Blue Water Self Storage Sold In Freeport, Texas To New York-Based LLC
1932 FM523 Oyster Creek, TX 77541, USA
Building Size
56,600 SF
Asset Type
Self Storage
Closing
Jul 26, 2023
AI
A 56,600 square foot self storage facility located at 1932 FM 523 in Freeport, Texas has been sold. The property spans across an area of 8.17 acres and was recently transacted in a sale.
Summary of transation details
- Property Type: Self Storage
- Transaction Amount: Not disclosed
- Address: 1932 FM 523, Freeport, Texas
- Size: 56,600 square feet
- Market: Freeport
The sale was facilitated by Dave Knobler from Marcus & Millichap, who represented the deal as the broker. Specifically, the buyer was a New York based limited liability company. Despite not meeting typical demographic criteria, the property's close proximity to the Surfside Beach tourism area and the buyer's market knowledge ultimately led to a successful closing. Additional details regarding the sale price and other financial specifics were not disclosed.
Texas Self Storage Market Snapshot
Boundary boundary · Self Storage · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93