investment highlights
- THE PROPERTIES ARE BEING OFFERED AT $45.84 PER NRSF // Achieved rental rates are approximately 60 percent of what REIT managed facilities are realizing in the market, which provides a favorable growth outlook.
- INFILL LOCATION WITH HUGE VISIBILITY // Both facilities have significant economic demand drivers. Storage Plus #1 is on College Street, one of the busiest thoroughfares in the Golden Triangle with daily traffic counts of 23,248 vehicles per day. Storage Plus #2 is next to Lamar University and has frontage on State Highway 287 and has traffic counts of 51,900 vehicles per day.
- BEAUMONT, THE HUB CITY OF THE GOLDEN TRIANGLE // The facilities are close to the Port of Beaumont which is one of the largest ports in the United States along with downtown Beaumont.
- APPROXIMATELY $350,000 SPENT ON RECENT CAPEX PROJECTS // The facilities feature amenities such as, an onsite manager’s office, concrete drives (at the Lamar University location), roll-up doors, chain-link fencing with a digital keycode access gate, and video surveillance throughout the property. The Lamar University facility has a five bedroom apartment that could be converted into an office space to provide additional income.
property summary
The Storage Plus of Beaumont Portfolio consists of two self-storage facilities approximately 6.5 miles from each other in Beaumont, Texas which is approximately 75 miles east of Houston. The properties sit on a combined +/- 3.91 acres of land and have 15 single-story buildings consisting of 355 total units and a combined 40,355 NRSF. There are three outdoor parking spaces and one 840 square foot warehouse unit included in the unit mix. The facilities have numerous amenities including, but not limited to, video surveillance, gated entries with digital keycode access, roll-up doors, concrete driveways (at the Lamar University location), and a full-service on-site manager’s office at each location.
Both facilities are in well-populated areas, on major thoroughfares, and feature solid nearby consumer demand drivers. Storage Plus #1 (College Street) is in the midst of a heavy retail corridor in west Beaumont and fronts on College Street with daily traffic counts 23,248 vehicles per day. Storage Plus #2 (Lamar University) is next to Lamar University and fronts on Highway 287 with traffic counts of 51,900 vehicles per day.
Offered at approximately $46 per NRSF, the Storage Plus of Beaumont Portfolio is a value-add opportunity. The properties are only around 63 percent physically occupied which can be attributed to the out-of-area ownership group going through a company and management transition. What hasn’t lacked is the attention to detail on keeping the assets in working order as ownership has spent approximately $350,000 on recent CAPEX projects. Achieved rental rates are approximately 60 percent of what REIT-managed facilities are realizing in the market, which provides a favorable growth outlook.
