Grandstone is pleased to present a Mid Construction Development Opportunity in Houston, Texas. Currently, the earthwork, concrete slab, elevator shaft, masonry, along with some of the plumbing work have been completed. With approximately five months remaining for completion and an additional $7.75 million in construction costs, this facility is set to offer a premium storage experience. Upon completion, this facility will feature 671 climate-controlled units and 111 non-climate-controlled units, totaling 93,975 net rentable square feet. Strategically located off Highway 288, the facility enjoys a high visibility location with a traffic count of 148,000 vehicles per day. With a local population of 77,109 residents within a three-mile radius, this project has strong potential to be a premium Class A facility in a primary market.
INVESTMENT
HIGHLIGHTS
• Ready to Complete:
Construction is well underway, with the concrete slab poured and the elevator shaft completed. An additional five months of construction is required, with projected costs estimated at $7.75 million.
• Significant Upside Potential:
At Certificate of Occupancy (C/O), the facility’s value is estimated at $16.5 million. Once stabilized, the property is projected to reach a valuation in the high $20 million range.
• Competitive Advantage:
Nearby facilities are lower in quality, offering this property a distinct competitive edge. The current per capita NRSF within a three-mile radius is only 3.01 emphasizing the limited competition in the area.
• Prime Location:
Positioned directly off Highway 288, which boasts over 148,000 daily vehicle passes, this facility benefits from excellent visibility and accessibility, enhancing customer attraction.
• Robust Economic Drivers:
Houston’s economy is diverse and resilient, driven by prominent industries such as energy, healthcare, aerospace, and manufacturing. Major entities like ExxonMobil, Chevron, and the Texas Medical Center foster ongoing economic growth and innovation. The city is also seeing major revitalization initiatives, such as the Bayou Greenways 2020 project, along with infrastructure and educational investments by the Houston Independent School District. Additionally, several mixed-use and multifamily projects are progressing within the Houston Innovation Corridor. Houston’s strategic location along major highways and proximity to the Gulf of Mexico reinforces its position as a central transportation hub and economic powerhouse.
Broker of record: BRIAN BROCKMAN | Bang Realty-Texas Inc | bor@bangrealty.com | License: #701472
