overview video
investment highlights
- SOLID DEMOGRAPHICS // Average Household Income $112,872 | Three-Mile Population 79,561. The population is projected to grow 12.75 percent by 2027.
- 80,188 NRSF // Outdoor Parking Could Be Used For Expansion Plus 6,000 SQFT of Covered Parking (Approximately 3/4 Of An Acre)
- STRONG PHYSICAL OCCUPANCY // Long History of High Occupancy
- BUSY LOCATION NEAR THREE FREEWAYS WITH FRONTAGE ON ALDINE WESTFIELD ROAD // The Hardy Toll Road, The Grand Parkway (Houston’s Outer Loop) and Interstate 45. Over 28K Daily Traffic Counts on Aldine Westfield Road.
- NEAR SPRINGWOODS VILLAGE // Home To Several Major Employers Including CHI St. Luke’s, Southwestern Energy, HP, and American Bureau of Shipping (ABS)
property summary
Devon Self Storage (Managed) is an 80,188 net rentable square foot self-storage facility located in Spring, Texas which is a northern suburb of Houston. The property sits on 5.96 acres of land and has nine single-story buildings. There are 664 units composed of 270 climate control units (25,726 net rentable square feet) and 320 non-climate units (54,462 net rentable square feet). There are also 68 parking spaces and one retail space. The property has many different amenities including, but not limited to a gated entry with a digital keypad, a two-bedroom residence, video surveillance, and concrete driveways. Additionally, a full service on-site management office also serves as the hub for an onsite postal center. The income from the postal center supplements the bottom line by about $1,250 per month and also serves as marketing tool by attracting potential storage customers to the store who may have only had reason to visit the location to satisfy their postage/shipping needs.
This investment offers an investor the opportunity to acquire a relatively newly built asset with strong occupancy in a busy area. The property was initially constructed in 2005, however approximately two-thirds of the facility has been constructed since 2010 including the most recent phase in 2015. There is roughly two-thirds of an acre being used for outdoor parking including 170 feet of frontage on Aldine Westfield Road which could be a prime development opportunity allowing an investor to capitalize on future upside. Detention and drainage are already in place making it easier to maximize the full potential of the undeveloped land.
Devon Self Storage sits in a highly populated and growing area with nearly 80,000 people living within a three-mile radius of the property. The population is projected to grow nearly 13 percent in the next five years. Aldine Westfield Road is a major north-south thoroughfare in North Harris County with daily traffic counts of over 28,000. The facility is also close to three major freeways: The Hardy Toll Road, The Grand Parkway (Houston’s Outer Loop) and Interstate 45. The property is less than three miles from the ExxonMobil Houston offices in Springwoods Village. Other major employers with a large footprint nearby include CHI St. Luke’s, Southwestern Energy, HP, and American Bureau of Shipping (ABS).
As of November 2022, Devon Self-Storage (Managed) is approximately 89.3 per cent physically occupied.
