Summit Storage | 3166 Summit dr
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Summit Storage 3166 Summit dr
11,336 SF 100% Leased Industrial Building Port Neches, TX 77651 £365,885 (£32/SF) 7.61% Net Initial Yield
Investment Highlights
- Very Secure - Almost no foot traffic
- Almost an 8% cap rate
- Extremely Passive Income
Executive Summary
Summary - Summit Storage
• Software / Tenant Protection: Easy Storage Solutions
• Call center: Zion Call Management (spun-off from ESS)
• Most of latches replaced September 2024
• Unit Mix attached
• Total sqft including parking: 11,336 (35 units)
• Total sqft excluding parking: 9,656 (31 units)
• Lots of concrete/driveway area to back trucks up to the units
• 86% physical occupancy (including parking spots)
• 90% physical occupancy (excluding parking spots)
• 87.5% of tenants on recurring billing
• Average length of stay across facility is 867 days (28.5 months)
• Trailing 12mth revenue thru Nov 20th: $58,688
• Expect 12mth revenue run rate to be $60,000 soon
• Last rent increase: April 2024
• Next rent increase: some units in January 2025
• 2023 property taxes: $7,799
• 2024 property taxes: $9,255
The facility is very stable and really easy to manage. It's tucked away in a small industrial park with small businesses so it's quiet and safe. There are a lot of boats/RVs stored here and minimal tenant turnover.
Contact Broker for Financials. Tyler Peterson - (913) 515-7652
Website:
https://www.mysummitstorage.com/
Jefferson CAD:
https://esearch.jcad.org/Property/View/409764?year=2023
https://esearch.jcad.org/Property/View/409764?year=2024
Strong demand for XL units in this area, I haven't seen any other big units like these. Large units (12x32, 12x42, 15x42) fill up immediately on the rare occasions someone moves out. 10x20s fill up quickly too. 10x10s next to each other could be converted to 20x10.
Most tenants in the large units are higher income or retirees that need space for their boats/toys/RVs/etc. Everyone pays, no collection issues.
• Software / Tenant Protection: Easy Storage Solutions
• Call center: Zion Call Management (spun-off from ESS)
• Most of latches replaced September 2024
• Unit Mix attached
• Total sqft including parking: 11,336 (35 units)
• Total sqft excluding parking: 9,656 (31 units)
• Lots of concrete/driveway area to back trucks up to the units
• 86% physical occupancy (including parking spots)
• 90% physical occupancy (excluding parking spots)
• 87.5% of tenants on recurring billing
• Average length of stay across facility is 867 days (28.5 months)
• Trailing 12mth revenue thru Nov 20th: $58,688
• Expect 12mth revenue run rate to be $60,000 soon
• Last rent increase: April 2024
• Next rent increase: some units in January 2025
• 2023 property taxes: $7,799
• 2024 property taxes: $9,255
The facility is very stable and really easy to manage. It's tucked away in a small industrial park with small businesses so it's quiet and safe. There are a lot of boats/RVs stored here and minimal tenant turnover.
Contact Broker for Financials. Tyler Peterson - (913) 515-7652
Website:
https://www.mysummitstorage.com/
Jefferson CAD:
https://esearch.jcad.org/Property/View/409764?year=2023
https://esearch.jcad.org/Property/View/409764?year=2024
Strong demand for XL units in this area, I haven't seen any other big units like these. Large units (12x32, 12x42, 15x42) fill up immediately on the rare occasions someone moves out. 10x20s fill up quickly too. 10x10s next to each other could be converted to 20x10.
Most tenants in the large units are higher income or retirees that need space for their boats/toys/RVs/etc. Everyone pays, no collection issues.
Property Facts
| Price | £365,885 | Building Class | B |
| Price Per SF | £32 | Lot Size | 0.72 AC |
| Sale Type | Investment | Rentable Building Area | 11,336 SF |
| Net Initial Yield | 7.61% | Number of Floors | 1 |
| Property Type | Industrial | Year Built | 1988 |
| Property Subtype | Manufacturing |
| Price | £365,885 |
| Price Per SF | £32 |
| Sale Type | Investment |
| Net Initial Yield | 7.61% |
| Property Type | Industrial |
| Property Subtype | Manufacturing |
| Building Class | B |
| Lot Size | 0.72 AC |
| Rentable Building Area | 11,336 SF |
| Number of Floors | 1 |
| Year Built | 1988 |
Amenities
- 24 Hour Access
- Signage
- Wheelchair Accessible
- Storage Space
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PROPERTY TAXES
| Parcel Number | 300041-000-021610-00000 | Improvements Assessment | £225,410 |
| Land Assessment | £12,287 | Total Assessment | £237,698 |
PROPERTY TAXES
Parcel Number
300041-000-021610-00000
Land Assessment
£12,287
Improvements Assessment
£225,410
Total Assessment
£237,698
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Summit Storage | 3166 Summit dr
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