- Affluent Klein ISD – $120,000 Average Household Income
- Approximately Five Miles from ExxonMobil Campus
- 9.52 Percent Pro Forma Cap Rate – 38.4 Percent Economic Vacancy
- 10 Percent Estimated Population Growth
- 252 Units – Climate Control and Drive-Up Non-Climate Units
All Purpose Storage is a 31,090 net rentable square foot self storage facility located in Spring, Texas. The property sits on 2.62 acres and consists of five single story buildings with 159 drive-up non climate units, 67 climate control units, and 25 outdoor parking spaces. There is also an 1,800 square foot garage space that was built in 1985. The facility was built in four phases between 1997 and 2004 and are of metal framed construction. The facility has numerous amenities including, but not limited to, security lighting, video surveillance, concrete driveways, perimeter chain link fencing and a full service on-site manager’s office.
All Purpose Storage has an entrance on FM 2920, a major thoroughfare on the far northern end of Greater Houston that connects I-45 to the Grand Parkway and has traffic counts of approximately 25,000 per day. The facility sits in an affluent area with an average household income of $120,000. Over 72,000 people live within a three-mile radius of the property and 207,000 within a five-mile radius.
The local area is rapidly growing at an estimated rate of over 10 percent. A major contributing growth factor is the proximity to the highly rated Klein Independent School District. All Purpose Storage is also located approximately five miles from the ExxonMobil Houston offices in Springwoods Village, a 3,000,000 square foot campus with over twenty buildings and 10,000 employees. Other major employers with a large footprint in the area include CHI St. Luke’s, and Southwestern Energy. Additionally, HP is bringing approximately 2,400 employees to its new campus and American Bureau of Shipping (ABS) is building a new campus in the area. Moreover, continued construction in the area over the next 15-20 years is expected create $6.9 billion in gross product and over 80,000 construction jobs in Harris County.
All Purpose Storage is family owned and operated. The owners have kept street rates significantly below market and spend very little on advertising. Even without raising rents to market standards, an investor should be able to achieve around a 10 percent pro-forma cap rate by reducing the economic vacancy in half. As of October 1st the property is approximately 80 percent physically occupied.