15242 Garrett RdHouston, TX 77044

For Sale
$3,000,000

High-Return Boat & RV Storage Business

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a 90,000-square-foot boat and RV storage facility situated on 12 acres in Houston, Texas (77044). Currently operating at 65% occupancy, generating a net operating income (NOI) of $246,000, and boasting a stabilized cap rate of 8.20%, this property offers significant upside potential. Projected pro-forma NOI is $450,000, resulting in a 15% cap rate. The asking price is $3,000,000, translating to $33.33 per square foot and $10,526.32 per unit. The property includes a 7,500-square-foot metal building featuring high ceilings and multiple large commercial garage doors, ideal for repairs. Several shipping containers within the building provide additional office or secure storage space. Its strategic location near the only boat launch on the south side of Lake Houston, and adjacent to a subdivision prohibiting on-site boat and RV storage, ensures a consistent client base. The property's 285 units are leased under a gross lease agreement. The projected occupancy date of 65% is September 30, 2024. This is a stabilized investment with strong potential for growth. The property is for sale by owner.

Highlights

  • 90,000 SF boat & RV storage facility on 12 acres in Houston, TX (77044).
  • Currently 65% occupied, generating $246,000 NOI and an 8.20% cap rate.
  • Projected NOI of $450,000 and a 15% cap rate. Asking price: $3,000,000 ($33.33/SF, $10,526.32/unit).
  • Includes 7,500 SF metal building with high ceilings and large garage doors, plus shipping container office/storage.
  • Excellent location near Lake Houston boat launch, adjacent to a subdivision without on-site storage, ensuring high demand. 285 units under gross lease agreements.

Property Details for 15242 Garrett Rd

Property type
Self storage facilities, Investment properties
Square Feet
90,000 SF
Lot Size (sq. ft)
522,720 SF
Units
285

Location Insight

City
Houston
County
Harris
State
Texas
Latitude
29.8818325
Longitude
-95.1449255
15242 Garrett Rd, Houston, Texas

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15242 Garrett Rd
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