The Best Little Storehouse offers an excellent opportunity to acquire a self-storage facility located in the Jacksonville, Florida Metropolitan Statistical Area. Acquisition provides an investor with multiple value-add components, along with a property that has solid visibility on a highly-frequented state highway. The facility has the opportunity to raise returns through increasing physical and economic occupancies, and also offers the potential to expand and convert existing office space into climate-controlled self storage, contributing to the overall value.
The opportunity consists of 58,425 rentable square feet and 506 units, comprised of 428 non-climate controlled units and 36 climate-controlled units, ranging from 50 square feet to 300 square feet, and 11 office spaces and 31 boat/RV parking spaces. Current physical and economic occupancies are 80.3 percent and 68.0 percent respectively, offering significant growth potential. Through converting the existing warehouse spaces into storage and expanding its parking lot to create additional climate-controlled storage, the facility could increase from 506 to 703 total units, raising the rentable square footage to 67,225 and also greatly increasing the cash flow.
Strategically situated on 5.48 acres at 996 Blanding Boulevard, also known as State Highway 21, this highway benefits from superb traffic counts of over 53,500 vehicles daily. The facility is surrounded by a great mixture of residential and retail activity, and is adjacent to The Village Shopping Center, anchored by Publix, Bealls Outlet, Taco Bell and Papa John’s. The highway is notable for its abundant national tenants in the immediate vicinity of the subject property, including Walmart Supercenter, Marshalls, Bank of America and McDonald’s, in a 0.5-mile distance or less. The area’s public schools are also conveniently located less than one-mile from the facility on the same side of the thoroughfare. Orange Park, a suburb of Jacksonville, resides on the southern side of the city and additionally encompasses the areas of Fleming Island, Ridgewood, Lakeside and Bellair-Meadowbrook Terrace. Jacksonville is the largest city in Florida and is currently ranked as the 12th most populous city in the nation due to its vast area. Jacksonville is the primary cultural, commercial and financial center for the North Florida region.
Fairfield Self Storage consists of 66,720 rentable square feet among a total of 515 units. Notable for its steady business throughout the year, the subject boasts a consistently high physical occupancy currently at 93.2 percent, with the upside potential to increase its economic occupancy. The facility features a self-service kiosk and a newly-renovated on-site manager's apartment. Additionally, a cellular tower is on site, further generating revenue.
This cash-flowing facility is the closest in proximity to the Travis Air Force Base and resides directly beside the base's entrance gate. It is also parallel to Air Base Parkway, the base's primary thoroughfare demonstrating an approximate 24,300+ vehicles per day. Surrounding the facility entails an abundance of military housing, including both town homes and apartments, and also many retailers. Fairfield is a principal city of the Vallejo-Fairfield Metropolitan Statistical Area, which is part of the larger region known as the San Francisco Bay Area.
On behalf of the owner, The Mele Group of Marcus & Millichap is pleased to offer for sale Millville Self Storage, located in Millville, New Jersey. The facility features high visibility along S.R. 49 with an above average surrounding demographic profile in an excellent location. Investment yields may be increased through diligent revenue management as rental rates have only been increased once in 12 years, burn-off of existing rate concessions relative to the lease-up of the most recent expansion, implementation of a tenant insurance sales program and build-out of additional permitted expansion.
Constructed in stages beginning in 2005 and most recently expanded in 2017, the property resides on approximately 13.6 acres, consisting of 78,875 net rentable square feet among 14 buildings and 707 units, including 44 parking spaces for vehicle storage. The subject has an on-site management office and apartment with full LED lighting throughout the property, and video surveillance, perimeter-wide fencing, and a keypad system with two electronic gates for incoming and outgoing traffic. The facility is approved for an additional 19,200 square feet of expansion. All site work has been completed in preparation of future expansion, including the retention pond and concrete. The notably high occupancies reflect the solid demand for self storage in the area and further bolsters the approved expansion opportunity available on the parcel. Current physical occupancy is 93 percent among climate controlled and standard, non-climate controlled units, while the overall economic occupancy is 79 percent.
Located at 2303 West Main Street, known as S.R. 49, traffic counts passing the facility total approximately 11,000 vehicles daily. Additionally, the subject is 3.6 miles west of S.R. 47 and 5.0 miles west of S.R. 55 which see traffic counts of over 31,000 and 18,300 vehicles per day, respectively. To cater to the surrounding population are numerous national retailers in the near vicinity, such as retail giants Walmart, Target, Ross Dress for Less, Lowe’s and The Home Depot.
The Mele Group of Marcus & Millichap is pleased to offer Hyde Park Storage. The offering represents an exceptionally rare opportunity to acquire a self-storage asset located in Tampa's highest barrier-to-entry market, the affluent neighborhood of Hyde Park. Acquisition of the facility offers an investor a safe and secure investment with outstanding demographics in the one, three and five-mile radiuses in one of Tampa's most exclusive areas.
The multistory facility is home to 205 climate-controlled units, ranging in size from 15 square feet to 150 square feet. Since 2016, the subject has undergone extensive upgrades, including new painting, landscaping and renovations to the office and bathroom. Historically, the property has maintained high occupancies and demand continues to remain strong, as indicated by the current physical and economic occupancies of 94 percent and 85 percent, respectively.
Steeped with history, the rapidly-growing Hyde Park is adjacent to the University of Tampa and Downtown Tampa. The surrounding area has a one-mile population of 19,739 and a five-mile population of 214,937, paired with a high ratio of renter-occupied housing units and an average household income of $93,622, exceeding the national average. Since 2000, the Tampa Bay Area has seen a massive population growth of 43.87 percent and consistently ranks among the fastest-growing metro areas in the nation.
U Storage OK represents an exceptional opportunity to acquire a newly-constructed self-storage facility in one of Oklahoma City’s most affluent and growing suburbs, Edmond. Well-positioned in a top 50 U.S. Metropolitan Statistical Area, the facility features both climate controlled and non-climate controlled storage. Furthermore, the opportunity has significant growth potential via continued lease-up of a 28,000-square foot expansion currently under construction. The offering demonstrates solid projected leveraged IRRs of 21.8 percent in year five and 19.3 percent in year seven. In year two, an investor can enjoy an attractive capitalization rate of 7.46 percent.
Initially constructed in 2015 on two parcels totaling an approximate 7.89 acres, the 106,318-rentable square foot facility is currently comprised of 470 climate-controlled, non-climate controlled and boat/RV parking spaces. To meet the area’s high demand for storage, the facility will gain an additional 153 units and 28,000 square feet of storage space this year, totaling the facility’s final net rentable square footage to 134,318 and 623 units delivered upon sale. The new expansion will feature both climate controlled and non-climate controlled units. Overall, the facility has witnessed substantial lease-up activity, experiencing a year-over-year average monthly growth of 32 percent for the first six months of 2017. Leasing up 200 units per year since construction, the current physical and economic occupancies are 91 percent and 81 percent, respectively, while physical and economic occupancies based off of post-expansion square footage are 72 percent and 63 percent.
Located on Interstate 35, U Storage OK witnesses traffic counts of over 76,000 vehicles daily. The subject is surrounded by an excellent mixture of single-family residential communities and multiple developments that have come underway in the past two years to meet Edmond's explosive growth. The most significant development is only minutes from the facility, the large-scale Edmond Conference Center, expected to be completed in November 2017. Within the past several years the City of Edmond has boomed, leading to one-mile and five-mile average household incomes significantly above national averages at $201,404 and $95,304, respectively. Edmond has been featured as a top location in CNBC’s "10 Perfect Suburbs" and has repeatedly been awarded as an "Outstanding Community" by the State Chamber of Commerce.
The Mele Group of Marcus & Millichap is pleased to offer the opportunity to acquire a self-storage facility in the nation’s fastest-growing city, Cape Coral, part of the Cape Coral-Fort Myers, Florida Metropolitan Statistical Area. The Cape Coral Self-Storage Opportunity is highly visible along a primary thoroughfare, encompassed in a surrounding area that boasts all of the elements ideal for self storage, including a record-breaking population surge and a wide array of national retailers. Cash flow can be enhanced upon acquisition by implementing a tenant insurance program and increasing rates to match the market.
Consisting of 65,950 rentable square feet among five buildings, the facility has 417 climate controlled units, 250 non-climate controlled units, ranging from 25 square feet to 200 square feet, and 11 boat/RV spaces for a total of 678 units. To ensure secure self storage is perimeter-wide fencing, video surveillance, individual unit alarms and a gated entry and exit with keypad access. Initially constructed in 2000, the facility expanded in 2003 to cater to the growing population. The facility is also a U-Haul neighborhood dealer, offering truck rentals for the surrounding communities.
Prominently situated on five acres, the Cape Coral Self-Storage Opportunity has excellent frontage on State Road 78, known as Pine Island Road, which sees traffic counts of over 42,000 vehicles daily and is also home to countless national retailers in an approximate one-mile radius. The five-mile radius surrounding the facility is indicative of the city’s recent placement as the fastest-growing in the country with 127,933 individuals and 49,000 households.
The Mele Group is pleased to offer Self Storage Centers of America, located in the suburbs of Tampa, Florida. Acquisition of the opportunity benefits an investor with a cash-flowing, well-positioned self-storage asset boasting strong demographics and traffic counts. Additional upside can be attained through increasing rental rates to the market’s averages, the current rental rates are significantly below the market.
Built in 2008 on 4.89 acres, the thee-story facility is comprised of 705 units, ranging from 25 square feet to 450 square feet, for a total of 79,325 rentable square feet. Current physical and economic occupancies are 89 percent and 74 percent, respectively. The facility, praised for its management, offers many amenities including 24/7 access, elevators and a wide range of self-storage unit types.
Strategically situated directly on S.R. 676/Causeway Boulevard, the opportunity witnesses traffic counts of over 24,000 vehicles daily. The facility is in close proximity to major highways, including great visibility along U.S. Highway 301 with over 42,000 vehicles daily, as well as the Lee Roy Selmon Expressway with over 84,000 vehicles daily and Interstate 75. Adjacent to the facility is a major planned development, consisting of a 152-acre town center, The Village at Crosstown. This large, mixed-use project will include over 3,000+ multifamily units, 150+ hotel rooms, 350,000+ square feet of retail and 170,000+ square feet of office, matching the high growth of the immediate vicinity.
Palm River-Clair Mel is a major suburb of Tampa and notably one of the fastest-growing suburbs within the country. Tucked away in Hillsborough Bay, Palm River-Clair Mel primarily consists of residential housing with numerous multifamily complexes that have come online since 2000, resulting in a high amount of renter-occupied housing units. The Tampa Area alone has an estimated population of over 3,030,953 residents, it’s the second most populous metro area in the state, and notably has one of the state's highest job growth rates, drawing residents to the Palm River-Clair Mel area.
The Mele Group of Marcus & Millichap is pleased to offer Big Storage, situated in the Stockton-Lodi, California Metropolitan Statistical Area. Acquisition offers an investor a quality self-storage asset with the potential to increase returns by raising rates to reflect the market’s averages and continuing lease-up activity at the newly-constructed buildings, along with the opportunity to further expand the facility to offer standard self storage.
Big Storage is comprised of 50,230 rentable square feet among 85 drive-up units designated for boat, RV and commercial storage. The facility features wide aisles for easy access to units and excellent security, including personalized gate codes, unit door alarms, fire sprinklers, a monitored fire alarm system and strategically-placed video surveillance. In December 2016, an expansion of approximately 23,560 rentable square feet was completed, resulting in two new buildings. This is indicated by the facility’s respective current physical and economic occupancies of 81 percent and 82 percent. Additional land is available for expansion, offering the potential to add traditional storage on site. An occupied, single-family residence is also included in the sale and can be converted to storage to further generate revenue. The expansion opportunities are fully entitled with permits. Big Storage resides in the city's northeastern industrial development corridor, bordering Lodi's newer neighborhoods. The subject is 0.2 miles east of State Highway 12 and 0.7 miles northeast of State Highway 99, which witness traffic counts of over 10,300 and 66,000 vehicles per day, respectively.
Lodi, known as the Zinfandel Capital of the World for its century-old grapevines and premium wine industry, is 35 miles south of Sacramento and 90 miles east of San Francisco. The city is highly regarded for its small-town atmosphere, exceptional regional access and business development opportunities supported by the city’s leadership, which have yielded many developments and planned projects. Lodi is a principal city of the Lodi-Stockton MSA, consisting of San Joaquin County. The county is a component of the larger San Francisco-Oakland CSA, which ranks as the 5th most populous CSA in the nation.
Hemet Self Storage is comprised of 711 non-climate controlled units among 77,758 rentable square feet with an on-site residence and a self-service kiosk. The site's current physical and economic occupancies are 76.3 percent and 60.3 percent, respectively, with the potential to raise rates to the market's averages.
Surrounded by a great mixture of residential, retail and industrial from all directions, the facility's five-mile radius population consists of 162,883 individuals. A number of retailers are in the immediate area, including Walmart, GameStop and Regal Cinemas. Along the facility's thoroughfare are traffic counts of over 20,388 vehicles daily. Hemet is part of the Riverside-San Bernardino-Ontario, California Metropolitan Statistical Area, a component of the populous Greater Los Angeles Area.
The South Sarasota Self-Storage Opportunity consists of 30,544 rentable square feet among 439 units, boasting impeccable visibility from its location along Florida’s Gulf Coast on the major thoroughfare U.S. Highway 41. Also known as the Tamiami Trail, this primary highway demonstrates fantastic traffic counts of over 51,500 vehicles per day on average, paired with great demographics.The facility is strategically located only 0.2 miles from the Stickney Point Road and U.S. Highway 41 intersection that connects mainland Sarasota to the coveted beaches of Siesta Key.
Overall, the facility is comprised of 153 non-climate controlled units and 256 climate controlled units, ranging from 8 square feet to 260 square feet, and 16 mailboxes and 14 boat/RV parking spaces. Returns may be increased through raising rates to match the market and by lowering physical and economic vacancies. The facility’s current physical and economic occupancies are 79 percent and 78 percent, respectively. Acquisition will provide a new investor with an exceptional year two cash-on-cash return of 10.1 percent, along with a year seven leveraged IRR of 20.3 percent and a year two pro forma capitalization rate of 7.46 percent.
Directly neighboring the subject is Ruth’s Chris Steakhouse among residential homes facing Siesta Key. Surrounding the facility are many more neighborhoods, multifamily complexes and and nationally-recognized retailers. The opportunity is the closest mainland self-storage facility to Siesta Key through Stickney Point Bridge, one of two routes traveled to access the key and notably the most traveled. The subject is notable for its utilization by seasonal residents of the Siesta Key area. Recognized internationally for its beaches, Siesta Key Beach is ranked among the top 25 beaches in the world.
Reno Self Storage encompasses 63,700 rentable square feet among 291 non-climate controlled units with the upside potential to further generate revenue by implementing boat/RV storage throughout the parcel. The facility has an on-site manager's apartment, a self-service kiosk, high clearance inside of its buildings and extra wide aisles for ease of utilizing drive-up units. The subject has a high physical occupancy of 96.9 percent, and an economic occupancy of 75.7 percent.
The facility is in close proximity to numerous highways, including major Interstate 80 which sees traffic counts of over 101,180 vehicles daily, paired with an impressive five-mile population of 220,527 and multiple national retailers such as Walmart and Lowe's. The area is experiencing high growth with the addition of the highly-anticipated Tesla Gigafactory, which became operational in the first quarter of 2016. Overall, the Gigafactory is projected to bring over 9,000 jobs to the city once completed in 2020. Sparks is a suburb of Reno, and a prime component of the Reno-Sparks Metropolitan Statistical Area.
The Tampa MSA Self-Storage Development represents a solid opportunity to acquire a brand new self-storage facility to be acquired upon certificate of occupancy from the developer. The facility will provide an investor with a state-of-the-art, Class A facility with superb demographics, a high volume of traffic and access to multiple highways. The offering is in a densely-populated area with a multitude of retailers, further drawing in traffic.
With a building area of 70,000 gross square feet and 53,575 net rentable square feet, the facility will offer both climate controlled units and non-climate controlled units across three buildings. Of the three buildings, two are to be single-story, non-climate controlled buildings with one designated for drive-up storage. The building closest to the street is to be a three-story, climate controlled structure. Located at 9811 Progress Boulevard/County Road 676A in Riverview, Florida, the facility is strategically situated 0.2 miles west of U.S. Highway 301 and 0.8 miles east of Interstate 75, both which see excellent traffic counts of 67,500 and 103,000 daily.
The area has outstanding demographics for self storage, consisting of more renter-occupied units than owner-occupied units. Historically, renters utilize self storage at a higher rate than those who own their residence. Additionally, the facility is located in the heart of many multifamily and apartment complexes, such as the adjacent, 180-unit Kensington Gardens and the 432-unit Allegro Palm Apartments. The five-mile radius population has 165,006 individuals and 61,564 households. This radius is expected to continue its growth at a 1.83 percent rate annually, matching the solid growth of its Metropolitan Statistical Area, the Tampa-St. Petersburg-Clearwater, Florida MSA. Overall, the area's five-mile population has grown by more than 50 percent since 2000.
Catering to the large population within the vicinity are many major, national retailers, including Target, Wawa and UPS. There’s also a multitude of shopping centers and malls in a three-mile radius, such as the 199-store, enclosed Westfield Brandon Mall, anchored by Dillard’s, Macy’s and JCPenney, Lake Brandon Plaza with Publix, Jo-Ann Fabric & Craft and Nordstrom Rack and Lake Brandon Village with Lowe’s and PetSmart, among numerous others.
Riverview is located in the Tampa-St. Petersburg-Clearwater, Florida MSA, the second most populous MSA in Florida and the third largest MSA in the Southeast United States.
Stockton Self Storage consists of 409 non-climate controlled units, ranging from 50 square feet to 250 square feet, along with 225 covered boat/RV parking spaces for a total of 634 units. This institutional-quality facility makes up 53,425 rentable square feet and 65,760 gross square feet and has gated access, recorded video surveillance, new outdoor lighting and an on-site residence to ensure secure storage. The facility is also equipped with a self-service kiosk to reduce management costs. Additional income can be obtained through raising the facility’s rates to market averages and converting the abundant parking spaces available into non-climate storage. The subject has physical and economic occupancies of 96.82 percent and 73.20 percent, respectively, paired with year five and year seven leveraged IRRs of 22.27 percent and 21.91 percent. The opportunity has a pro forma capitalization rate of 8.30 percent.
Located at 1880 West Charter Way in Stockton, this thoroughfare is also known as State Route 4 and has excellent frontage along this route. Additionally, the subject is 0.9 miles southwest of Interstate 5 and 4.8 miles west of State Route 99, both which see average daily traffic counts of 139,000 and 99,000 and serve as major arteries to Sacramento.
Within a five-mile radius of the facility is a significant population count of 210,714 among 63,736 households, and numerous major shopping centers to benefit the population. Stockton is a principal city of the Stockton-Lodi, California Metropolitan Statistical Area, which is also a component of the larger San Jose-San Francisco-Oakland Combined Statistical Area.