investment highlights
- UPSIDE BY INCREASING OCCUPANCY // 86 Percent Physically Occupied as of March 31st, 2023
- GATED ENTRY WITH DIGITAL KEYPAD ACCESS
- IDEALLY POSITIONED NEAR THE GULF FREEWAY // Convenient to Galveston Bay, Clear Lake, the Gulf of Mexico, and Numerous Other Recreational Destinations Along The Coast.
- $94,000 SPENT IN RECENT CAPEX PROJECTS // New Gate Motor, Keypad Entry and Exit, added Electrical Outlets and Lights in 31 Units, LED Lighting, Driveway Repairs, Security Cameras
portfolio summary
Texas Boat & RV Storage is a 53,675 net rentable square foot storage facility located in La Marque, Texas a southeastern Houston suburb in Galveston County. The property sits on approximately 3.81 acres and consists of 179 units. Approximately 85 percent of the enclosed units are 450 feet or larger to accommodate boats and RV’s, but there’s also 80 10×10 non climate drive up units and 7 office warehouse spaces, and 30 outdoor parking spots included in the unit mix. The facility has eight single-story buildings with a mix of wide concrete and gravel driveways. Built in 2010, the Texas Boat & RV Storage is of metal construction and has numerous amenities including, but not limited to, security lighting, perimeter fencing, a large marquee sign, video surveillance, and an electronically controlled access gate. There is also an on-site manager’s office and residence which is not currently being utilized. Ownership has spent nearly $100,000 in recent CAPEX projects including a new gate mot or, keypad entry and exit, LED lighting, driveway repairs, and adding security cameras. Part of the CAPEX project was installing electrical outlets and lights in 31 units which allowed the Seller to raise rates 25 percent on those units.
Sitting about 5/10 of a mile from the Gulf Freeway (Interstate 45) the facility is in an ideal location for a Boat and RV Storage property. The Main Street exit on I-45 is the 2nd t o last exit before Galveston Bay offering a convenient drop-off point to Galveston Bay, Clear Lake, The Gulf of Mexico, and numerous other recreational destinations along the coast. Texas Boat & RV Storage fronts on Main Street which is a thoroughfare that intersects with major arteries I-45, Texas State Highway 3, Texas State Highway 6, and Texas State Highway146. While the tenant base stretches across Greater Houston due to the Gulf Coast proximity there are also over 30,000 people living within three miles of the facility.
Leasing has been trending upwards and there are only five enclosed Boat/RV storage units currently available. March 2023 was the best revenue month for the facility at nearly 14 percent higher than August 2022, but there’s still upside for an investor as the property only sits at around 83 percent physically occupied by units. Additional boost in revenue could come by converting open parking spaces to enclosed or covered parking areas and/or by adding electricity to the remaining 15×45 units.
