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8041 South Padre Island Drive

Marcus & Millichap Sells Access Storage Self Storage In Corpus Christi
SOLDSelf Storage

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:

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

Brian Kelly

Marcus & Millichap

Broker

5 deals

Broker

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