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NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Key facts

Building Area Gross

Property description

Location - The property is situated along the north side of Pointe West Circle, with an additional point of ingress/egress on Ransom Road, in Richmond, Fort Bend County, Texas. The property is located less than 0.10 miles north of Interstate 69/UH Highway 59 (Southwest Freeway) and less than 0.20 miles west of Highway 99 (Grand Parkway).

Acres - +/- 2.29 acres (99,600 square feet)

Frontage - +/- 250’ along the north side of Pointe West Circle; +/- 225’ along the south side of Ransom Road

Traffic Count - +/- 120,000 VPD

Utilities - Water and sewer services are provided by Fort Bend County MUD 116. Electric service is provided by Engie. 

Year Built - The facility opened for business in 2016.

Construction Detail -  The facility is comprised of a single four-story building.

Elevator Detail - The facility has two elevators with a capacity of 5,000 pounds.

Apartment - There is no apartment at the facility.

Office - The facility has a retail oriented customer service office which is approximately 1,000 square feet in size.  

Climate Controlled - The unit mix is comprised of approximately 98% climate controlled self storage units.

Features and Amenities - The facility has electronic access control, secure fencing, 24-hour video surveillance, climate controlled units, drive-up units, elevator access to upper floors and a retail oriented customer service office.

Management - The property is professionally managed by Advantage Storage.

Software - The facility uses Site Link software for the management of tenants.  

Security - The facility is equipped with a 24-hour video surveillance system.

Operation Hours (Office) - Monday through Friday - 9:30 am to 6:00 pm; Saturday – 9:00 am to 5:30 pm; Sunday - Closed 

Operation Hours (Access) - Monday through Sunday - 6:00 am to 10:00 pm

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Offering Price - Unpriced

Rentable Square Feet - 86,275

Effective Rental Rate - Climate Controlled - $16.66 psf / Non-Climate - $17.15 psf

Number of Units - 678

Current Occupancy - Economic - 75% / Physical - 94%

Offer Deadline - October 22, 2021


Investment highlights

RECENT CLASS A CONSTRUCTION IN HOUSTON MSA - Richmond Self Storage opened for business in 2016 and was constructed to Class A standards with an attractive design and all modern features and amenities. The property is situated at the northwest quadrant of Interstate 69/US Highway 59 (Southwest Freeway) and Highway 99 (Grand Parkway) and is highly visible to over 120,000 vehicles per day. The property has easy and direct access from both roadways, including via a newly built curb cut and driveway connecting the Interstate 69/Highway 59 frontage road to Point West Circle. 


EXCELLENT DEMOGRAPHICS WITH PROJECTED GROWTH - There are over 58,000 residents with an average household income of over $148,000 within a three-mile radius of the property. The population is projected to grow at an annual rate of 2.87% over the next five years. The property is located in Fort Bend County which was one of the fastest growing counties in both the State of Texas and the United States in the last decade.


EXISTING CASH FLOW WITH UPSIDE - With a current physical occupancy over 94% and a current economic occupancy over 75%, the property has exhibited strong revenue trends over the last 12 months is poised for continued revenue growth through rate increases to existing tenants and additional market rate optimization. There are currently no new self storage projects in the construction pipeline within a three-mile radius of the property and there has been no new construction since the subject property was completed in 2016. With no competing properties offering discounted “lease-up” rental rates, the property is poised to continue its positive rate growth trajectory.


STRONG HOUSING MARKET - In July 2021 Richmond home prices were up 12.2% compared to last year, selling for a median price of $331K. Further, home prices in Richmond have increased approximately 21% over the last three years. On average, homes in Richmond sell after 8 days on the market compared to 41 days last year.


HOUSTON POST-COVID JOB GROWTH - New survey data from staffing firm Robert Half shows 50 percent of companies in Houston plan to add new full-time jobs in the second half of 2021 and 56 percent plan to offer signing bonuses in an effort to attract top talent.

Last Updated Date: 07 Oct 2021
Steve Mellon
Steve Mellon
Managing Director, Capital Markets
Brian Somoza
Brian Somoza
Managing Director, Capital Markets
Broker Licenses
CA-01510519

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Last Updated Date: 07 Oct 2021

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