Caney Creek Self Storage was an off-market property acquisition with an upside in all three purchase strategies – management, enhancements and expansion opportunities. It’s the only Class A property within five miles, conveniently located just two miles from the new Grand Parkway & I-59 intersection.
The city of New Caney is located in southeastern Montgomery County, northeast of Harris County, about 30 miles northeast of the Houston Central Business District. The neighborhood is a mix of commercial and residential development, primarily residential, and includes the newest developments in the area. There is also a significant amount of undeveloped land. Current area development also includes a Walmart Supercenter, Home Depot, Kroger, and several free-standing fast food restaurants.
The subject property is located within an established commercial area, with the potential for additional growth. Established residential and commercial areas are located to the west, south, and east. The population has shown positive growth within the previous ten years, and a projected annual growth over the next five years of 7.2%. The average household income is expected to increase from $68,198 to $74,020 in the next five years. The average home value within a three-mile radius is $121,201.
There are 20 public schools managed by New Caney Independent School District. The Board will seek $200 million in bonds for the construction of new campuses or replacement/update of existing campuses
The area is served by US Highway 59 and State Highway 242. According to the Texas Department of Transportation, FM 242 is projected to be widened due to the increased traffic from eastern Montgomery County towards Central Montgomery County. The commute to the Houston Central Business District is approximately 40 minutes.