CAB’s Boat Storage is a 106 unit, 41,904 NRSF, wood frame boat storage facility built in 2014 located in the small unincorporated community of Sargent, TX with easy access right off of FM 457. Sargent is a fishing, boating, and water sports community with a variable population, as most of its inhabitants are weekend commuters from larger cities such as Houston, Austin, and San Antonio. The large majority of the tenants for CAB’s come from cities and towns around the Houston/Greater Houston area.
CAB’s Boat Storage has been owned and maintained by the original owner and builder since its opening in 2014. The owner recently added a brand new camera system at a cost of $9,500.00 for remote viewing of the property. Additional features include perimeter fencing, lighting, wide aisles and large hinged swing doors. The facility sits on approximately 6.4807 acres which has been subdivided from a larger tract. This 6.4807 acres also includes the opportunity to utilize 2 +/- acres of unused land for expansion of the facility.
Current asking rates for competing facilities in the area are averaging $.22 PSF. With average rates of $.17 PSF, CAB’s is 29% below the market allowing a new owner the opportunity to capture immediate revenue increases. There are additional opportunities to increase revenue by creating new lines of income such as tenant protection, admin fees, convenience fees etc.
Additionally, the current owner spends little to no money on marketing of the facility to attract new tenants.
With a new operator that will bring focused thought and effort in areas such as revenue management, expense analysis, marketing and managerial practices, opportunities abound with this property.