Property History
Gulf Freeway Boat & RV Storage is a 35,450 net rentable square foot storage facility located in Houston, Texas. The property sits on approximately 3.59 acres and consists of 171 units. Nearly 80 percent of the enclosed units are larger than 300 feet to accommodate boats and RV’s. The facility has six single story buildings with concrete driveways that are 55 feet to 60 feet wide and there are 52 outdoor parking spots included in the unit mix. Built in 1998, the Gulf Freeway Boat & RV Storage is of metal construction and has numerous amenities including, but not limited to, security lighting, perimeter fencing, a marquee sign, video surveillance, and two electronically controlled access gates. There is also an on-site manager's office which is not currently being utilized.
Sitting about 2/10 of a mile from the Gulf Freeway (Interstate 45) the facility is in an ideal location for a Boat and RV Storage property. The Dixie Farm Road exit on I45 is the first exit south of Beltway 8 and this portion of I-45 connects Houston with Galveston Bay, Clear Lake, The Gulf of Mexico, and numerous other recreational destinations along the coast. Gulf Freeway Boat & RV Storage fronts onto Dixie Farm Road which is the borderline between parts of Pearland and Friendswood and connects numerous high demographic neighborhoods to I-45 and northern Clear Lake. The Gulf Freeway is one of the most traveled thoroughfares in Houston with daily traffic counts of 222,236, but Dixie Farm Road also sees brisk traffic to the tune of over 30,000 vehicles per day. There are over 71,000 people living with 3 miles of the property and 260,000 residents within 5 miles giving the facility a healthy nearby customer base.
Gulf Freeway Boat and RV Storage is operated by two cousins and this is their only storage facility. The owners spend next to nothing on advertising, do not utilize a software management program, and there is no website for the facility. The property offers an investor the opportunity to acquire a well-located asset in a densely populated area of Houston with tremendous upside in more efficient management. While the property has historically enjoyed occupancy around 90 percent, the economic occupancy is only around 68 percent. A pro-forma unlevered return north of 7.80 percent could be achieved by getting the property to market stabilization.
- Gulf Freeway Near Beltway 8 Location
- 3 Mile Population: 71,596
- 5 Mile Population: 261,035
- 171 Units (129 Enclosed | 52 Outdoor Parking)
- Wide Concrete Driveways to Accommodate Boat & RV Storage
- Average Household Income: $90,516
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