The subject property represents a well-maintained storage asset comprised of 50,560 rentable square feet on approximately 2.9 acres of land. The facility offers 222 climate-controlled units and 157 non-climate-controlled units for a total of 379 premium storage options. The property offers units with drive-up access for consumer convenience. Additionally, Move It Self Storage is a prominent U-Haul dealer within Corpus Christi. The subject was constructed in 2017 and currently has solid physical and economic occupancies of 85 percent and 80 percent, respectively. To ensure secure storage, the property utilizes electronic gate access, perimeter-wide fencing and 24-hour video surveillance.
The subject property is ideally located in an affluent district of the Corpus Christi Metropolitan Area. This thriving region along the gulf coast of Texas boasts over 64,000 individuals and a projected annual growth rate of 1.8 percent over the next several years, far surpassing the national average. An average household income of over $100,000 annually is indicative of the region’s desirable traits, while also ensuring success in a prosperous division of the metro area. Furthermore, the facility benefits from limited competition within the immediate trade area and is one of the newest storage providers for the dense surrounding communities.
The opportunity allows an investor the ability to acquire a newly- constructed facility with multiple upsides in a flourishing location. A buyer can maximize profits by continuing to grow occupancies, which are already well-established. The property has forward-looking financials, including a cash-on-cash return of 9.7 percent in year three and a leveraged IRR of 17.9 percent in year five. There is additional upside through boosting the current tenant insurance program and truck rental program, in addition to raising the 5×10 and 10×10 climate-controlled rental rates to meet the comparable average. The facility’s premium amenities and new construction in a desirable district of Corpus Christi comprises an ideal investment positioned for consistent success and ample growth in the current and future market.
- Excellent Opportunity to Acquire a Premium Storage Asset with New Construction in Corpus Christi, Texas
- Solid Physical and Economic Occupancies of 85 Percent and 80 Percent, with Ample Room for Growth
- Projected Cash-on-Cash Return of 9.7 Percent in Year Three and a Leveraged IRR of 17.9 Percent in Year Five
- Prosperous Average Household Income of Over $100,000 Will Justify Rental Rate Increases
- Over 64,000 Individuals Within Three Miles of the Subject Property
- Projected Three-Mile Annual Growth Rate of 1.8 Percent Over the Next Five Years