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Boat, RV Storage Demand Goes Up When Cap Rates Go Down
Lone Star Boat Storage, a 77,358-square foot boat-storage facility located at 2417 West Monroe Ave. in Port O’Connor, TX, recently sold to an individual/personal trust. The price was undisclosed.
Dave Knobler of Marcus & Millichap’s Houston office had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was also secured by Knobler.
“Unsurprisingly there was strong competition for this asset with a number of offers and property showings as boat and RV storage properties continue to become hotter commodities with cap rates trending downwards,” said Knobler. “While the Lone Star Boat Storage demographics wouldn’t be as attractive for a self-storage operation, the tenant base for these types of assets tends to stretch for a couple of hundred miles and less than 10 of the units were rented by locals.”
- ◦Sale/Acquisition
