400 Katy Blvd
Bonham, TX 75418
Meehan Self Storage + Expansion Acerage · Specialty Property For Sale · 11,200 SF

Meehan Storage is a 11,280 NRSF storage facility in Bonham, Texas. Bonham is 29 miles east of Sherman, Texas and 71 miles northeast of Dallas, Texas. It is Fannin County seat. Meehan Storage is located just off the major east-west thoroughfares of Sam Rayburn and Katy Boulevard. Meehan Storage is located one mile south of TMC Bonham Hospital, VA North Texas Health Care System, Texas State Veterans Home and Texas Department of Public Safety. Construction highlights include crushed gravel and grass driveways, non-climate metal buildings, steel framing and metal screw-down roofs. Meehan Storage was built in 1983 and includes gated entry with keypad access, exterior lighting and security cameras. Meehan Storage has 67 non-climate units and is currently 77% physically occupied. The total lot size is +/- 5.25 acres creating significant development opportunity for the buyer. The expansion parcel to the north of the facility is +/- 4.34 acres. The city of Bonham has developer-friendly permitting standards making this expansion opportunity a hugely valuable asset. There are currently no restricted uses on this expansion land. A new owner would be able to add more than 100 units and achieve much greater economies and efficiencies. Furthermore, alternative uses for this land could be explored including an RV park, single family residential or multi-family residential developments. Current owners lives in California, have full-time jobs, and are not able to effctively manage the facility economically (revenue management) or physically. Because of the expansion room a new owner could add an onsite manager’s residence. Current owners have focused, with exceptional results, on state-of-the art self-storage technology. StorEDGE software is fully implemented (customers are trained on it) and the owners will consider including its setup and transfer in the sale. Ninety-five percent of customers pay automatically online. Other customers mail their checks directly to the owners. Communication with tenants is fully automated including rent increases, past due notices, auction status, and other communications. Rentals and move-ins are 100% online. Because of automation and online pay there is very low delinquency and subsequent collection efforts. Recently the facility experienced its fourth consecutive month of 100% pay by the due date. Technology thus allows the local manager to handle no payments and focus on other property tasks.