26410 Hufsmith Conroe Rd, Magnolia, TX 77354
68,625 SF Specialty Building Offered at $2,100,000 at a 3.72% Cap Rate in Magnolia, TX 77354
For Sale
Active
Asking Price $2,100,000
- Property Type
-
Specialty
- Square Feet
- 68,625 SF
- Price / Square Foot
- $31
Listing Contacts
Craig Rice
Property Overview
Placeholder Storage is a 126-unit RV & Boat storage investment opportunity at 26410 Hufsmith Conroe Rd. Magnolia, Texas. The 10.3 acre site fronts Hufsmith Conroe Rd. one-half mile East of FM 2978 and three miles East of FM 2920. Both roads are major thoroughfares that see traffic counts of up to 24,000 vehicles daily.
The facility is very well-lit, fully fenced and gated with 24/7 gate access and surveillance system with 7 surveillance cameras. The facility’s buildings are 60 feet apart which is much wider than the average RV/Boat storage facility and keeps tenants from colliding with adjacent buildings.
This facility was completed in late 2022 and saw a strong lease-up phase throughout 2023 boasting a current occupancy of 60% despite minimal marketing or digital footprint.
The 3 metal over steel canopy structures total 68,625 Rentable SF including (122) covered/canopy units and an additional (4) outside/uncovered spaces totaling 2,250 Rentable SF. There is significant expansion room for additional canopy structures, large enclosed units, mini storage, or open parking spaces.
There over 106,000 people living within 5 miles of the facility which represents growth of about 13% over the previous three years. An average household income of over $170,000 (more than twice the national average) is encouraging for collections. The Magnolia area is roughly 40 miles from Houston, the fourth largest city in the United States and overlaps with other prominent Houston suburbs such as The Woodlands, Spring and Tomball.
HUGE UPSIDE in development of expansion land, increases in physical occupancy and rental rates.
The facility is very well-lit, fully fenced and gated with 24/7 gate access and surveillance system with 7 surveillance cameras. The facility’s buildings are 60 feet apart which is much wider than the average RV/Boat storage facility and keeps tenants from colliding with adjacent buildings.
This facility was completed in late 2022 and saw a strong lease-up phase throughout 2023 boasting a current occupancy of 60% despite minimal marketing or digital footprint.
The 3 metal over steel canopy structures total 68,625 Rentable SF including (122) covered/canopy units and an additional (4) outside/uncovered spaces totaling 2,250 Rentable SF. There is significant expansion room for additional canopy structures, large enclosed units, mini storage, or open parking spaces.
There over 106,000 people living within 5 miles of the facility which represents growth of about 13% over the previous three years. An average household income of over $170,000 (more than twice the national average) is encouraging for collections. The Magnolia area is roughly 40 miles from Houston, the fourth largest city in the United States and overlaps with other prominent Houston suburbs such as The Woodlands, Spring and Tomball.
HUGE UPSIDE in development of expansion land, increases in physical occupancy and rental rates.
Property Details
- Class
- B
- Year Built
- 2022
- Stories
- 1
- Property Subtype
- Self-Storage
- Lot Size (sq. ft)
- 448,668 SF
Highlights
- Significant Room for Expansion
- Well-Lit with 7 Surveillance Cameras
- High Growth Market Area with High Household Incomes
- Construction Finished in Late 2022
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