The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale the Homestead Storage C/O Opportunity, an institutional-quality, self-storage development located in Homestead, Florida, a key component of Miami-Dade County.
The newly-constructed facility will reside on 3.23 acres and will be comprised of 91,400 rentable square feet upon completion. The subject will offer 718 climate-controlled units, 200 lockers, 55 non-climate-controlled units and 31 rental parking spaces for a total of 1,004 units. The facility will feature a fully-climate-controlled, multistory building with convenient elevator access to its upper-level units. Additionally, the elevators will come with a warranty to ensure daily operations and the building will feature a large walk-in area and office space. The Homestead Storage C/O Opportunity will offer additional streams of revenue through tenant insurance and moving supplies; the facility can further increase income through the implementation of a truck rental program upon Certificate of Occupancy.
Strategically situated in the Miami, Florida Metropolitan Statistical Area, the Homestead Storage C/O Opportunity offers exceptional upside with strong demographics in an area poised for significant growth. An investor has the unique opportunity to acquire a brand new, state-of-the-art facility that is slated to complete construction in mid-2019. At Certificate of Occupancy, the newly-constructed facility will represent the best-of-the-market and operate in a densely-populated residential area with a multitude of resources and points of interest. There is a population of over 157,000 individuals within five miles of the property, signifying the need for self-storage within the region. The five-year population growth is projected to flourish at a high rate of 1.50 percent annually from 2019 to 2024. Additionally, an investor will benefit from a 46.5 percent renter-occupied housing population in the surrounding area. The property offers excellent accessibility to U.S. Highway 1 and Florida’s Turnpike, which are two of the most frequented thoroughfares in Miami-Dade County.
Ideally situated on Northeast 12th Avenue, the facility is adjacent to U.S. Highway 1 and Old Dixie Highway, which sustain traffic counts in excess of 31,000 and 34,000 vehicles per day. The property is 1.5 miles from Florida’s Turnpike, which witnesses a traffic count of over 49,000 vehicles per day. Additionally, the property is approximately one mile from Krome Avenue, which has a traffic count exceeding 22,000 vehicles per day. Furthermore, the site is within a mile of Campbell Drive, which witnesses a traffic count exceeding 26,000 vehicles per day. The Homestead Storage C/O Opportunity offers convenient access to Downtown Miami and all the nationally-renowned amenities in this primary MSA.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale Sheds Or Us Storage located in Norwich, Connecticut. Sheds Or Us Storage is comprised of 29,650 rentable square feet and 223 drive-up units, ranging in size from 25 square feet to 300 square feet. The facility has physical and economic occupancies of 96.0 percent and 75.8 percent, respectively. The roofs of the buildings were all recently recoated and have a 20-year warranty. The property boasts an excellent location off the New London Turnpike and serves as the primary self-storage provider within the immediate vicinity.
The subject property resides on approximately 3.35 acres and is within close proximity to all of Norwich’s resources and amenities. The property offers visibility from Veterans of Foreign Wars Highway, a major thoroughfare which allows for easy access to Norwich and the region’s corresponding suburbs. Veterans of Foreign Wars Highway witnesses a traffic count exceeding 20,000 vehicles per day. Additionally, the site offers convenient ingress and egress from the New London Turnpike, which sustains a vehicle count of over 13,000 per day. Sheds Or Us is within a mile of several national retailers and points of interest, including Big Lots, Planet Fitness, Dollar Tree, Jersey Mike’s Subs, Dressbarn, Dunkin’ Donuts, Domino’s, McDonald’s and Bank of America. Additionally, the site is within 1.5 miles of Backus Hospital, Norwich Free Academy and a multitude of dense residential areas.
Sheds Or Us Storage offers multiple upsides as the primary self-storage option for the surrounding communities. The facility has solid proforma financials with cash-on-cash returns of 10.5 percent and 14.4 percent in years one and two, in addition to leveraged IRRs of 19.9 percent and 21.4 percent in years five and seven. Additionally, the subject’s revenue potential is reflected in a proforma cap rate of 8.28 percent. The site will benefit from installing a tenant insurance program in addition to collecting late fees. Furthermore, the implementation of professional management will result in more efficient operations, as the subject is currently undermanaged.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale EXR-Managed Tampa, located in the heart of the Tampa Bay Area.
Converted in 2016, the multistory self-storage facility offers 74,940 rentable square feet and 676 modern storage units. From climate-controlled and non-climate controlled storage units, ranging in size from 25 square feet to 1,050 square feet, to boat/RV parking spaces, the property caters to the surrounding area’s comprehensive storage needs. The occupancies are indicative of a successful lease-up phase at a current 88.1 percent physical occupancy and 68.6 percent economic occupancy, with the ability to further add units on the extensive property’s second floor. The professionally-managed facility has multiple loading bays and is secured by on-site management, 24-hour video surveillance and keypad access. Strategically, the property boasts multiple streams of revenue, including a strong tenant insurance program and two parking leases to utilize the spacious lot occupied by its tenants, along with the overall high volume of tenant traffic at the storage site.
The facility resides on approximately 4.78 acres and benefits from its impeccable situation at 2320 West Hillsborough Avenue in Tampa, Florida; this location is on the signalized intersection of Hillsborough Avenue and Armenia Avenue, resulting in a combined traffic count of over 91,100 vehicles daily. Hillsborough Avenue individually sees over 66,500 vehicles daily, while Armenia sees over 24,500 vehicles daily; the site is advantageously accessible from both thoroughfares. The intersection houses national retailers, including Publix, CVS, Thornton’s and numerous others to match the populous location. Within a five-mile radius is a population of 315,479 individuals and 126,512 households, while the three-mile radius also boasts a large population of 133,194 individuals and 51,704 households. The five-mile population is projected to rise by 7.5 percent within a five-year span from 2019 to 2024, exceeding national growth. Furthermore, both radiuses have a population that is over 50 percent renter-occupied; historically, renters utilize storage at a higher rate than owners.
EXR-Managed Tampa is poised to continue its growth as the area itself continues to benefit from an influx of residents and national retailers migrating into the corridor. With high-traffic counts along the Hillsborough-Armenia intersection, the opportunity leaves room to capitalize on optimal signage to enhance visibility. Upon stabilization, an investor can further expand the facility by taking advantage of the vacant second floor of the facility and outfitting the area for storage units to meet the growing demand, along with raising facility rates that are below market, such as the property’s 10x10 climate-controlled units at $25 beneath immediate competitors. The property is equipped with quality features and units, ensuring success for years to come in a prime location, and benefits from many streams of additional revenue in place. These major upsides are paired with forward-looking financials entailing both a projected stabilization and a cash-on-cash return of 11.2 percent in year two. With the facility’s ideal location on a well-traveled thoroughfare in an area swelling in population growth, the site advantageously resides in Hillsborough County’s City of Tampa, a principal of the Tampa Bay Area, one of the fastest-growing metro areas in the country. The county alone has a population higher than that of 10 states, and ranks outside of the Miami counties as the most populous in Florida.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale West Ocean City Self Storage. West Ocean City Self Storage is comprised of 64,090 net rentable square feet on approximately 9.76 acres of land. The facility offers 43 climate-controlled units, 435 non-climate-controlled units and 24 parking spaces for a total of 514 units. The subject has physical and economic occupancies of 87.8 and 73.4 percent, respectively. To ensure a secure premise, the facility is equipped with 24-hour video surveillance, perimeter-wide fencing and computerized access. The property features an on-site manager’s apartment with three bedrooms, two bathrooms and a spacious patio across 1,100 square feet. West Ocean City Self Storage offers excellent frontage along U.S. Highway 50, which serves as a direct thoroughfare to all of Ocean City’s well-renowned attractions.
Located directly along U.S. Highway 50, the facility benefits from prime visibility as this thoroughfare is the main route leading to Ocean City’s well-renowned beaches and amenities. West Ocean City Self Storage is ideally situated within close proximity to many national retailers and points of interest in Ocean City, Maryland. The property is adjacent to Enterprise Rent-A-Car and is approximately one mile from Walmart, Home Depot and McDonald’s along the same roadway. The site is within two miles of the Ocean City Factory Outlets, Panera Bread, Petco, Marshalls, Staples, Five Guys, Bed Bath & Beyond, PNC, Holiday Inn Express, Wawa, Rite Aid, UPS, Taco Bell and several others. Additionally, U.S. Highway 50 offers access to the Ocean City Boardwalk and all its popular restaurants, hotels and waterfront attractions. Ocean City serves as a major travel destination for the Baltimore-Washington D.C. Metropolitan Area.
West Ocean City Self Storage provides an investor the unique opportunity to acquire a self-storage asset with multiple value-add components. The property has forward-looking financials with projected leveraged IRRs of 21.8 percent and 21.4 percent in years five and seven and cash-on-cash returns of 12.8 percent and 13.7 percent in years two and three. An investor can increase profits by implementing a tenant insurance program, a late fee policy and raising rental rates to meet the comparable average, as the climate-controlled and non-climate-controlled rates are currently below market. The subject is under-managed and would be strengthened by the introduction of professional management. The property serves as a Neighborhood U-Haul Dealer and benefits from a digital market footprint through U-Haul promoting the facility on its website. Furthermore, the opportunity represents a rare advantage in obtaining a well-maintained facility with excellent financials in a thriving component of Ocean City, Maryland.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale EXR-Managed Tempe, located within the Phoenix, Arizona Metropolitan Statistical Area.
EXR-Managed Tempe indicates an exceptionally rare opportunity to acquire an impeccably-located self-storage facility in one of the nation’s fastest-growing areas. This opportunity offers a qualified investor significant upside through a strong market footprint, high physical and economic occupancies and a predominantly renter-occupied housing population, statistically demonstrating a higher utilization of storage compared to owner-occupied housing.
Comprised of 61,900 rentable square feet, the facility offers 691 non climate-controlled units, ranging from 25 square feet to 400 square feet, among 37 boat and RV parking spaces for a total of 728 units. To ensure a secure premise and storage units, the facility is equipped with 24-hour video surveillance, personalized gate codes, electronic gated access, professional management and an on-site resident manager. At the meticulously-kept facility is a two-bedroom, one-bathroom apartment to accommodate the resident manager. Overall, the facility boasts a physical occupancy of 90.3 percent and an economic occupancy of 82.5 percent, and is indicative by the high traffic within the facility.
Residing on 3.14 acres at 1964 East University Drive in Tempe, Arizona, the facility is perfectly positioned with excellent curbside appeal. University Drive, seeing an average of 37,400 vehicles daily, links directly to Arizona State University’s Tempe Campus. Lauded for its large student enrollment count of over 42,500 undergraduate students, the facility is less than a mile from the university. The facility is also located minutes away from both Arizona’s Loops 101 and 202; both are primary thoroughfares in the Phoenix Metro Area which witness traffic counts in excess of 101,200 and 174,400 vehicles per day, respectively. As a component of Maricopa County, this county was recognized by the U.S. Census Bureau for adding over 222 new individuals daily, more than any other U.S. county and emerging as the county with the nation’s highest annual population growth. In 2018, the Phoenix MSA was also recognized by the U.S. Census Bureau for having the fourth-largest population gain of any metro area.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale EXR-Managed Las Vegas, located within the Las Vegas, Nevada Metropolitan Statistical Area.
The acquisition of EXR-Managed Las Vegas offers an investor the chance to purchase a professionally-managed asset with significant upside in Las Vegas, Nevada. Well-positioned in a top 30 U.S. Metropolitan Statistical Area, the facility has excellent frontage along Boulder Highway, in addition to optimal visibility from Interstate 515. The facility was renovated in 2018 with the addition of over $1 million in capital improvements, which includes new paint, new lighting, roof repairs, a new air cooling system and a new, state-of-the-art security system. The property includes one manager’s apartment which can be converted to storage, in addition to a vacant lot along Boulder Highway which can also be converted to self-storage. An investor can further increase profits by raising the non-climate-controlled rental rates to meet the comparable average. Additionally, the facility can benefit from the implementation of a robust tenant insurance program. EXR-Managed Las Vegas has been well-maintained and was repaved in the last six months. The surrounding area is rapidly expanding, as there is a projected population increase of 1.26 percent annually from 2019 to 2023.
EXR-Managed Las Vegas consists of 127,141-rentable square feet and is comprised of 54 climate-controlled, 1,656 non-climate-controlled and 75 boat/RV parking spaces for a total of 1,785 units. The unit mix is subject to adjustment based on the CONVADD plan on page 13. The current physical and economic occupancies reside at 83.4 percent and 70.9 percent, respectively. The facility is equipped with a fully-fenced perimeter, gated access and a video surveillance system for consumer safety. Furthermore, EXR-Managed Las Vegas others a wide-variety of options and multiple gates for consumer convenience.
Located directly along Boulder Highway, the property witnesses traffic counts of over 35,000 vehicles daily. The property also benefits from visibility along Interstate 515, which sustains a robust traffic count in excess of 133,000 vehicles per day. Furthermore, the facility is within two miles of Nellis Boulevard and Tropicana Avenue; these nearby thoroughfares witness traffic counts of over 36,000 and 50,000 vehicles daily. An investor can benefit from the consistent volume of traffic from multiple roadways within the surrounding area. Las Vegas is the county seat of Clark County and the most populous metro area in the state of Nevada; the city is well-renowned as the "Entertainment Capital of the World."
The Mele Group of Cushman & Wakefield has been selected to exclusively market for Gulfport Storage in Gulfport, Florida.
Strategically situated in the Tampa Bay Metropolitan Statistical Area, Gulfport Storage offers exceptional upside with forward-looking financials in an area poised for significant growth. An investor has the unique opportunity to acquire a stabilized asset which recently underwent over $250,000 in capital improvements. Among these renovations, all 2.5 acres of asphalt have been completely re-surfaced and a new surveillance security system was installed. Gulfport Storage offers a fully-remodeled manager’s office, new painting throughout the premises and new climate-controlled units. There is a prime opportunity to increase revenue by raising rental rates to meet the comparable average; the non-climate-controlled rates are currently below market. Additionally, there is an opportunity to convert larger units into smaller climate-controlled spaces to further maximize revenue. The facility has projected leveraged IRRs of 18.2 percent and 18.6 percent in years five and seven, in addition to cash-on-cash returns of 9.1 percent and 10.6 percent in years two and three. The subject is encompassed in a densely-populated residential area with a multitude of resources and points of interest. Furthermore, the property offers convenient access to Interstate 275, one of the most heavily-frequented roadways in the tri-county area.
Gulfport Storage resides on 2.54 acres and 40,082 rentable square feet. The facility currently offers 40 climate-controlled units, 275 non-climate-controlled units, 15 rental parking spaces, nine mailboxes and two office spaces for a total of 341 units. The subject has solid physical and economic occupancies of 92.9 percent and 82.7 percent, respectively. Gulfport Storage offers additional streams of revenue through truck rentals and moving supplies; the facility can further increase income through the implementation of a robust tenant insurance program. To ensure security for the premises, the property is equipped with optimal lighting, fencing and a new video surveillance.
Gulfport Storage is directly located on 49th Street South, which sustains a traffic count in excess of 8,000 vehicles per day. The property is just north of 22nd Avenue South at a 0.2-mile distance and west of Interstate 275 at a two-mile distance; these two thoroughfares witness traffic counts of over 17,000 and 91,000 vehicles daily. Additionally, the facility is approximately 1.5 miles from 34th Street South, which sustains a traffic count in excess of 27,000 vehicles per day. Gulfport is a key component of Pinellas County, which is situated in the Tampa Bay Metropolitan Statistical Area; the 19th largest MSA in the country.