Extra Space (Managed) – Sugar Land, TX (Houston MSA)

Property Location

8421 Homeward Way
Sugar Land, TX 77479

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investment highlights

  • Sugar Land Location //  $163,191 Average Household Income
  • High Barriers to Entry //  Only 1 New Facility Built Since 2003
  • Visibility on The Grand Parkway (TX-99)
  • 3 Mile Population (2021) // 69,608 – Projected 11.39 Percent Growth by 2026
  • 73,700 NRSF + Outdoor Parking | 666 Units
  • Current Physical Occupancy // 99 Percent

property description

Extra Space Storage (Managed) is a 73,700-net rentable square foot self-storage facility located in Sugar Land, Texas a southwest Houston suburb. The property sits on approximately 5.28 acres of land and has 5 single story buildings plus 1 two story manager’s office and residence. There are a total of 666 units composed of 305 climate-controlled units (34,910 net rentable square feet), 322 non-climate units (38,790 net rentable square feet) and 39 outdoor parking spaces.

The property was constructed in 1999 and has an attractive block façade along with many amenities commonly found in Class “A” self-storage facilities. There is a gated entry with a digital keypad, a spacious on-site management office, a manager’s residence, video surveillance throughout the facility, and concrete driveways. Extra Space Storage (Managed) sits in an affluent and growing area of Houston with around 70,000 people living within a three-mile radius of the facility. Additionally, the population is expected to grow over 11 percent in a three-mile radius of the property in the next five years. The average household income in the trade area is around $163,000. Extra Space Storage (Managed) has visibility on The Grand Parkway (TX-99) which is Houston’s outermost loop. It also fronts on Homeward Way near New Territory Boulevard which is a primary intersection in New Territory.

One of the most appealing features of Extra Space Storage (Managed) is its high barrier to entry location. There are only 4 competing facilities in a 3-mile radius of the facility and the average square feet of storage per capita is 6.75. The last storage facility to be completed within 4 miles of the subject property was in 2016 and that was the first facility to be constructed in the trade area since 2003. The physical occupancy currently sits above 99 percent, and the facility has consistently been highly occupied since it leased up in the early 2000’s.

Extra Space Storage (Managed) sits in the retail hub of the western entrance to New Territory amongst several businesses. In addition to being a convenient storage source for New Territory residents, it is also convenient to Telfair another highly acclaimed Sugar Land residential development. Sugar Land has risen to prominence as a home to several corporate headquarters, attractive master planned communities, high end dining and shopping experiences, and major entertainment venues. Sugar Land was recently named “The Most Ambitious City in the US” an award that recognizes the best business savvy cities in the country. The city is about twenty miles southwest of downtown Houston and has been voted the best suburb of Houston. The Sugar Land Regional Airport, Constellation Field the home of the Sugar Land Skeeters (Houston Astros AAA affiliate) and Smart Financial Centre at Sugar Land which is a leading concert venue are all located within 3 miles of Extra Space Storage (Managed).

Broker Information

Dave Knobler

Senior Vice President

Phone: 713.452.4200
Email: dknobler@marcusmillichap.com
License: TX 606252

Charles "Chico" LeClaire

Executive Managing Director

Phone: 303.328.2025
Email: cleclaire@marcusmillichap.com
License: CO EA00147681

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