I-40 RV Storage 10199 W Interstate 40 Spécialité 18 572 m² À vendre Amarillo, TX 79124

Please Visit Property Page to Download Offering Memorandum:
https://leclaireschlossergroup.com/listing/i-40-rv-storage-amarillo-tx/
I-40 RV Storage is a 396-unit, 199,905 net rentable square foot storage facility located in Amarillo, TX. There are 353 covered parking spaces, eight enclosed spaces, 10 open parking spaces, and 25 self-storage units. The facility sits on roughly 11.5 acres, of which roughly 1.9 acres are undeveloped. The property consists of nine canopy buildings, one single-story drive-up self-storage building, and was initially constructed in 2003. Amenities found at this facility include an onsite management office, a two-story employee apartment, and a gated entry.
I-40 RV Storage fronts West Interstate 40 and sees daily traffic counts of 23,840 vehicles per day. The facility is located roughly two miles from Westgate Mall and the surrounding area features major retailers such as Sam’s Club, The Home Depot, Target, Best Buy, and more. In addition to these nearby economic drivers, I-40 RV Storage sits about a half mile from the newly completed Loop 335 which encircles the city of Amarillo. The three-mile population is 20,972, but this figure is set to grow with multiple residential projects under construction within three miles of the facility. One such project is Town Square Village, a 640-acre master planned development that includes residential, office space, apartments, retail, and restaurants. The city of Amarillo is located at the center of the Texas Panhandle and part of the Great Plains. Major industries boosting the city’s economy are oil and gas, cattle ranching, and agriculture. The Texas Panhandle is responsible for nearly 28 percent of the cattle production in the United States. Major employers in the region include Bell Flight, Tyson Foods, and CNS Pantex.
The facility is currently owned by a local couple that are unable to manage the property. The current physical occupancy sits just below 20 percent and offers a potential investor the opportunity to acquire a severely mismanaged facility. By achieving an economic occupancy of 80 percent, an investor could see an end of year three cap rate of 12 percent.