overview video
investment highlights
- FIVE PROPERTY, CLOSE PROXIMITY PORTFOLIO // All assets within a 12-mile radius, with four clustered within five miles, enabling efficient management and operational scale.
- 404 UNITS / 57,912 NRSF // Mixed parking surfaces (concrete, asphalt, rock) and standard roll up doors; other amenities include security lighting and video surveillance at all locations, a gated, key code access facility at 10121 Highway 84, and a centralized onsite office at Santa Anna Avenue serving all five properties.
- ATTRACTIVE IN PLACE FINANCIALS // Operations are producing a 6.4 percent+ cap rate at a cost basis under $41/NRSF, indicating strong value relative to replacement cost.
- CLEAR NEAR TERM YIELD GROWTH // Increasing Effective Gross Income by ~15 percent positions an investor for an all cash yield of ~7.5 percent within 24 months. The current physical occupancy is around 71 percent, with ample room to drive economic occupancy above the current 55 percent.
- COMPELLING MEDIUM TERM VALUE CREATION // Achieving $0.61 rent per NRSF and exiting at a 6.75 percent cap rate within 60 months supports a leveraged IRR approaching 24 percent.
- PORTFOLIO POTENTIAL // This offering is part of the Storage Plus and Top Lock Storage 5 State – 25 Property Portfolio, but can be purchased individually.
property summary
Storage Plus of Coleman is a five property self-storage portfolio in Santa Anna and Coleman, Texas. At their farthest point, the properties are within 12 miles of each other with four of the five being within five miles of one another. The portfolio consists of 404 units that add up to 57,912 net rentable square feet. The properties have various amenities such as security lighting and video surveillance throughout all the assets. There are roll-up doors, and a mix of concrete, asphalt, and rock parking surfaces. The 10121 Highway 84 location features a security gate with key code access while the Santa Anna Avenue property has an onsite office that’s the hub for all five facilities.
Storage Plus of Coleman provides an investor with the opportunity to have scale throughout the county seat of Coleman County with upside in raising occupancy which currently sits around 71 percent. Current operations are yielding an in-place cap rate over 6.4 percent at only 55 percent economic occupancy and a cost basis under $41/NRSF. An investor could see an all-cash yield of 7.5 percent within 24 months by raising the Effective Gross Income approximately 15 percent. Furthermore, by getting realized rents to $0.61/foot within 60 months and exiting at a 6.75 percent cap rate, a leveraged IRR of over nearly 24 percent could be achieved.
