Blue Box Self Storage

32,950 NRSF | 189 Units | Rosenberg, TX (Houston MSA) | Asking Price $2,600,000

INVESTMENT OVERVIEW

Blue Box Self Storage consists of 189 traditional non-climate & drive-up units. The facility boasts a wide array of unit sizes from 5×10 to 30×40 large industrial-sized units. There is considerable management upside to this property as it has never been given the proper attention and modernization needed to bring it to full stabilization. As of September 2022 the facility is 81.48% physically occupied with a 55.59% economic occupancy thus providing a new operator considerable rate and management upside. Furthermore, a new operator will have the ability to capitalize on ancillary income sources as rental income is the only source currently.

The property is located in the city of Rosenberg, TX which is currently a developing city with new construction of retail, office, and multi-family developments going in around it. The facility offers automatic security cameras, gate & keypad access, LED storage lights, concrete driveways surrounding the drive-up units. There are two different entrances and exits offering tenants easy access points around the facility.

The property was taken over by the current owner in 2018 and did considerable aesthetic upgrades. Further, current ownership implemented management software to help with organization. However, the software was never built to offer tenants the option to rent units online which provides new ownership an easy way to help with automation and increasing occupancy levels. Recently, the owner brought on a manager to start assisting with onsite operations and have someone there more consistently. Since coming onboard, the property has already seen considerable improvements.

Facility Summary

 

Property Name Blue Box Self Storage
Address: 1814 City Hall Drive, Rosenberg, TX 77471
County: Larimer
Total Land Area: 1.57 +/-
Total NRSF: 32,950 + Apartment Square Footage
Total Units: 188
Units Sizes: 5×10 – 30×40
Physical Occupancy: 81.48% (Units)
Economic Occupancy: 55.59
Buildings: 5 Buildings

 

Investment Highlights

  • 92% Physically Occupied (Units) and 63% Economically Occupied
  • Located in a growing submarket of the Houston MSA
  • Conversion opportunity of the large industrial sized units to capitalize on higher $/SF
  • Owner Managed. Room to grow revenue through adding 3rd party management & implementing tenant insurance & ancillary fees

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