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Mt Hood | Houston
The subject property is located at 2995 Mt. Hood Street, Las Vegas, Nevada 89156 (Mt. Hood Street & Alto Avenue). The site is 15.05 acres (655,578 SF). The subject property is surrounded by residential properties and Nellis Air Force Base. Public records show the 2021 population within the 1-3 and 5-mile radius is 13,049; 94,005; and 270,002, respectively. The population within the trade area is projected to increase 5.02% by 2023 and 8.37% by 2025.
The subject property will be the highest quality self-storage facility in the market. The self- storage market is under supplied within the 5-mile radius with 6.45 SF/Capita presently, with no supply in the one-mile radius. With the subject property and one additional planned project, the supply is projected to increase to 7.25 SF/Capita by 2027. National REIT Management, Class A design and quality of this facility, consistently growing population, accessibility, and the fact that the average age of self-storage facilities within the 5-mile radius is approximately 30 years old with many “C” quality facilities, with limited climate-controlled units, make this an extraordinary opportunity. The subject property would be a major qualitative addition to the market. The business plan for the subject property is to have a Class A climate controlled self- storage facility, various sizes of non-climate drive up units, and the highest quality RV and Boat parking facility in the Las Vegas market.
This project will be a Class A, institutional quality self-storage facility. The subject property is designed to be built as 328,465 GSF. The business plan for the subject property is to develop a state-of-the-art climate-controlled facility of 162,370 GBA, a 1,255 SF office area, with 119,382 NRA. 168,270 SF GBA to be utilized as eighty-six exterior drive-up units and 133 RV/Boat enclosed garage parking units, and eighty-six covered RV/Boat parking spaces. The facility will utilize a state-of-the-art security system including an exterior surveillance system for the RV and Boat parking areas, which will utilize a Videofied intrusion detection system that is professionally monitored for immediate video verification of the alarm and priority police response to any unauthorized intrusion. The facility will also have two wash bays for RV/Boats, and a dump station. The subject property is located in the fast-growing Las Vegas market.
There are 9,500 military and civilian personnel at Nellis Air Force Base. In addition, Nellis is contiguous to the Mt. Hood self-storage project. YSA worked with Nellis leadership to have the self-storage use approved. The base personnel will be advised that the Mt. Hood self-storage project is the recommended self-storage facility for base personnel. The plan is to offer first month free rent to base personnel.
Within a quarter mile of the subject property, there are 1,500+ single family homes under development. The confluence of a number of key factors will drive occupancy at the subject property: The qualitative advantage of being the highest quality facility in the market and offering climate-controlled units when most of the competition does not offer climate-controlled space. The subject property is presently in the pre-development and received approval from the Clark County Planning Commission on July 20, and was acquired on September 27, 2024.
| Executive Summary | |
|---|---|
| Address | 2995 Mt. Hood Street |
| City | Las Vegas |
| Building GSF | 394,730 |
| Building NRSF | 331,572 |
| Total Project Cost | $46,933,004 |
| Stabilized NOI | $4,990,290 |
| Project Timeline Date | |
|---|---|
| Acquisition | Sept 23 |
| Obtain Full Permits | Q4 2024 |
| Construction Start | Q4 2024 |
| Construction End | Q4 2025 |
| Stabilization | Q4 2028 |
| Capital Stack | ||
|---|---|---|
| Construction Financing | $30,506,453 | 65% |
| Total Equity (LP + GP) | $16,426,551 | 35% |
| Total Capitalization | $46,933,004 | 100% |
| Total Project Cost | $46,933,004 |
|---|---|
| Total Equity | $16,426,551 |
| Debt | $30,506,453 |
| Average Projected Investor IRR | 44.3% |
| Investor Equity Multiple | 4.26 |
| Market Pop (5-Miles) | SS Supply | Supply Ratio | |
|---|---|---|---|
| 2022 | 266,651 | 1,719,326 SF | 6.45 |
| 2027 | 285,143 | 2,067,496 SF | 7.25 |
The subject property is located at 3203 Hurley Street, Houston, Texas 77093. The site is 3.36 acres (146,362 SF). The subject property is surrounded by a wide variety of residential, retail, and commercial uses. Public records show the 2021 population within the 3-mile and 5-mile radius as 119,411 and 307,473, respectively. The population within the trade area is projected to increase to 120,148 and 311,783 in the three and five mile respectively by 2026.
The subject property will be the highest quality self-storage facility in the market. The self-storage market is under supplied within both the three-mile and five-mile radius with 2.52 SF/Capita in the threemile and 3.65 SF/Capita in the five-mile, respectively. With the subject property and one additional planned project, the supply is projected to increase to 3.44 SF/Capita in the three-mile and 4.64 SF/Capita in the five-mile, respectively. The average age of self-storage facilities in this market is 39 years.
The subject property will be a Generation V, Class A climate-controlled facility. A consistently growing population, accessibility via Interstate 69 which is 1,000’ from the subject property with daily traffic counts exceeding 200,000 VPD, and the fact that the average age of self- storage facilities within the 5-mile radius is approximately 39 years old with many “C” quality facilities, with limited climate-controlled units in the market, and no climate controlled facilities in the three-mile, make this an extraordinary opportunity. The subject property would be a major qualitative addition to the market.
The business plan for the subject property is to develop a state-of-the-art climate-controlled facility of 147,250 GBA, a 1,312 SF office area, with 109,454 NRA, with various unit sizes based on market demand, fifty-two covered RV/Boat parking spaces, and the highest quality RV and Boat parking facility in the market. The facility will utilize a state-of-the-art security system including an exterior surveillance system for the RV and Boat parking areas, which will utilize a Videofied intrusion detection system that is professionally monitored for immediate video verification of the alarm and priority police response to any unauthorized intrusion.
The subject property is located in the fast-growing Houston market. The subject property will have the qualitative advantage of being the highest quality facility in the market and offering climate-controlled units when most of the competition does not offer climate-controlled space. The subject property is presently in the pre-development phase.
The new facility will be a state-of-the-art Generation V self-storage facility of institutional quality. The subject property, in addition to being climate controlled, will offer a state-of-the-art security system that is professionally monitored for immediate video verification of the alarm and priority police response to any unauthorized intrusion.
| Total Project Cost | $21,695,934 |
|---|---|
| Total Equity | $7,593,577 |
| Debt | $14,102,357 |
| Average Projected Investor IRR | 49.9% |
| Investor Equity Multiple | 5.03 |
| Anticipated Hold Period | 5 years |