15242 Garrett RdHouston, TX 77044

This exceptional investment opportunity presents a 90,000-square-foot boat and RV storage facility situated on 12 acres in Houston, Texas (77044). Currently operating at 65% occupancy, generating a net operating income (NOI) of $246,000, and boasting a stabilized cap rate of 8.20%, this property offers significant upside potential. Projected pro-forma NOI is $450,000, resulting in a 15% cap rate. The asking price is $3,000,000, translating to $33.33 per square foot and $10,526.32 per unit. The property includes a 7,500-square-foot metal building featuring high ceilings and multiple large commercial garage doors, ideal for repairs. Several shipping containers within the building provide additional office or secure storage space. Its strategic location near the only boat launch on the south side of Lake Houston, and adjacent to a subdivision prohibiting on-site boat and RV storage, ensures a consistent client base. The property's 285 units are leased under a gross lease agreement. The projected occupancy date of 65% is September 30, 2024. This is a stabilized investment with strong potential for growth. The property is for sale by owner.