Offering Price - Unpriced
Rentable Square Feet - 64,328
Effective Rental Rate - Climate Controlled - $20.52psf / Non-Climate - $13.33psf
Number of Units - 590
Current Occupancy - Economic - 73% / Physical - 88%
Offer Deadline - July 9th 2021
Upside Potential – With a current physical occupancy over 88% and a current economic occupancy over 73%, the property is poised for rapid revenue growth through rate increases to in-place tenants and continued market rate optimization.
Visibility from High Traffic Roadway – The property has frontage and visibility along Gulfway Drive (State Highway 87), a heavily traveled commercial thoroughfare, with traffic volumes exceeding 29,700 cars per day.
Moderate Competition – There are five existing self storage facilities within the subject’s three-mile trade area resulting in approximately 4.1 square feet of storage space per person.
Diverse Unit Mix – The facility features a diverse unit mix which includes: climate controlled units, drive-up units, office/warehouse units, covered parking units and surface parking units.
Beaumont-Port Arthur MSA – The subject property is located in Groves, Texas which is part of the Beaumont-Port Arthur MSA. Located just over an hour east of Houston, the Beaumont-Port Arthur MSA is a key player in the global energy sector. Beaumont-Port Arthur is home to the world’s largest oil refinery and some of the biggest industry names, including Exxon, Motiva Enterprises and Valero.