- 2017 Class A Construction
- Expansion Land Included – 24,432 NRSF Expansion with Architectural Engineered Drawings Ready for Permitting
- 44,933 NRSF Current – 69,365 NRSF Post Expansion
- Physical Occupancy: 90 Percent
- In the Heart of the Magnolia Business District
- Daily Traffic Count – 17,493
- Approximately 1 Mile from the New Aggie Expressway
- Area Median Home Price Increased 34.7 Percent Year-Over-Year
Magnolia Parkway Storage is 44,933 net rentable square foot self-storage facility located in Magnolia, Texas a northwest Houston suburb. The property sits on approximately 5.28 acres of land and has 4 single story self-storage buildings. There is also a full-service managers office with office warehouse spaces that has a decorative 2nd story at the front of the asset. There is a 197-unit expansion which has been architecturally engineered and ready for permitting that will increase the total NRSF to 69,365. There is currently a total of 290 units composed of 210 climate controlled units (27,125 net rentable square feet), 77 non-climate units (14,305 net rentable square feet) and 3 office warehouse spaces. The property has an attractive brick façade along with many amenities commonly found in Class “A” self-storage facilities. There is a gated entry with a digital keypad, a full-service on-site management office, covered loading areas, 24/7 video surveillance throughout the facility, concrete driveways, and units with roll up doors.
Magnolia Parkway Storage sits in a growing area of far Northwest Houston. Magnolia Parkway Storage fronts on FM 1488 which is a primary northwestern suburban thoroughfare connecting Magnolia to The Woodlands and Interstate 45. Over 12,000 vehicles pass by the facility daily and the property is in the heart of Magnolia business district. The facility is less than 1,000 feet from Magnolia City Hall and numerous retailers are in close proximity. The facility shares a cross access easement with national chains such as KFC, Pizza Hut, Dollar Tree, and Auto Zone Auto Parts.
Magnolia is an affluent city with an average household income of close to $100,000 within 3 miles of the property. Magnolia is a rapidly growing area of far northwest Houston. The median price of homes sold in the Magnolia area increased 34.7 percent year over year from January 2020 to January 2021. The area’s growth has also been buoyed by the Aggie Expressway that is connecting Houston to FM 105 and runs through Magnolia approximately 1 mile from Magnolia Parkway Storage. This new freeway is making traveling to Bryan/College Station or commuting into Houston along the State Highway 249 corridor vastly more convenient.
The facility is currently 90 percent occupied and has been 90 percent or better for nearly a year. The property opened in late 2017 and was 50 percent occupied within 10 months. The owner is a seasoned storage developer who noted that the facility “filled up quicker than any other property he’s ever built.” The phase 2 expansion will be coming at an ideal time to capture the exciting growth that this area is undergoing. The existing drawings and plans will save a buyer around a year of time and around $75,000 in soft costs. There are numerous new single and multifamily developments under construction within 3 miles of facility and end of year 5 projections show an NOI of $637,325.