The Attic Self Storage

Property Title

701 North 46th Street
Killeen, TX 76543

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investment highlights

  • 45,100 NRSF / 403 Units
  • Fort Hood Nearby – 3rd Largest Military Base in the World
  • Seven Apartment Complexes Within 7/10 Mile
  • 10X10 Climate Control Rents 25 Percent Below Market
  • Out of Area Ownership
  • Physical Occupancy 89 Percent By Area, 86 Percent By Unit Count
  • Home to Initial Segment of I-14 – Newly Designated Interstate Connecting West Texas to Savannah, GA
  • Upside by Climatizing 72 Interior Hallway Units
  • 4.68 Acres of Expansion Land Included – Daily Traffic Counts of 17,934

property summary

The property sits on 2.54 acres of land and has seven single story buildings. There is also an adjacent unimproved 4.68 acre parcel of land that is included in the sale. There are 403 units composed of 310 non-climate control units (77%) and 93 climate control units (23%). There is also an apartment that the owner’s maintenance person currently leases for $600 a month and a mailbox available that can provide additional revenue. The property was built in 1995.

The property has several amenities including, but not limited to, gated entries with digital keypads, a full service on-site management office and residence, video surveillance, and concrete driveways.  The Attic Self Storage is owned and operated by a Dallas-Fort Worth based family and it is their only self storage holding. As of the first of July, The Attic Self Storage was approximately 89 percent physically occupied by square footage and 86 percent physically occupied by units. Further upside could be attained by converting the interior corridor units in two existing buildings to climate control units by adding two 5-ton AC units. There are 72 units that could be converted, and considering all of the current climate units that are 10X10 or 10X15 (58) are 100 percent occupied and the street rate on 10X10 climatized units is around $30 below the closest competitors, the upside would seem to be well worth the investment.

Killeen is situated 60 miles north of Austin and 50 miles south of Waco and is home to Fort Hood which is third largest military base in the world. The Attic Self Storage is in close proximity to the base and its on-post population of over 61,000. Fort Hood is the largest active duty armored post in the United States and is the only post in the country that can support two full armored divisions, but it’s not the only economic driver very close to The Attic Self Storage. Roughly one mile to the east of the facility sits the Killeen Business Park which is a 152 acre complex that is home to companies such as Pepsi Cola, Raytheon, Lockheed Martin, and Japanese based MGC Pure Chemicals America Inc. Killeen is home to Texas A&M University Central-Texas campus, and Congress recently designated the portion of US 190 that runs through Killeen as the first segment of Interstate 14 which will eventually connect West Texas to Savannah, Georgia. With all of the nearby commerce and development, it’s not startling that Killeen is one of the fastest growing areas of Texas expanding at a pace of 7.4 percent over the next five years. That projection nearly doubles the national average. The Attic Self Storage is in a densely populated part of the Killeen with a population of 60,761 within a three mile radius and, focusing in even closer, The Attic Self Storage is within about one half mile of seven apartment complexes and the 2,650 student Killeen High School.

Broker Information

Dave Knobler

First Vice President

Phone: 713.452.4200
Email: dknobler@marcusmillichap.com
License: TX 606252

Charles "Chico" LeClaire

Executive Managing Director

Phone: 303.328.2025
Email: cleclaire@marcusmillichap.com
License: CO EA00147681

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