- Two Properties 1.5 Miles Apart
- Combined 58,375 NRSF | 579 Units
- I-10 Frontage – 67,047 Daily Traffic Count
- Over 4 Acres Expansion Land Included at Strickland Drive Facility
- 97 Percent Physical Occupancy at I-10 | 81 Percent Occupancy at Strickland Drive
- Strickland Drive – Primary Retail and Medical Corridor of Orange | 12,535 Daily Traffic Count
The Storage Depot Orange Portfolio is a two property self-storage portfolio consisting of 58,375 NRSF and 579 units in Orange, TX. The facilities are approximately a mile and a half apart from one another and feature numerous amenities including, but not limited to a full-service manager’s office and showroom, video surveillance, multiple entrances with security keypad access, and a covered loading/unloading area.
The I-10 location contains 31,015 NRSF with 349 units consisting of 24,995 NRSF of climate control spaces (283 units), 38 storage containers that account for 6,720 NRSF, and 16 covered parking spots and 12 uncovered parking spaces. The facility fronts on I-10 and enjoys daily traffic counts of over 54,000 vehicles. The facility was constructed in 2005 and sits on approximately 2.89 acres. The median household income is around $62,000 within 3 miles. This facility has been a beacon of stability with current occupancy over 97 percent and it has been highly occupied for several years. Given the historical high occupancy and the fact that no additional drainage requirements are needed a potential value add play would be to convert the existing covered parking structure to climate control storage and maximize the remaining unimproved land. Approximately 11,000 net rentable square feet of additional climate control storage could be constructed and there would also be room for a covered parking area. The I-10 location is next to a Holiday Inn Express and ¾ of a mile from a newly constructed Chic-Fil-A and Starbucks which are at the intersection of State Highway 87 and I-10.
The Strickland Drive location was initially constructed in 1993, but additional property was purchased in 2019 to provide frontage on Strickland and provide an expansion opportunity. Recent renovations include a new security gate entrance, new doors on the non-climate units, fresh paint, a new air conditioner in the climate control building, a new DVR and Camera System, and and the addition of a modular sales office that fronts on Strickland Drive. Traffic counts are approximately 12,500 at this location and there is approximately 4 acres of land most of which is already cleared and ready to be expanded on. There is also 2,140 square foot house that is currently leased to a tenant for $1,200 per month. The median household income is close to $58,000. The Strickland facility entrance offers exposure and proximity to perhaps the busiest retail and medical corridor in Orange County. Major national retailers like The Home Depot, Walmart and numerous restaurants, are within about 1 mile of the facility.
Orange is on the Texas-Louisiana border and is one of the three primary cities of the region known as the Golden Triangle in Southeast Texas which also includes Beaumont and Port Arthur. With access to Interstate 10, three major rail carriers, navigable waterways, and superior pipeline infrastructure a favorable business climate has long thrived on the petrochemical, manufacturing, agriculture, and tourism industries. Furthermore, Chevron Phillips owns over 1,500 acres of land that has been recently cleared for a proposed $8 billion plant expansion less than 3 miles from the Strickland Drive location. This would create no fewer than 500 permanent full-time jobs and 10,000 construction jobs over the next 5-6 years. Additionally Fortune 500 Company International Paper has a plant which is a major employment center 7 miles north of the I-10 facility.
The opportunity offers an investor to acquire one highly performing stable asset with Interstate 10 frontage at an approximate 6 percent unlevered end of year one return, and a facility with significant expansion land in arguably the area’s hottest retail corridor at around a 7.5 percent unlevered end of year 1 return.