Waverly Self Storage & Car Wash

Property Title

355 Street Highway 150 West
New Waverly, TX 77358

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investment highlights

  • 319 Units with 32 Climate-Controlled Units Under Construction to be Delivered by Seller to Buyer
  • Opportunity to Expand
  • 94% Occupancy with Availability to Raise Rates
  • On-Site Office with 24-Hour Surveillance
  • Fully Fenced with 24-Hour Security Gate
  • Paved Driveways
  • Climate-Controlled Units with New HVAC Systems
  • Texas Grand Ranch Development is in the Process of Building 400 Homes Just Minutes from the Subject Facility

property summary

Waverly Self Storage & Car Wash is a 40,902 square foot facility sitting on four acres (with one acre of value add) that is strategically placed on Highway 150 in New Waverly, Texas. With 319 units at 94 percent  occupancy, Waverly Self Storage & Car Wash has room for expansion on an already cash flowing and attractive facility. In addition to the 319 units, 32 climate-controlled units are being added and will be delivered to the buyer in January. With Interstate 45 less than one mile from the facility to the west and Highway 75 less than a quarter of a mile to the east, Waverly Self Storage & Car Wash has dominated the self storage market as the only facility within a 10-mile radius. With Huntsville 10 miles to the north and Houston 50 miles to the south, New Waverly Self Storage & Car Wash is surrounded by an increasing population that will continue to  grow into the surrounding area.

Huntsville, Texas is home to Sam Houston State University and brings in over 20,000 students a year and employees over 3,500 people. There are many well-known correctional facilities located throughout Walker and Montgomery counties which employ over 6,000 people. The Huntsville Unit, Holliday Transfer Facility and Goree Unit just to name a few. Huntsville is also home of the TDCJ (Texas Department of Criminal Justice).

Lake Conroe is a short 10-minute drive from the facility and is experiencing a large growth in population with many Houstonians moving away from the center of Houston and enjoying the suburban life and outdoors of the Piney Woods region. Lake Conroe and Lake Livingston are well known lakes in the state of Texas and bring in many different water sports and wildlife enthusiast. Texas Grand Ranch is a new housing development just six miles west of the facility that is already developing the 2,000 acres for homes that sit on two to five acre lots. With a minimal of 400 houses to be built at Texas Grand Ranch, Waverly Self Storage & Car Wash would benefit from the influx of residents moving into this area. Texas Grand Ranch has also broke ground on a subdivision just a few miles east of the facility on Highway 150. The facility’s location to this development is the only one within a 10-mile radius. With the success of Texas Grand Ranch development others will soon follow along with visitors to Sam Houston National Park that the development borders with.

This facility brings in a respectable $77,000 of additional income from the adjoining car wash. The car wash requires minimal time and expenses to operate with recently updated equipment. The automatic carwash has a 2nd generation Water Wizard 2.0 with new pumps and motors. The Water Wizard 2.0 from Coleman Hanna Carwash Systems and has the capability of doing 180,000-200,000 washes before replacement. This automatic carwash control center is around 68,000 washes. Per year, the automatic carwash does 6,000 washes with an average ticket of $8.75. (Note: the car wash expenses were reduced by $10,000 after installation of the 2nd generation.) The seller is willing to help new management with the understanding and maintenance of the carwash if requested. The manual side of the carwash has updated pay by card units in each stall.

A rate increase for Waverly Self Storage & Car Wash would be ideal due to it being below the comps in the area and its central location between Interstate 45 and State Highway 75. The traffic count next to Waverly Self Storage is over 5,000 a day, and are expected to increase with the reopening of the exit ramp from Interstate 45 to Texas Highway 150 in the next two months(according to TXDot). Waverly Self Storage & Car Wash would be a great addition to investors looking to plant their flag in a highly desired location with no competitors and control in their market.

Broker Information

Brett Jackson

Associate

Phone: 303.328.2077
Email: brett.jackson@marcusmillichap.com
License: CO FA100083873

Adam Schlosser

Senior Vice President

Phone: 303.328.2044
Email: aschlosser@marcusmillichap.com
License: CO FA100050407

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