overview video
investment highlights
- LONG TERM OWNER WITH STRAIGHTFORWARD MOTIVATION // The Seller is a husband-and-wife couple that is retiring after self-managing the facility since they developed it.
- STRONG IN PLACE PERFORMANCE WITH IMMEDIATE UPSIDE // The facility is 87 percent physically occupied with a path to an 8.25 percent year one cap rate through EGI growth and enhanced tenant insurance performance.
- SOLID INCOME CUSTOMER BASE WITH NEW HOUSING SUPPLY NEARBY // The surrounding household average income is around $85,000 with two new single family residential communities under construction about two miles away.
- HIGH QUALITY NEWER CONSTRUCTION WITH SEVERAL AMENITIES // The facility was built in three phases between 2010 and 2023 and features amenities such as video surveillance, gated access, roll up doors, and a mix of concrete and crushed rock drive aisles.
- LARGE FOOTPRINT WITH A DIVERSE UNIT MIX // The property has 126,165 net rentable square feet across 12 acres with 392 units including climate, non climate, covered parking, a mobile home, and a traditional house.
- EXPANSION CAPABILITY // Approximately one acre of additional land is included in the offering.
property summary
Hart Storage is a 126,165 net rentable square foot self storage facility located in Cleveland, Texas, at the northeastern edge of the Greater Houston area. The property spans approximately 12 acres and consists of 16 single-story buildings and one two-story residence. The facility was originally constructed in 2010, with subsequent expansion phases delivered in 2014 and 2023. The unit mix includes 89 climate controlled units, 300 drive-up non-climate units, one covered parking space, a mobile home, and a single family residence.
The facility offers a full suite of amenities, including video surveillance throughout the property, an automatic entrance gate with key code access, roll up doors, concrete and crushed rock drive aisles, and a full service on site manager’s office.
Hart Storage provides an investor with the opportunity to acquire a strong performing asset in a growing submarket of Greater Houston, supported by average household incomes of approximately $85,000. Two actively developing single family residential communities—Pinewood Trails (LGI Homes & Lennar) and Liberty Estates (Davidson Homes)—are located within roughly two miles of the facility. The seller, a husband and wife team who originally developed the property, is seeking to retire. Operational upside includes the potential to achieve an 8.25 percent unleveraged yield within 12 months through a three percent increase in effective gross income and capturing a higher amount of tenant insurance revenue. Additionally, the property includes approximately one acre of land suitable for future expansion.
As of August 31, Hart Storage is approximately 87 percent physically occupied.
