My Garage Self Storage in Cypress, Texas

Property Location

14660 Spring Cypress Road
Cypress, TX 77429

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investment highlights

  • 50TH HIGHEST INCOME AREA IN THE UNITED STATES // My Garage Self Storage sits in a booming area of Northwest Houston where the average household income is $155,033 and the current population of 81,312 is expected to grow another 8.10 percent by 2028.
  • FRONTAGE ON SPRING CYPRESS ROAD // 25,806 daily traffic counts on a major northwest Houston thoroughfare.
  • HIGHLY OCCUPIED ASSET WITH SIGNIFICANT UPSIDE // 95 percent physical occupancy with around an eight percent pro forma cap rate by reducing economic vacancy to 28 percent. The asset is projected to yield a leveraged IRR of 32.46 percent.
  • EXPANSION POSSIBILITIES // Approximately 3/4 of an acre of extra land could be ideal for outdoor parking or additional storage units.
  • SIGNIFICANT RECENT CAPEX ISSUES ADDRESSED // Ownership has spent upwards of $200,000 in repairs since purchasing the property in 2020

property summary

My Garage Self Storage is a 33,300 net rentable square foot self-storage facility located in Cypress, Texas which is an affluent northwest Houston suburb. The property is on 2.78 acres with four metal framed single story buildings consisting of 143 drive-up non-climate storage units. The facility was originally built in 2002, but a vast assortment of upgrades throughout the property have been made since ownership purchased the property in 2020. The facility has many amenities including but not limited to roll-up doors, asphalt driveways, and an on-site manager’s office.

The facility is in a very affluent area of Cypress where the average household income is over $155,000. In fact, the Cypress Urban Cluster ranks 50th in the top 100 highest-income urban areas in the United States. The three-mile population is over 81,000 and the area is projected to grow by over eight percent over the next five years. The facility is sandwiched between several posh suburban neighborhoods such as Longwood, Coles Crossing, Rock Creek, and Stable Gate. In addition to its well-to-do surroundings, My Garage Self Storage also fronts on Spring-Cypress Road which is a primary northwestern suburban thoroughfare connecting U.S. 290 to Interstate 45. The facility benefits from traffic counts of 25,086 and is about 1,500 feet from the intersection of Spring Cypress Road and Telge Road, another major Cypress thoroughfare.

Economic drivers spurring the growth in Cypress are bountiful. Several major employment centers including two major hospitals (HCA Houston Healthcare North Cypress and Memorial Hermann Cypress) are nearby with a third (Houston Methodist Cypress) under construction about 3.5 miles from My Garage Self Storage. Cypress is home to Cy-Fair ISD which is the third largest school district in the state of Texas with 88 campuses, and the main campus for Lone Star College which is the largest community college system in Texas and the main campus sits about four miles from My Garage Self Storage.

The investment offers a purchaser the opportunity to own a highly occupied self-storage facility that has undergone significant physical upgrades in recent years in the heart of one of Houston’s most highly sought-after residential areas. The facility enjoys around 95 percent physical occupancy and by reducing economic vacancy to 28 percent an investor could see an end of year one unlevered return around eight percent.

Broker Information

Dave Knobler

Senior Managing Director

Phone: 713.452.4293
Email: dknobler@marcusmillichap.com
License: TX 606252

Mixson Staffel

Investment Associate

Phone: 713.452.4247
Email: mstaffel@marcusmillichap.com
License: TX 748276

Charles "Chico" LeClaire

Executive Managing Director

Phone: 303.328.2025
Email: cleclaire@marcusmillichap.com
License: CO EA00147681

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