overview video
investment highlights
- DIFFICULT LOCATION TO DUPLICATE // Land values and a scarcity of large parcels with frontage on Spring Cypress Road provide a significant barrier to entry.
- HIGH DEMOGRAPHIC LOCATION IDEAL FOR BOAT/RV STORAGE DEMAND // The three-mile population is 106,776 and the average household income is $137,373.
- HIGH VISIBILITY LOCATION // There is frontage on Spring Cypress Road with 24,884 daily traffic counts.
- UNDER MARKET RENTS WITH TREMENDOUS UPSIDE // Nearby competitors are enjoying low vacancy and advertising street rates that are around 25 percent higher.
- HISTORICALLY STABLE ASSET // The facility has been over 90 percent physically occupied for approximately 20 years.
property summary
Spring RV and Boat Storage is a 138-unit, 54,980 square foot Boat & RV storage facility in Tomball, Texas, an affluent northwest Houston suburb. The property will sit on approximately three acres of land once it is surveyed apart from the retail plaza it’s currently connected with. The facility has six single-story containing 136 enclosed units and two covered parking units. Spring RV and Boat Storage has several customer amenities including a gated entry with a digital keypad, electrical outlets and a light in the units, concrete driveways, and units with roll-up doors.
Spring RV & Boat Storage fronts on Spring Cypress Road, a primary thoroughfare on Houston’s northwest side, that meanders through booming suburbs such as Cypress, Tomball and Spring and connects US Highway 290 to Interstate 45. Additionally, the facility sits between North Eldridge Parkway and the Tomball Parkway (State Highway 249) in one of the busiest intersections in northwest Houston with traffic counts around 25,000. Spring RV & Boat Storage sits in a densely populated and growing area of Houston with around 107,000 people living within a three-mile radius of the facility, a number that’s expected to grow by about eight percent by 2028. Furthermore, the average household incomes are over $137,000 within three miles of the property.
The prospects of being able to duplicate Spring RV & Boat Storage below market rental rates are difficult given both land values and lack of large parcels that front on Spring Cypress Road. The pent-up demand for RV & Boat storage units is reflected by the historically stable occupancy that Spring RV & Boat Storage enjoys. While there is a sign on the retail marquee at the front of the property the facility is about 97 percent physically occupied by units despite not doing much in the way of advertising and marketing. A recent rent survey showed that asking rates are approximately 25 percent below the submarket norms with very low vacancy.
