Houston Storage Facility Changes Hands
The asset is in an area offering just 4 rentable square feet of space per capita.
Easy Self Storage
Marcus & Millichap has arranged the sale of Easy Self Storage, a 236-unit, 29,716-square-foot self storage facility in Houston. Senior Vice President Dave Knobler worked on behalf of the seller and also procured the buyer.
Built in 1984 on approximately 2 acres, the asset encompasses five single-story buildings. The property offers a mix of 172 non-climate-controlled and 64 climate-controlled units.
The seller constructed new climate-controlled units after a recent fire to one of the buildings. Amenities include security lighting, perimeter fencing and video surveillance.
Located at 11901 TX-249, the storage facility, which last traded in 2017 for $1 million, is some 15 miles northwest of downtown Houston and around 4 miles west of Interstate 45. The property is one of the 11 facilities within a 3-mile radius, with the area having roughly 4 net rentable square feet per capita, according to Yardi Matrix data.
Despite Houston being considerably oversupplied, with 10.1 net square feet of storage space available per capita, above the 6.9 national figure, the pandemic helped restore market momentum. Street-rate rents increased 10.6 percent for 10×10 non-climate-controlled and 14.4 percent for climate-controlled units of similar size, year-over-year as of October. Overall, almost all Texas markets registered double-digit rent growth due to high demand driven by pandemic-induced factors.
