Special Purpose Facility

Greenville Self Storage

7557 Greenville Ave, Dallas, TX, 75231-3801, US

Greenville Self Storage_Property for Sale

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Greenville Self Storage 2_Property for Sale

Asset description

LOCATION | The property is located at 7557 Greenville Ave, just off Walnut Hill Lane and adjacent to the Harry S Moss Park


TRAFFIC COUNT | The property has excellent visibility along Greenville Ave (nearly 30,000 VPD)


YEAR BUILT | 2019


CONSTRUCTION DETAIL | The property consists of a four story building with masonry and metal construction


APARTMENT | N/A


OFFICE | The office is approximately 1,050 SF


CLIMATE CONTROLLED | The property is 93% climate controlled


FEATURES AND AMENITIES | The property includes climate controlled units, drive-up units, moving dollies and carts, SmartRental compatibility, long access hours 7 days a week, and many other useful features


PERSONNEL | The property has a manager that works 40 hours per week and an assistant manager that works 36 hours per week


MANAGEMENT | CubeSmart


SOFTWARE | CubeSmart


SECURITY | Gated facility with unique access codes and 24/7 video surveillance


OPERATION HOURS (OFFICE) | Monday - Friday: 9:30 AM - 6:00 PM; Saturday: 8:30 AM - 5:00 PM; Sunday: 11:00 AM - 3:00 PM


OPERATION HOURS (ACCESS) | All Week: 6:00 AM - 10:00 PM

Attributes

Building area Net
83,544 sf
Year built
2019
Occupancy
91.00%

Investment highlights

EXISTING CASH FLOW WITH RENT GROWTH UPSIDE

The property has a current physical occupancy of over 90% and a current economic occupancy of approximately 67%, so there is opportunity for rental rate optimization in addition to the very strong in-place cash flow. In addition, the area surrounding the property lacks sufficient supply and there are no upcoming developments within a five mile radius. This allows for a potential buyer to add immediate value to the property through rate increases to existing tenants and additional market rate growth.


BEST-IN-CLASS CONSTRUCTION

Greenville Self Storage was built and completed in 2019. The facility was constructed to Class A standards with an assortment of modern features and amenities – including climate-controlled and drive-up units for easy access. In addition, the modern construction allows for state of the art security and personalized access.


IRREPLACEABLE LOCATION WITH MARKET-LEADING DEMOGRAPHICS

The property benefits from a highly core location with excellent access within one of Dallas's highest income infill neighborhoods. The property has a population of nearly 173,000 residents with an average household income of over $122K within a 3-mile radius. This area provides a stable platform for a long-term value and growth opportunity.


RESILIENT ASSET CLASS

Self Storage as an asset class has historically performed very well during economic downturns. Self storage was the only REIT sector to post a positive total return during the Great Financial Crisis as rental rates stayed effectively flat while withstanding the economic turbulence. More recently, self storage REITs were the best performing REITs by asset class during the COVID pandemic, and the asset class has continued its strong performance through Q3 2022.


PRIME ACCESS AND EXCELLENT VISIBILITY TO OVER 30,000 VPD

Greenville Self Storage is located at 7557 Greenville Ave (roughly 30,000 VPD), just off Walnut Hill Lane and adjacent to Royal Oaks Country Club and the Harry S Moss Park. The property benefits from a highly central location within the city of Dallas that is easily accessible from a very broad trade area. The property is less than half a mile from Central Expressway (US-75), which serves as one of Dallas's primary north/south thoroughfares, and less than 2.5 miles from the city's primary east/ west highway, LBJ Freeway (I-635).

Greenville Self Storage 4_Property for Sale
Greenville Self Storage 4_Property for Sale

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Last updated
Nov 30, 2022