Marcus & Millichap Sells Access Storage Self Storage In Corpus Christi
8041 South Padre Island Drive
Building Size
83,223 SF
Asset Type
Self Storage
Closing
Jun 17, 2024
AI
The transaction involved the sale of Access Storage, a 626-unit self-storage facility located at 8041 South Padre Island Drive in Corpus Christi. Built in 2003, the property spans 83,223 net rentable square feet.
Summary of transaction details:
- Property Type: Self Storage
- Transaction Amount: Not disclosed
- Market: Corpus Christi
- Brokers: Brett Hatcher, Brian Kelly, Gabriel Coe, Luke Sullivan, Nathan Coe, Tim Speck - Marcus & Millichap
- Date: 06/17/2024
Marcus & Millichap played a significant role in facilitating the sale of the self-storage facility, with Tim Speck acting as the Texas broker of record.
Players
Corpus Christi Self Storage Market Snapshot
Boundary boundary · Self Storage · Sale transactions
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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