If you are looking for a solid performing self storage investment this Texas property is performing at an 8 CAP with a $192,000 Annual Net Operating Income. This new self-storage facility was recently completed off Highway 351in Heritage Park in Abilene Texas. This is a single Phase project consisting of 368 storage units, 16 of those being Canopy for R.V. and boat storage. The asset meets all three of our core investment criteria: the property is well located, the property is multi-tenant, and the investment is a value added opportunity.
The mission of the facility is to serve the existing subdivision in Heritage Park, meet the needs of a Pharmaceutical School and other future Businesses. Also serve the needs of approximately 10,000 college students and serve the future demands of over 1,300 additional home sites.The investment opportunity provides investors an opportunity to purchase a self-storage facility in an A + location. The asset is located in a high-income area that is currently experiencing new growth. The investment is in a market of it’s own. There are no comparable properties within 7 miles of its location. A survey was determined that the storage units in the Abilene area are running at a high rate of occupancy (80% to 100%).
A 2 Z Self Storage is a recently completed project located off Highway 351. This project has 8 separate buildings, 16 canopies and a 1200 square foot office. The buildings are built of brick and steel, and have 368 units with 25% of those units climate controlled. A 6-foot ornamental fence with brick columns will surround the facility.
A2Z Self-Storage Center Abilene, TX
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Texas Self Storage Investment Property Information
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Location: 1500’ Northeast of the intersection of Hwy
351 and East Lake Road.
Property Type
& Description: The subject property is a 368 unit Self
Storage development located along the State
Hwy. 351growth corridor in Abilene, TX.
The property is currently in Phase
1.(Construction). Development completed in
early 2008.
Major Tenants: Self-Storage. Local residents
Total Land Area: 3.89 acres of Land
Zoning: PDD (Planned Development District)
Year Built: 2008/2009
Gross Building Area: 368 Units
Occupancy: 88% As of 7-10-12
Legal Description: Being 3.898 acres of land out of the NW/4
of Section 25 of the Blind Asylum Lands,
Abstract No. 1007, Abilene, Taylor county,
Texas and also out of Lot 1, Block F,
Section 1, Quail Valley Northeast Addition
to the City of Abilene, Taylor County, Texas
per plat thereof recorded in Cabinet 1, Slide
424 of the Plat records of said Taylor
County, Texas. Estimated Yearly Operating Expenses-Beginning 2012
Landscaping/Waste Management $ 3,500.00
On-Site Management $ 17,000.00
Water/Electric $ 10,000.00
Telephone $ 2,200.00
Advertising/Marketing $ 7,000.00
Maintenance/Repairs $ 3,600.00
Supplies $ 2,000.00
Off-Site Management $ 7,000.00
Taxes $ 22,000.00
Insurance $ 7,000.00
Total $ 81,300
Pro Forma 2010
Gross Income $ 276,000.00
Expenses $ 81,300.00
NOI $ 194,700.00
Sales Price $ 2,400,000
Cap Rate 8.1%