- 15,380 NRSF Plus Close to Three Acres of Expansion Land Included with Newly Applied Asphalt
- Population to Grow 12.8 Percent in the Next Five Years
- 93 Percent Physical Occupancy Despite Minimal Advertising
- Prominent Gated Community Two Miles Directly South of the Facility
- 2.4 Acres of Value Add Less than One Mile From Thousand Trails RV Park and Campground
Medina Lake Mini Storage is a 15,380 square foot facility with plenty of upside. Located on 1.6 acres in the middle of Lakehills, TX, the facility is 93 percent leased up with an opportunity to raise rents and an option to purchase a satellite property that is 2.5 acres with no zoning regulations. The facilities location is only 30 minutes from the city of San Antonio and 37.8 miles to San Antonio International Airport. With 91 units built in 1994 the facility has great benefits from the excellent visibility and signage seen easily from both directions of Park Road 37.
Boat and RV storage is in high demand in an area that has very few facilities or space to do so. Having 2.5 acres a quarter mile to the north for expansion gives the investor the capabilities to capture most of Lakehills and Medina Lake markets. The satellite location itself is in route to Thousand Trail’s Medina Lake RV and Campground which receives over 18,000 visitors a year and has approximately 387 RV campsites. This RV park would give the proposed RV storage a great start due to the RV and boat traffic that drives by everyday.
The self storage facility comes equipped with security lighting, drive-up access, concrete floors and roll up doors. Newly paved asphalt with oversized drives to complement the facility brings features for large vehicles at a convenient location. With the 24 hour access and online bill pay, Medina Lake Mini Storage makes it easy for the customer to access their account and personal belongings. Potential to build an on-site office or to install a kiosk would be available in this location.
Population growth in the area is projected to increase by 12.8 percent in the next five years. That is an increase by 6,500 people within a three mile radius before 2024. This increase in population will make the demand of self storage in this location rise substantially. The location is not just for vacation homes, but for permanent residents as well, with most of the occupants of the facility having resided in the area for 15 years or longer. Traffic counts for the area are approximately 1,500 a day for direct drive-by of the facility. This number should increase with more development to Sidney Shores Subdivision in the next few years. Sidney Shores is a prominent gated community two miles directly south of Medina Lake Mini Storage. Sidney Shores continued growth along with the surrounding area in Lakehills makes for Medina Lake Mini Storage a great opportunity for one or many investors.
Offered for $715,000, a new investor will be purchasing the property for a broker-adjusted 7 percent Cap rate. In addition to being in a growing and desirable part of the San Antonio area, the property offers an investor the opportunity to achieve immediate returns. Additional upside can be found by increasing the rental rates on several units that are currently below market and improving the economic vacancy which is currently 8.1 percent. Nestled on the main road (Park Road 37) for the entire Lakehills community, location is key with this facility and will keep its value on the upswing for years to come.