overview video
investment highlights
- ATTRACTIVE SELLER FINANCING // Term: 7 Years | Interest Rate: 4.5 Percent Interest Only | LTV: 45%
- 97 CLIMATE CONTROL UNITS // Includes a 2,631 NRSF Climate Building Coming Online in Summer 2023
- LAKE LIVINGSTON LOCATION // Recreational Hotspot That is The 3rd Largest Lake in Texas
- CLASS A FEATURES // Roll Up Doors, Concrete Driveways, On-Site Manager’s Office, Video Surveillance
- WELL MAINTAINED ASSET // The asset is owned and operated by a local couple who is preparing to retire.
property summary
The S&D Storage Portfolio is a two property portfolio that totals 48,871 net rentable square feet of self-storage located approximately three miles apart in Point Blank, Texas. Point Blank is located on Lake Livingston approximately 70 miles northeast of downtown Houston. The properties sit on a combined 7.59 acres with nine single-story buildings consisting of 97 climate controlled spaces (15,767 NRSF), 103 drive-up non-climate storage units (33,104 NRSF) and 29 outdoor parking spaces. The facility on US Highway 190 was originally built in 2019 and there is a brand new 2,631 square foot building included in the unit mix that is scheduled to open in the summer of 2023. The property on Boat Launch Road was built in 2004. The properties both feature concrete driveways, roll-up doors, perimeter chain-link fencing, video surveillance and on-site manager’s offices.
Lake Livingston is the 3rd largest lake in Texas with excellent water conditions that offer anglers some of the best bass and catfish opportunities the Lone Star State has to offer. The area is a recreational hotspot with around 5,000 campsites and 100 boat ramps amongst three major parks and a popular spot for vacation homes. S&D Storage sits on the western shores of the lake and is right by the Highway 190 bridge which is the only crossing over the lake.
The well-maintained asset is owned and operated by local couple who is looking to scale back and prepare for retirement. The Seller is willing to finance the assets with a 4.5 percent interest only loan for a seven-year term at approximately 45 percent LTV at list price. In addition to continuing to improve operations there is also approximately 1.75 acres of expansion land included.
As of April 30th, 2023, the property was approximately 95 percent physically occupied by square footage, but when factoring in the the new building that hasn’t come online yet the occupancy will dip to 91 percent.
