Waco, TX Self-Storage Opportunity – Waco, TX
1301 La Salle Ave Waco, TX 76706
Take advantage of the opportunity to acquire a 71,350 RSF facility that is heavily weighted toward drive-up non-climate units (93% of RSF), complemented by a small portion of climate controlled units (6%) and minimal non-climate interior space, offering a simple, operationally efficient layout for convenience-driven customers. Additionally, a large outdoor uncovered parking area delivered in 2024 is still in lease up – 38 of 108 spaces leased – which provides meaningful revenue upside.
The self-storage portion is 75.3% occupied at $11.18 in-place rents, with 10–15% loss-to-lease upside and 15%+ occupancy growth potential to reach stabilization. The parking component is approximately 35% occupied, with monthly rent expected to grow from $5,600 to ~$15,000 upon stabilization. CubeSmart assumed management in September 2025, replacing a prior operator that struggled with staffing and oversight—this change is expected to drive stronger performance and rent growth. Additionally, the owner secured a successful 3 | CUSHMAN & WAKEFIELD tax appeal, reducing annual property taxes from $139K to $87K, and lowered insurance costs from $50K to $35K by switching to CubeSmart.
Waco, TX is a high-growth market strategically located along I-35 between Dallas/Fort Worth and Austin. According to the Waco Economic Development Council, the metro population has surpassed 309,000 and continues to grow, supported by a diversified economy anchored by healthcare, education, and manufacturing. Within a 3-mile radius of the property at 1301 La Salle Avenue, the population is projected to increase from 62,957 in 2020 to 67,555 by 2029, with households growing from 22,560 to nearly 25,000 over the same period. Average household income in this trade area is approximately $54,633, with annual income growth projected at 2.6% through 2028. The property benefits from excellent visibility and access along La Salle Avenue, a major arterial with strong traffic counts, and is minutes from Baylor University and key retail corridors. This combination of steady population growth, rising incomes, and high-traffic frontage positions the asset to capture long-term demand for self-storage and vehicle parking.