investment highlights
- 124 UNITS | 14,575 NRSF // Facility Has Gated Keypad Entry with Video Surveillance
- DENSELY POPULATED AREA FIVE MILE FROM DOWNTOWN HOUSTON // Three Mile Population +/- 150,000
- VERY UNDERSUPPLIED TRADE AREA // 4.44 Square Feet Per Capita
- UPSIDE BY INCREASING ECONOMIC OCCUPANCY // 77 Percent as of December 31st, 2022
- MOST RECENT PHASE WAS CONSTRUCTED IN 2020
- $38,000 SPENT IN RECENT CAPEX PROJECTS // New Gate Motor, Keypad, LED Lighting, Signage and Security Cameras
portfolio summary
Greenkey Storage-Northline is a 14,575 NRSF Self-Storage facility located in Houston, TX. The property sits on approximately 0.9 acres of land and has seven single story buildings consisting of 124 non-climate units. While initially constructed in the early 70’s, approximately 2/3 of the property has been built or remodeled since 2016 including 1000 square feet as recently as 2020. The facility has amenities including but not limited to, video surveillance throughout the property, perimeter fencing, an automatic entrance gate with key code access, concrete driveways, roll-up doors, and a manager’s office and residence. Close to $40,000 has been spent in recent CAPEX projects including a new gate motor, LED lighting, signage, and security cameras.
The facility sits about one quarter mile east of Interstate 45 and 100 yards east of Airline Drive approximately five miles north of Downtown Houston. Greenkey Storage, Northline is located in a densely populated urban area with around 150,000 residents within three miles. The existing self-storage supply in the trade area is only 4.44 square feet per capita which is substantially below average.
Proximity to a busy intersection and a busy freeway is only one of the reasons Greenkey Storage boasts a daytime population of around 145,000. There are numerous economic drivers very close to the facility with the most famous probably being the original Gallery Furniture owned by Jim “Mattress Mack” McIngvale which employs hundreds of workers. Even closer than Gallery Furniture is Northline Commons which has more than 50 stores, restaurants, and other service providers just one half mile south of Greenkey Storage. Additionally, there’s a Walmart Supercenter, and Houston Community College Northline Campus also within one half mile.
Leasing has been on an upward trend the past X as the property is approximately X percent physically occupied which is up from X in X.
The facility may be purchased individually or in tandem with Texas Boat & Self Storage.
