Greenville Self Storage
7557 Greenville Ave, Dallas, TX, 75231-3801, US
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
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.
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).