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Location - The property is situated along the west side of Highway 6, just south of its traffic light controlled intersection with Glenn Lakes Lane in Missouri City, Fort Bend County, Texas.
Acres - +/- 4.85 acres (211,063 square feet)
Traffic Count - +/- 38,000 VPD
Utilities - Water and sewer services are provided by Fort Bend MUD 46. Electric service is provided by Cirro Energy.
Year Built - The facility opened for business in 2015 and was expanded in 2019, with leasing of the expansion commencing in March 2020.
Construction Detail - The facility is comprised of two climate controlled two-story self storage buildings and one non-climate single-story self storage building.
Elevator Detail - The facility has two elevators with a capacity of 4,500 pounds.
Apartment - There is no apartment at the facility.
Office - The facility has a retail oriented customer service office which is approximately 1,500 square feet in size.
Climate Controlled - The facility is approximately 86% climate controlled.
Features and Amenities - The facility has electronic access control, secure fencing, 24-hour video surveillance, climate controlled units, drive-up units, surface parking units, elevator access to upper floors, covered loading areas and a retail oriented customer service office.
Management - The property is professionally managed by CubeSmart.
Security - The facility is equipped with a 24-hour video surveillance system.
Operation Hours (Office) - Monday through Friday - 9:30 am to 6:00 pm; Saturday – 8:30 am to 5:00 pm; Sunday - 11:00 pm to 3:00 pm
Operation Hours (Access) - Monday through Sunday - 6:00 am to 10:00 pm
Offering Price - Unpriced
Rentable Square Feet - 111,540
Effective Rental Rate - Climate Controlled - $22.51psf / Non-Climate - $20.03psf
Number of Units - 993
Current Occupancy - Economic - 53% / Physical - 84%
Offer Deadline - September 17, 2021
New Class A Construction in Houston MSA - Colony Self Storage opened for business in 2015 and was expanded in 2019, with leasing of the expansion commencing in March 2020. The facility was constructed to Class A standards with an attractive design and all modern features and amenities.
Existing Cash Flow with Upside - The lease-up risk associated with the recent expansion is mitigated by the original buildings, which have achieved stabilization and generate signiﬁcant cash ﬂow. Upside can be gained by increasing rates to existing tenants, continued market rate optimization and lease-up of the recent expansion.
Excellent Demographics with Projected Growth - There are over 94,000 residents with an average household income of over $138,000 within a three-mile radius of the property. The population is projected to grow at an annual rate of 2.41% over the next ﬁve years.
Strong Housing Market - In June 2021 Missouri City home prices were up 22.6% compared to last year, selling for a median price of $350K. Further, home prices in Missouri City have increased approximately 40% over the last three years. On average, homes in Missouri City sell after 9 days on the market compared to 56 days last year.
Houston Post-Covid Job Growth - New survey data from staffing ﬁrm Robert Half shows 50 percent of companies in Houston plan to add new full-time jobs in the second half of 2021 and 56 percent plan to offer signing bonuses in an effort to attract top talent.