- MONTGOMERY COUNTY // 6th Fastest Growing County in Texas. Numerous Nearby Master Planned Communities in Various Stages of Development
- APPROXIMATELY 75 PERCENT OF THE PROPERTY HAS BEEN CONSTRUCTED SINCE 2017.
- FACILITY RECEIVED COFO FOR 9,500 NRSF CLIMATE CONTROL BUILDING IN DECEMBER 2022 // The 73 new units include exterior drive-up climate control spaces with insulated doors.
- 28,300 NRSF // 196 Units + 36 Outdoor Parking Spaces
- FRONTAGE ON FM 1485 // Nearly 11,000 Daily Traffic Counts
- $98.64 PER NRSF // 8.02 Percent End of Year Two Cap Rate
- AVERAGE HOUSEHOLD INCOME // $88,365
- CLOSEST CLIMATE CONTROL COMPETITOR APPROXIMATELY 2.5 MILES AWAY // Outdoor Parking Area Could be Used for Further Expansion
- INDIVIDUALLY MANAGED BY OUT OF STATE OWNERSHIP // Only Storage Facility the Husband/Wife Seller Own
Just For U Storage is a 232-unit, 28,300 net rentable square foot self-storage facility located in New Caney, Texas. The property sits on just over 3.5 acres of land and after its recent final phase (completed December 2022) has six single story self-storage buildings. The most recent phase added 73 climate control units to the unit mix which includes exterior climate control drive-up units with insulated doors. There are also 123 non-climate drive-up units, 13 covered parking spaces and 23 outdoor parking spaces in the unit mix. Just For U Storage has many amenities including a gated entry with a digital keypad, an on-site management office, 24/7 video surveillance throughout the facility, road base driveways with crushed concrete, and units with roll up doors.
Just For U Storage fronts FM 1485 which connects the northeast Houston suburbs near Lake Houston such as New Caney, Kingwood, Porter and Atascocita to the Conroe area. Nearly 11,000 vehicles pass by the facility daily as folks travel between Interstate 69/59 and FM 105. Additionally, Just For U Storage sits in between FM 242 and Houston’s outermost loop, The Grand Parkway (SH99) in a well-off area where the average household income is nearly $90,000. There is limited supply and nearby competition and the closest facility with climate control storage about 2.5 miles away. Montgomery County is the sixth fastest growing county in Texas and the eastern portion of the county where Just For U Storage is located is one of the focal points of growth. There are several master planned communities at various stages of development. The 2,200-acre Artavia, 3,000-acre development from The Signorelli Company, with 7,000 homes are massive developments, but there are also numerous smaller residential communities nearby such as the 900 lot Maple Heights, Mavera, and Harrington Trails.
Just For U Storage will allow an investor to acquire a facility. Approximately 75 percent of the facility has been constructed since 2017 in a rapidly growing area of Greater Houston at less than $100 per NRSF. The property is owned and operated by a husband and wife out of Colorado, and they are selling to be able to spend more time with their young family. The Seller has been able to attain around 95 percent physical occupancy on the enclosed and covered spaces but achieved rates have historically lagged behind competing facilities with professional management. By leasing up the brand-new climate control building and achieving operations that are more in line with market standards an investor could see an unlevered return of around 13.17 percent by the end of year two of ownership. Furthermore, the outdoor parking area at the back of the property could be utilized for additional expansion.