Special Purpose Facility

Imperial Self Storage

15025 Voss Rd. Sugar Land, Texas United States 77498
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

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Attributes

Year Built 2000
Building Area Net
Land Area Net ()
Number of units 791

Asset Description

LOCATION: The property is situated at 15025 Voss Rd, Sugar Land, TX, at the intersection of Voss Rd and Addicks-Howell Rd.


ACRES: 2.203 Acres (95,963 Square Feet)


FRONTAGE: Approximately 285 feet of frontage along Voss Rd


TRAFFIC COUNT: +/- 18,200 VPD (Voss Rd); +/- 36,000 VPD (Hwy 6)


DATE OPENED: February 2020


CONSTRUCTION DETAIL: The facility consists of a single, three level building.


ELEVATOR DETAIL: Two 4,500 Pound Capacity Thyssenkrupp Elevators


APARTMENT: N/A


CLIMATE CONTROLLED: The facility is 100% climate controlled.


FEATURES AND AMENITIES: The facility will include surveillance cameras, individual unit locks, climate control throughout, keypad entry, and on-site management.


MANAGEMENT: The property is professionally managed by CubeSmart.


SECURITY: The facility is equipped with a 24-hour video surveillance system.


OPERATION HOURS (OFFICE): Monday-Friday: 9:30am - 5:00pm; Saturday: 8:30am - 5:00pm; Sunday: 11:00am - 3:00pm


ACCESS HOURS: Daily: 6:00am - 10:00pm


OFFERING PRICE: Unpriced


RENTABLE SQUARE FEET: 94,220


EFFECTIVE RENTAL RATE: $17.24 psf


NUMBER OF UNITS: 791


CURRENT OCCUPANCY

Economic: 52.81%

Physical: 70.15%


OFFER DEADLINE: March 18, 2022

Investment Highlights

NEW BEST IN CLASS CONSTRUCTION

Imperial Self Storage at 15025 Voss Rd, opened for business in early 2020. The facility is

constructed to Class A standards with an assortment of modern features and amenities –

including 100% climate-controlled units and motion-detector LED lights.


EXCELLENT VISIBILITY TO OVER 54,000 VPD

Imperial Self Storage has excellent visibility at the intersection of Voss Rd (18,200 VPD)

and Highway 6 (36,000 VPD). The property is also easily accessible from both busy

roadways.


STRONG DEMOGRAPHICS WITH PROJECTED GROWTH

There are over 100,000 residents with an average household income of nearly $80,000

within a three-mile radius of the property. The average household income is projected to

grow at an annual rate of 1.89% over the next five years.


EXISTING CASH FLOW WITH UPSIDE

The property is currently over 70% physically occupied and over 50% economically

occupied, even though it has only been open a short time. The property has showcased

strong revenue trends over the past 12 months and has room for rent growth as it

continues to lease up. With only one, 35,000 square foot, property in the development

pipeline, the property will be able to raise rental rates without competitors offering

discounted “lease-up” rates.


HOUSTON POST-COVID JOB AND POPULATION GROWTH

The Houston MSA created 151,800 jobs in 2021, which was Houston’s best year ever

for employment growth. In addition, Houston is projected to add another 75,500 jobs in

2022. Last year also saw Houston overtake Dallas in Fortune 500 companies with four

new headquarters - ranking 3rd in the country in total Fortune 500 headquarters.



SUGAR LAND HOUSING MARKET

In December of 2021, housing prices in Sugar Land were up 5.3% compared to

December of 2020. More importantly, homes are selling faster and more often in Sugar

Land - indicative of the job and population growth in the Houston area. Houses only

lasted 19 days on the market, which is less than half as long as in 2020. Finally, the

volume of housing has exploded, as 224 homes sold in December compared to 187 in

Last Updated Date: 05 Apr 2022

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Last Updated Date: 05 Apr 2022

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