StorWise Self Storage, located in Austin, TX, is comprised of 36,081 rentable square feet on approximately 2.21 acres of land. The facility was built in 1974 and is composed of 275 total units. The subject has current physical and economic occupancies of 78 percent and 91 percent, respectively.
Situated in Austin, TX, StorWise Self Storage is located at 2229 E Ben White Boulevard. Austin is one of the most desirable cities in Texas. The facility is situated south of the downtown area and benefits from an excellent average household income exceeding $76,000 within three miles of the site, far surpassing national mean. Business, software manufacturing, research and development, and biotechnology companies are among the city’s major employers. Austin is known for its extensive music scene, celebrating a variety of genres and is comprised of more than 100 live music venues. Additionally, the city is a popular moviemaking location, and is home to many companies associated with film.
StorWise Self Storage offers multiple upsides in the growing area of Austin, TX. This opportunity allows an investor to acquire a nearly-stabilized facility with considerable upside through rental rate increases and revenue management. The facility has forward looking financials with a cash-on-cash return of 10.7 percent in year three. Furthermore, this site has the opportunity to increase efficiencies and visibility through the implementation of professional management and a digital presence. StorWise Self Storage is offered at $3,700,000.
- Excellent Opportunity to Acquire an Established Storage Asset with a Significant Market Footprint in Austin, Texas
- Solid Physical and Economic Occupancies of 78 Percent and 91 Percent, Respectively
- Strong Average Household Income Exceeding $76,000 Annually
- Projected Three-Mile Growth Rate of 2.1 Percent Annually Over the Next Several Years
- Forward-Looking Financial Projections Include a Cash-on-Cash Return of 10.7 Percent in Year Three and a Leveraged IRR 21.9 Percent in Year Five