Engineers in Real Estate Raise
This property is approximately 14,840 sqft of net rentable storage facility that sits on 2.55 acres in Lago Vista Texas which is the Austin MSA. The property market is considered to be along the Highland Lakes area, which is the largest chain of lakes in Texas. This project consists of 5 buildings that house 51 total indoor non-climate controlled storage units. The property also accommodates 23 open parking spaces which are rented to tenants to store vehicles, RV’s and boat trailers. The property is 15% below the market rents.
The strategy will be to improve the property by completing a security fence and an automated gate and control system then overtime raise rents to the market and hold for 5-7 years. The investors should see an IRR around 15%
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