310 5Th AveTexas City, TX 77590

For Sale
$150,000

12-unit facility, strong ROI potential.

Overview

Added:
Dec 11, 2024
Days on market:
94
This 12-unit self-storage facility presents a compelling investment opportunity in Texas City, TX. Located at 310 5th Ave N, this single-story, 6,080 square foot building sits on a 17,500 square foot lot (APN 224710) and boasts 12 units, each measuring 38 x 11 x 12 feet, with 12 parking spaces. Built in 1966, the property features a 12-foot ceiling height and is zoned for commercial use. Currently operating at 66% occupancy, the property generates a net operating income (NOI) of $15,476, representing a 6.00% cap rate. The asking price is $150,000, or $12,500 per unit, and $24.67 per square foot. The land value is $8.57 per square foot. The property is classified as Class C with a gross lease type and is considered a value-add investment opportunity. Pro-forma NOI and cap rate are also 6.00%. Projected full occupancy is October 22, 2024. This distressed property offers significant upside potential due to the growing demand for storage solutions in Texas City, its strategic location near major highways and businesses, and the potential for rental rate increases. Any agreement will be evidenced by a contract assignment or double-closing.

Highlights

  • Strong demand for self-storage in Texas City due to population growth and new housing.
  • Excellent location near major highways and businesses, ensuring high visibility and accessibility.
  • Currently generating stable income with potential for rental increases; low vacancy rates in the area.
  • Proximity to major employers provides a consistent customer base for both personal and business storage needs.

Property Details for 310 5Th Ave

Property type
Self storage facilities, Flex space
Square Feet
6,080 SF
Class
C
Year Built
1966
Buildings
1
Stories
1
Units
12

Location Insight

City
Texas City
County
Galveston
State
Texas
Latitude
29.389356108067
Longitude
-94.898470340359
310 5Th Ave, Texas City, Texas

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310 5Th Ave
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