overview video
investment highlights
- 79,025 NRSF // 214 Units
- CONVENIENT NW HOUSTON LOCATION CLOSE TO US 290 & BELTWAY 8 // The three-mile population in the area is over 100,000 people and the three-mile average household income is over $108,000.
- NUMEROUS CUSTOMER AMENITIES // The facility includes a gated entrance with keypad access, video surveillance, lighting, and concrete parking surfaces inside the units.
- 6.31 PERCENT IN-PLACE CAP RATE WITH UPSIDE IN RAISING RENTS AND OCCUPANCY // The physical occupancy is 77.10 percent and street rates are approximately 25 percent below market.
property summary
Dry Dockers Boat & RV Storage is a 214 unit, 79,025 net rentable square foot boat and RV storage facility situated on approximately 4.73 acres in Houston, Texas. While the property is primarily composed of traditional enclosed units with swing doors, there are also 16 uncovered outdoor parking spaces included in the unit mix. The property has amenities such as lighting and an electrical outlet in each unit, concrete parking surfaces, a security gate with key code access, security lighting and video surveillance.
The property benefits from strong demographics. The average household income is close to $110,000 annually and there are over 100,000 residents within a three-mile radius and close to 275,000 people live within five miles of the property. Dry Dockers Boat & RV Storage is in close proximity to US Highway 290, Beltway 8, and FM 529 and the location provides a convenient storage solution for residents living in communities such as Jersey Village, Hearthstone, and Lakes on Eldridge. Given the facility is also about 15 miles from downtown Houston, it’s also an ideal location for commercial tenants who need access to major freeways to get into Houston’s urban core.
Dry Dockers Boat & RV Storage provides an investor with the opportunity to purchase a property with an upside in raising occupancy and rental rates while still achieving an in-place cap rate of close to 6.31 percent. Street rates are approximately 25 percent below the submarket average for similar class properties. Furthermore, ownership recently began converting fourteen 12×27 units into seven 12×54 pull-through spaces that are typically desirable in hopes of sparking occupancy while still commanding a similar price per foot. By reducing the economic vacancy to 85 percent and achieving $0.45 monthly rental rates an investor should expect to see a year one unlevered return near 8.50 percent. As of March 31st, 2025, Dry Dockers Boat & RV Storage is 77.10 percent physically occupied.
