investment highlights
- DIFFICULT LOCATION TO DUPLICATE // Land values and a scarcity of large parcels with frontage on Fry Road provide a significant barrier to entry.
- HIGH DEMOGRAPHIC LOCATION IDEAL FOR BOAT/RV STORAGE DEMAND // The five-mile population is 175,030 and he average household income is $136,486.
- CLASS “A” CONSTRUCTION // Busy Northwest Houston Suburban Location – There is frontage on Fry Road with over 35K daily traffic counts.
- NEARBY COMPETITORS ARE ENJOYING LOW VACANCY AND THE MARKET LEADER IS ADVERTISING STREET RATES THAT ARE AROUND $10/SF ON AN ANNUAL BASIS.
- COFO EXPECTED Q4 2023 // The facility will feature 190 units totaling 99,300 NRSF.
property summary
Cy-Tex Boat & RV Storage CofO is a 109-unit, 99,300 square foot boat & RV storage facility under construction in Cypress, Texas; An affluent northwest Houston suburb. The property sits on approximately 8.55 acres of land and upon completion will have one single-story buildings containing 110 enclosed units and 80 covered parking units. Cy-Tex RV & Boat Storage will have an attractive façade along with many amenities commonly found in Class “A” self-storage facilities. There will be a gated entry with a digital keypad, 24/7 video surveillance throughout the facility, wide concrete driveways for ample turning radius, and units with roll up doors.
Cy-Tex Boat & RV Storage CofO fronts on Fry Road which is a primary thoroughfare on Houston’s west side that connects booming suburbs Cypress and Katy to one another. Traffic counts in front of the facility are over 35K daily. The facility sits near the signalized intersection of Hempstead Road and Fry Road about 1,000 feet south of US 290 which is one of the busiest intersections in northwest Houston. In addition to numerous national retailers, hotels and schools other economic drivers nearby include the Houston Methodist Cypress Hospital which is under construction and Blackhorse Golf Club. The property is in the heart of over 175,030 residents living within five-miles of the facility and another 19 percent growth is expected by 2027.
The prospects of being able to duplicate a location on Fry Road at market rental rates would be difficult given both land values and the scarcity of large parcels that front on Fry Road. The pent up demand for RV & boat storage units is reflected by the historically strong rates and high occupancies that nearby competitors are achieving in the trade area. A recent rent survey showed the closest competitor who is a major national operator is asking approximately X/square foot for larger Class “A” type spaces with very limited availability. A rapid lease up with limited concessions is expected given the combination of market dynamics and high demographics. The average household income is about $136K in a five-mile radius.
While some of the facility should be open to rent units considerably sooner, the property is expected to obtain a CofO for the entire property by X.
