7995 College St - Storage Plus Two Property Portfolio

The Storage Plus of Beaumont Portfolio consists of two self-storage facilities approximately 6.5 miles from each other in Beaumont, Texas which is approximately 75 miles east of Houston. The properties sit on a combined +/- 3.91 acres of land and have 15 single-story buildings consisting of 355 total units and a combined 40,355 NRSF. There are three outdoor parking spaces and one 840-square-foot warehouse unit included in the unit mix. The facilities have numerous amenities including, but not limited to, video surveillance, gated entries with digital keycode access, roll-up doors, concrete driveways (at the Lamar University location), and a full-service on-site manager’s office at each location.
Both facilities are in well-populated areas, on major thoroughfares, and feature solid nearby consumer demand drivers. Storage Plus #1 (College Street) is in the midst of a heavy retail corridor in west Beaumont and fronts on College Street with daily traffic counts 23,248 vehicles per day. Storage Plus #2 (Lamar University) is next to Lamar University and fronts on Highway 287 with traffic counts of 51,900 vehicles per day.
Offered at approximately $46 per NRSF, the Storage Plus of Beaumont Portfolio is a value-add opportunity. The properties are only around 63 percent physically occupied which can be attributed to the out-of-area ownership group going through a company and management transition. What hasn’t lacked is the attention to detail on keeping the assets in working order as ownership has spent approximately $350,000 on recent CAPEX projects. Achieved rental rates are approximately 60 percent of what REIT-managed facilities are realizing in the market, which provides a favorable growth outlook.