at 1300 East 4th Street approximately one and a half miles away that sits on 1.84 acres.
Big Spring Lock Storage offers amenities including, but not limited to video surveillance throughout the property, an automated security gate with keycode access, roll up doors, asphalt driveways, and a manager’s office.
The FM 700 facility is approximately a mile south of Interstate 20 with daily traffic counts of approximately 7,000. The portion of FM 700 where Big Spring Lock Storage sits serves as the eastern loop around Big Spring.
The 4th Street property is more centrally located sitting less than a mile east of downtown Big Spring. 4th Street is also known as the Business Interstate 20-G (Bus. I-20-G) and is a business loop of I-20 that is the primary thoroughfare through downtown Big Spring. Similarly to the FM 700 location, the 4th street location also has over 7,000 traffic counts.
Situated in the Permian Basin which is the “Oil Capital of America”, Big Spring is approximately 40 miles east of Midland-Odessa and is the county seat of Howard County. The Big Spring Lock Storage locations are less than a mile from Howard College, which is home to around 5,000 students and faculty members, is one of the top ranked nursing schools in Texas and competes in six intercollegiate sports. The average household income in the trade area is over $70,000.
The asset is currently around 80 percent physically occupied with a minimal amount of economic vacancy. The ownership group is an out of state partnership and self manages the asset. The asset is priced around $56/NRSF and offers a day one all cash unlevered return of close to 5.75 percent with upside in the ability to drive rates and push ancillary revenue sources.