Mini U Storage – Kingwood, Texas (Houston MSA)

Property Location

1964 Northpark Drive #J
Kingwood, TX 77339

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investment highlights

  • 3 MILE POPULATION +/- 68,000 // Projected to increase to over 74,000 in the next 4 years.
  • FRONTAGE ON MAJOR THOROUGHFARE // Northpark Drive | 39,510 Daily Traffic Counts.
  • 89 PERCENT PHYSICAL OCCUPANCY (BY NRSF) AS OF MARCH 31ST, 2022 
  • AFFLUENT KINGWOOD LOCATION // $120,081 average household income within three miles
  • 38,595 NRSF – 318 UNITS
  • SIGNIFICANT RECENT CAPEX // Over $800,000 in capital improvements have been completed since 2016 including a climate control building in 2018.
  • MAJOR NEARBY EMPLOYERS/ECONOMIC DRIVERS // George Bush IAH, HCA Houston Healthcare, Insperity

property summary

Mini U Storage is a 38,595 net rentable square foot self-storage facility located in Kingwood, Texas an affluent Northeast Houston suburb approximately twenty-five miles from downtown. The property is on 2.19 acres with 11 metal framed single story buildings consisting of 47 climate control units (4,370 NRSF) 250 drive-up non-climate storage units (33,125 NRSF) and 21 interior non-climate units (1,100 NRSF). The facility was originally built in 1985, but a new climate control building was constructed in 2018. A vast assortment of upgrades throughout the property have been made since ownership purchased the property in 2016. The facility has many amenities including but not limited to roll up doors, concrete driveways, perimeter chain-link fencing and a full-service on-site manager’s office.

Kingwood is known as the “Livable Forest” and Mini U Storage benefits from its high demographic setting. The average household income is over $120,000 within a three-mile radius of the property. Kingwood is the second largest master planned community in Greater Houston with around 68,000 people currently living in the three-mile trade area and the population is expected to increase by close to 10 percent by 2026. Mini U Storage fronts on Northpark Drive and benefits from traffic counts of around 40,000 vehicles per day. Northpark Drive is a primary street that runs through Kingwood from about a mile west of Interstate 69 through a dense commercial area with numerous national fast-food chains and other major retailers into the residential portion of Kingwood. Mini U is strategically positioned as the closest storage facility to the neighborhood entrance on Northpark Drive. While Kingwood is a popular commuter suburb with its convenient access to Interstate 69, there are also several nearby employment centers. George Bush Intercontinental Airport is around five miles away, Insperity a nationwide Human Resources company is headquartered in Kingwood, and HCA Houston Healthcare has a significant presence in the area. Despite the busy surroundings Kingwood has over five hundred acres of nature preserves and parks, highly rated golf courses, and is near Lake Houston.

The investment offers a purchaser the opportunity to own a stable self-storage facility that has undergone significant physical upgrades in recent years in a well-to-do area of Houston. The facility had enjoyed 90 percent plus occupancy for years however a large REIT owned multi-story facility was constructed in 2019 about one mile away which caused occupancy to dip. As an indication of the sub-market demand the physical occupancy at Mini U Storage has rebounded considerably and is nearly 90 percent as of March 31st, 2022. By continuing to reduce physical vacancy, limiting concessions and managing rents upward an investor could see an end of year one unlevered return of five percent.

Broker Information

Dave Knobler

Senior Vice President

Phone: 713.452.4293
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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