StorQuest Self Storage (Managed) – Tomball, TX

Property Location

11133 Spring Cypress Road
Tomball, TX 77377

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investment highlights

  • Heavily Traveled Retail Location // Across the Street from Walmart Supercenter
  • Traffic Counts // Spring Cypress – 25,243 | SH 249 – 110,904
  • High Demographic Area // Average Household Income $120,653
  • Three Mile Population // 107,981
  • 70,100 NRSF With Additional Land for Parking
  • Physical Occupancy // 89 Percent

property description

StorQuest Self Storage (Managed) is an 70,110 net rentable square foot self-storage facility located in Tomball, Texas a northwest Houston suburb. The property sits on approximately 5.49 acres of land and has 2 single story buildings. There is a total of 597 units composed of 272 climate-controlled units (26,215 net rentable square feet), 254 non-climate units (43,895 net rentable square feet) and 71 outdoor parking spaces.
The outdoor parking is paved and could be converted to covered storage or used to house portable storage units, and there is also about ½ of an acre that is currently undeveloped.

The property was constructed in 1998 and has an attractive block façade along with many amenities commonly found in Class “A” self-storage facilities. There is a gated entry with a digital keypad, a spacious on-site management office, a manager’s residence, video surveillance throughout the facility, and concrete driveways. StorQuest Self Storage (Managed) sits in a densely populated and growing area of Houston with around 100,000 people living within a three-mile radius of the facility. Additionally, the population is expected to grow over five percent in a three-mile radius of the property in the next five years. StorQuest Self Storage (Managed) fronts on Spring Cypress Road which is a primary northwestern suburban thoroughfare connecting US 290 to Interstate 45 and benefits from daily traffic counts of around 25,000. Additionally, State Highway 249 is about ¼ mile from the property and boasts traffic counts over 110,000.

This investment offers the opportunity for an investor to acquire a professionally operated high quality storage property in a high demographic Houston submarket. StorQuest Self Storage (Managed) is positioned in a busy retail corridor consisting of shopping centers with national and local tenants, medical facilities, schools, and hotels. In addition to a Walmart Supercenter across the street, H-E-B, Sprouts, Target, The Home Depot, and Whole Foods have a major presence in this growing area. Prominent shopping districts such as Vintage Park and Willowbrook Mall are nearby, and CHI St. Luke’s and Houston Methodist have major hospitals in those locations, respectively. Higher education is also a nearby economic driver as StorQuest Self Storage (Managed) sits about 1.5 miles from Lone Star College – University Park which is home to around 13,000 Lone Star College students along with the University of Houston Downtown – Northwest Campus. The area is surrounded by established single-family home neighborhoods with an average household income over $120,000 within three miles of the property. State Highway 249 has transformed this area of Houston into one of its highest traffic areas and with the continued expansion of 249 into the Bryan-College Station area the growth is not expected to slow down.

There is an in place assumable loan with a balance of $4,116,000 that carries a 4 percent fixed interest rate. The amortization is 25 years and starting in April of 2024 the rate adjusts to prime with a reset every three years and a 4 percent floor. There are no expenses upon assumption or renewals and no prepayment penalty for a new purchaser.

As of March 1st, 2021, the physical occupancy at StorQuest Self Storage (Managed) Storage is approximately 89 percent.

Broker Information

Dave Knobler

Senior Vice President

Phone: 713.452.4200
Email: dknobler@marcusmillichap.com
License: TX 606252

Charles "Chico" LeClaire

Executive Managing Director

Phone: 303.328.2025
Email: cleclaire@marcusmillichap.com
License: CO EA00147681

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