Cadston Storage is a recently built (late 2020), stabilized, remote managed, Class A, Climate, Boat and RV Storage facility located in the rapidly growing area of Magnolia, TX. Cadston Storage consists of 174 climate, boat & RV units totaling 60,345 net rentable square feet spread out over 3.8 acres of land. The property boasts wide 56’ concrete slab turning aisles, PDK key pad gated entry, security cameras and perimeter fencing.
The surrounding area is experiencing tremendous growth with a projected 18,000 +/- housing units in the development pipeline. Several large existing and planned communities surround the immediate area of the subject property providing stable demand and future growth potential.
There is currently an adjoining 4+/- acre tract to the immediate southeast that is owned by a separate owner and listed with a separate broker for sale that could provide an opportunity for future expansion.
The current owner has done small rate increases of $5.00 every 6 months over the previous 2 years of ownership. However, the owner just implemented a new $30.00 rate increase on existing tenants as well as street rates. Current economic occupancy based on annualized 2022 revenue is about 70%.
A new owner has the opportunity to continue rate increases, implement new and increase existing ancillary revenue items and take advantage of the incredible surrounding market.