20030 Cook Rd, Tomball, TX 77377
11,260 SF Specialty Building Offered at $1,100,000 at a 6.99% Cap Rate in Tomball, TX 77377
For Sale
Active
Asking Price $1,100,000
- Property Type
-
Specialty
- Square Feet
- 11,260 SF
- Price / Square Foot
- $98
Listing Contacts
Craig Rice
Property Overview
Rosehill Storage is an 87-unit self-storage investment opportunity at 20030 Cook Rd. Tomball, Texas. This .94 acre site is located on Cook Road adjacent to Mueschke Road, less than one-half of a mile from State Highway 99. Also known as the Grand Parkway, SH-99 is a major thoroughfare that creates a large loop that surrounds and provides access to the entire Greater Houston area. According to the Texas Department of Transportation, the intersection of Mueschke Road and SH-99 benefits from traffic counts of up to 55,000 vehicles per day.
The facility is very well-lit, fully fenced and gated with 24/7 keypad access and 4 web-based surveillance cameras. Built between 1998 and 2000, the facility includes 4 mini storage buildings and 1 covered parking structure. All buildings are metal over steel construction and the four mini storage buildings are built on concrete slabs with gravel driveways. The covered parking spaces provide a gravel parking surface.
The 5 metal over steel structures total 11,260 Rentable SF including (75) Drive-up units and (4) covered parking spaces—(2) 12x30 & (2) 12x35
Tomball, Texas is a very affluent market with average annual household incomes of over $130,000 and a population of over 300,000 within a 10-mile radius of Rosehill Storage (Per Radius+). The Tomball Economic Development Corporation expect the population of Tomball itself to exceed 100,000 by 2030 which will greatly benefit self-storage demand.
Though this facility has an established tenant-base with excellent collections, there is TREMENDOUS upside to be realized by expanding the facility using portable storage containers and modular storage units (see expansion plan on page 9). These portable units are a low-cost solution to immediately maximize your usable space and raise the facility’s revenue without significant property-tax implications or excessive construction timelines. Additionally, Rosehill Storage achieves an average rate of $0.85 per rentable square foot of drive-up which is well-below the 5-mile average of $1.08 psf. This presents a new owner with an immediate opportunity to boost revenue by raising rental rates.
Seller Financing may be offered to a qualified buyer.
The facility is very well-lit, fully fenced and gated with 24/7 keypad access and 4 web-based surveillance cameras. Built between 1998 and 2000, the facility includes 4 mini storage buildings and 1 covered parking structure. All buildings are metal over steel construction and the four mini storage buildings are built on concrete slabs with gravel driveways. The covered parking spaces provide a gravel parking surface.
The 5 metal over steel structures total 11,260 Rentable SF including (75) Drive-up units and (4) covered parking spaces—(2) 12x30 & (2) 12x35
Tomball, Texas is a very affluent market with average annual household incomes of over $130,000 and a population of over 300,000 within a 10-mile radius of Rosehill Storage (Per Radius+). The Tomball Economic Development Corporation expect the population of Tomball itself to exceed 100,000 by 2030 which will greatly benefit self-storage demand.
Though this facility has an established tenant-base with excellent collections, there is TREMENDOUS upside to be realized by expanding the facility using portable storage containers and modular storage units (see expansion plan on page 9). These portable units are a low-cost solution to immediately maximize your usable space and raise the facility’s revenue without significant property-tax implications or excessive construction timelines. Additionally, Rosehill Storage achieves an average rate of $0.85 per rentable square foot of drive-up which is well-below the 5-mile average of $1.08 psf. This presents a new owner with an immediate opportunity to boost revenue by raising rental rates.
Seller Financing may be offered to a qualified buyer.
Property Details
- Class
- C
- Year Built/Renovated
- 1997/2000
- Stories
- 1
- Property Subtype
- Self-Storage
- Lot Size (sq. ft)
- 40,946 SF
Highlights
- Stabilized Asset with Value Add Potential in Raising Rental Rates and Adding Portable Storage Units
- Well-Lit with 24/7 Automatic Gate Access and Security Camera Surveillance
- Excellent Location with Average Household Incomes of $130k+ within 5 Miles
- .5 Miles from Intersection of SH-99 & Mueschke Rd. which sees as many as 55,000 Vehicles Per Day
- Room for as many as 22 Additional Units using Shipping Containers and Modular Storage Units
- Rosehill Storage has Below-Market Rents of around $0.85 psf compared to an average of $1.08 psf for other non-climate storage in the area
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