StorWise Self Storage

StorWise Self Storage2020-12-09T10:49:49-05:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale StorWise Self Storage in Austin, Texas.

$3,700,000
NRSF – 36,081

2229 E Ben White Blvd
Austin, TX 78741

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.

Investment Highlights:

  • 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
  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as StorWise Self Storage.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.