overview video
investment highlights
- DENSELY POPULATED AREA // 107,076 Three-Mile Population
- UNDERSUPPLIED TRADE AREA // 6.86 Square Feet Per Capita
- FRONTAGE ON HIRAM CLARKE ROAD // 21,807 Daily Traffic Counts
- 400 UNITS // 57,545 NRSF
- 91 PERCENT PHYSICALLY OCCUPIED
- UPSIDE BY INCREASING ECONOMIC OCCUPANCY // Currently 73 Percent
- NEW CONSTRUCTION // Phase I 2017 – Phase II 2019
- LIMITED NEARBY COMPETITION // There are no comparable facilities within 2.5 miles
- INDIVIDUALLY OWNED AND OPERATED ASSET // Property is self-managed by a local family and this is the only storage facility they own
property summary
Space City Self Storage is a 57,545 NRSF self-storage facility located in Houston, Texas about 10 miles south of downtown. The property sits on approximately 4.38 acres of land and has 9 single-story buildings consisting of 225 drive-up non climatized units (38,570 NRSF ), and 175 climate control units (18,975 NRSF ). The facility has amenities including but not limited to, video surveillance throughout the property, an automatic entrance gate with key code access, roll-up doors, concrete driveways, and a full-service on-site managers office. The property was initially constructed in 2017 and then saw it nearly double in size with an expansion in 2019.
One of the most attractive components of the facility is its busy southwest Houston location on Hiram Clarke Road which sees nearly 22,000 vehicles per day of travel in front of it. Space City Self Storage is also approximately one mile from the intersection of US Highway 90 (South Main Street) which is a major access point connecting Loop 610 to southwest Houston and suburbs such as Stafford, Sugar Land and Missouri City. There are over 107,000 people living within three miles of the facility and the property is convenient to several major employment centers including the Texas Medical Center, Galleria Uptown, and NRG Stadium.
The owner is a family who has self-managed the asset since they developed it. There is very little comparable product within two and a half miles of the facility and overall there is under seven square feet of storage per capita within three miles. As of September 30th, the property is approximately 90 per cent physically occupied, but only 73 percent economically occupied. A more sophisticated investor could stabilize this relatively newly constructed asset by increasing economic occupancy and find additional value by capitalizing on ancillary revenue streams such as tenant insurance.
