The Mele Group of Marcus & Millichap is pleased to offer an excellent opportunity to acquire a self-storage facility in North Highlands, California, part of the Sacramento-Arden-Arcade-Roseville Metro Area. The Sacramento Self-Storage Opportunity is located in North Highlands, California, a component of the Greater Sacramento Area. The subject is situated in a major residential corridor and offers convenient ingress and egress to and from the property. The subject boasts superior management compared to the competitors in the region and offers an abundance of portable units to cater to the consumer. The subject boasts five and seven year leveraged IRRs of 28.6 percent and 24.8 percent, while also offering significant upside with projected cash-on-cash returns of 13.1 percent and 14.1 percent in years one and two. The facility is sustaining economic and physical occupancies of 83.2 and 81.2 percent, offering an investor the opportunity to profit through the continuation of lease-up activity. Marketing efforts and expenses are currently low, presenting a significant opportunity to increase advertising to lease-up the site.
Consisting of 57,488 net rentable square feet on 2.83 acres, the facility maintains 367 non-climate-controlled units ranging from 64 square feet to 384 square feet. The property is secured with 24/7 video surveillance, gating, keypad entry and fencing. The subject is also well-maintained with management's strong emphasis cleanliness for efficient branding and service. The subject boasts a spacious office and ample aisle space for easy access to each unit. The property maintains an on-site manager’s apartment comprised of two bedrooms and one bathroom. Management utilizes an updated website that details the property and addresses several frequently asked inquiries by consumers.
Conveniently situated on Q Street in North Highlands, the Sacramento Self-Storage Opportunity is approximately five miles from Interstate 80 and within one mile of several large residential communities. Interstate 80 demonstrates traffic counts of over 195,000 vehicles per day, and over 37,000 vehicles per day on Watt Avenue. Watt Avenue is 0.5 miles from the subject and serves as a primary thoroughfare for the community. The facility has excellent visibility from Q Street, which intersects with Watt Avenue. The vicinity highlights a great blend of residential homes and both local and nationally-recognized retailers.
North Highlands is a rapidly-growing community approximately 12 miles from downtown Sacramento, the state capital of California. Individuals migrate to the area due to the community’s suburban lifestyle, amount of family-friendly amenities and well-regarded schools, paired with a low crime rate and the ease of commuting to Sacramento through convienent highway access. North Highlands allows its residents to enjoy the benefits of being within close proximity to downtown with access to quality jobs while enjoying a tranquil suburban lifestyle. North Highlands features housing that is appealing to millennials who work in Sacramento due to the affordability and higher quality of life offered in the area. Among many publications, Forbes predicts that San Francisco’s booming tech industry will continue span all the way to Sacramento, which has brought California’s capital into the national spotlight. Furthermore, North Highlands will continue to benefit from the rising population count of Sacramento.
The Mele Group of Marcus & Millichap is pleased to exclusively offer for sale Main Street Storage, situated in Richmond, Kentucky. The property offers excellent visibility from East Main Street and convenient access to Interstate 75. An investor has the unique opportunity to acquire a value-add self-storage facility encompassed by several housing developments, renter-occupied units and Eastern Kentucky University. Main Street Storage offers a wide variety of well-maintained storage options, premium security and 24-hour access for consumer convenience. An investor can increase revenue by raising rental rates to the comparable average, as the facility’s climate-controlled rates are currently below market.
Consisting of 27,994 net rentable square feet on 1.99 acres, the facility maintains 190 drive-up and 72 climate-controlled units, ranging from 50 square feet to 300 square feet, for a total of 262 units. The property is secured with surveillance cameras, fencing, digital gated access and keypad entry. The facility maintains a one-bedroom apartment which can be converted to a managers office and a two-bedroom apartment available for rent. Moreover, an investor could further increase revenue through the implementation of an efficient tenant insurance and truck rental program. This property was previously the highest-grossing independent U-Haul dealer in the area.
The facility is ideally located at 455 East Main Street, which sustains a traffic count of over 22,000 vehicles per day. The property is also within three miles of Interstate 75, which boasts a traffic count of over 70,000 vehicles per day. Furthermore, the subject is in a highly-active residential corridor, and resides directly adjacent to a newly-constructed CVS and is within 0.3 miles of the United States Postal Service, Chase Bank, Subway, Jimmy Johns, US Bank, Telford Place Apartments and Madison Avenue Apartments. Richmond is 44 percent renter-occupied and is adding 30 lots at the Magnolia Pointe Subdivision, 81 lots at the Lower South Pointe Subdivision, 224 units at the Spring House Apartment Complex and 76 units at Southern Cross Drive. The influx in developments demonstrates a strong need for self storage within the region.
As one of the largest cities in the Bluegrass Region, Richmond serves as the center of commerce for south-central Kentucky.
The Mele Group of Marcus & Millichap is pleased to exclusively offer for sale Storhouse at Paxton Street in Harrisburg, Pennsylvania. An investor has the unique opportunity to acquire a value-add asset in a dense retail corridor encompassed by several housing developments and a high number of renter-occupied units. Acquisition benefits a qualified investor with substantial value-add components, including the implementation of professional management and raising rates to match the market’s competitors; rates are currently 22 percent below the market average. Storhouse at Paxton Street offers a tenant insurance program for an additional stream of revenue. The asset has strong forward-looking financials with a great year two cash-on-cash return of 13.0 percent, paired with leveraged IRRs of 28.0 and 24.1 percent in years five and seven.
Consisting of 57,806 net rentable square feet on 3.04 acres, the facility maintains 60 standard and 536 climate-controlled units, ranging from 25 square feet to 238 square feet, in addition to one boat/RV parking space and one office space for a total of 598 units. The subject offers a wide variety of well-maintained storage options, premium security and 24-hour access for consumer convenience. The property is secured with surveillance cameras, fencing, individually-alarmed units and newly-installed LED lighting in the back building. The subject currently sustains physical and economic occupancies of 80.5 and 76.3 percent, respectively.
The facility offers multiple entry points from Amity Road, Sycamore Street and State Road 441, a primary connector in Dauphin County. The property provides convenient access to Paxton Street and Interstate 83. Paxton Street sustains a traffic count of over 17,000 vehicles per day. The subject is within 0.5 miles of Interstate 83, with an average daily traffic count of 101,000 vehicles per day. Harrisburg is the centerpiece of the Harrisburg-Carlisle Metropolitan Statistical Area, a region that is home to approximately 570,000 residents.
The Mele Group of Marcus & Millichap is pleased to exclusively offer for sale Space Savers Self Storage in Saraland, Alabama. Saraland is a suburban component of Mobile, Alabama and is situated in the Mobile Metropolitan Statistical Area. Space Savers Self Storage offers an investor an excellent opportunity to acquire a cash-flowing storage asset with significant upside, representing the best that the market has to offer in terms of quality, size and amenities. The facility is adjacent to Industrial Parkway and is surrounded by a multitude of national retailers and residential corridors.
Consisting of 51,745 net rentable square feet on 3.21 acres of land, the facility maintains 438 climate-controlled units and 22 non-climate-controlled units, ranging from 25 square feet to 300 square feet. The facility also consists of eight portable storage units and ten outdoor parking spaces for a total of 478 units. The facility offers numerous amenities, including drive-up access, boat/RV storage, truck rental service, multiple elevators for convenient access to upper-level units and a wide array of self-storage options. Space Savers Self Storage is the premier facility within the area; the facility features physical and economic occupancies of 92.2 percent and 78.2 percent, respectively.The subject offers prime visibility from the Industrial Parkway and is adjacent to several residential developments. The high occupancies and rental rates indicate the top quality of this facility compared to competitors.
The facility is strategically situated at 700 Industrial Parkway, which witnesses a traffic count in excess of 12,000 vehicles daily. The Industrial Parkway is quickly becoming the new commercial strip in Saraland and serves as a crucial thoroughfare within the region. Interstate 65 is one mile from the property and sustains a traffic count of over 57,000 vehicles per day. The facility is also one mile from Saraland Boulevard, which witnesses a vehicle count of over 19,000 per day. Saraland, Alabama offers several high-quality amenities to accommodate the rapidly-growing residential community. The city is situated just 15 minutes from Mobile and offers a prestigious school system, ranking among the best in Alabama.
The Mele Group of Marcus & Millichap is pleased to exclusively offer for sale the Annapolis Self-Storage Development in Annapolis, Maryland, a prosperous component of the Baltimore-Columbia-Towson Metropolitan Statistical Area and the Baltimore-Washington Combined Statistical Area. The development site will be delivered fully-entitled and permit-ready for an investor to construct a self-storage facility consisting of 106,839 gross square feet and 72,059 rentable square feet. The property will benefit from direct frontage and excellent exposure to Blue Star Memorial Highway (U.S. Highway 50), with an estimated daily traffic count of 80,000 vehicles passing the location. An investor has a prime opportunity to capitalize on a favorable market, as there are only two competitors within three miles that are supplying under four square feet per capita and achieving average rental rates of approximately $27 per square foot. There are multiple self-storage facilities approximately five miles southwest of the subject that are commanding lower rental rates.
An investor can profit from the region’s high demand for self storage, as there is currently a low number of facilities within the area. This opportunity is paired with a high annual population growth surpassing the national average; the projected yearly population growth from 2017 to 2022 in one, three and five-mile radiuses are 1.09 percent. 0.87 percent and .80 percent, respectively. The subject property is located in Annapolis’ suburb of Arnold, comprised of a wealthy enclave of large homes without basements. In addition, there is also a multitude of waterfront properties characterized by a high-income demographic with a median income of $109,707. These details are indicative of the self-storage demand in the market exceeding the national average. Furthermore, the plethora of surrounding waterfront communities further raises the demand for self storage as boats, jet skis and other sporting gear are commonly owned among peninsula residents near the opportunity.
As the flourishing state capitol of Maryland, Annapolis is situated approximately 30 miles east of Washington, D.C. and 25 miles south of Baltimore, Maryland. The city is home to the United States Naval Academy and St. Johns College, which is the third-oldest institution of higher learning in the United States. The region offers more than 40 parks and over 200 acres of park land, making Annapolis a desirable destination for nature enthusiasts.
The Mele Group of Marcus & Millichap is pleased to exclusively offer for sale Bonus Room Storage. The facility is located in Candler, North Carolina, which is a component of the Asheville Metropolitan Statistical area. Currently, the facility sustains a physical occupancy of 82.5 percent and offers a unique opportunity to convert a 6,250 square foot warehouse into temperature-controlled units, which will yield an additional 5,000 net rentable square feet of storage space. This potential expansion would bring the facility up to a total of 48,193 net rentable square feet. Furthermore, the property has available space that can be converted to drive-up units for additional revenue. The property has been pristinely-maintained and offers direct access to and from the Smokey Park Highway.
Consisting of 43,193 net rentable square feet of self-storage on 3.91 acres, the facility offers drive-up and temperature-controlled units, ranging from 23 square feet to 500 square feet. The subject maintains a digital security gate, keypad access and video surveillance for security. Bonus Room Storage maintains wide aisles for convenient drive-up access to the units. The facility also offers a kiosk service, online billing and 24-hour accessibility for consumer convenience. Additionally, the property offers a wide variety of units that are suited to accommodate household, personal and business storage needs.
Conveniently situated at 2120 Smokey Park Highway in Candler, North Carolina, Bonus Room Storage is adjacent to the Smokey Park Highway, which sustains a traffic count of over 25,000 vehicles per day. The property is strategically located one mile from Interstate 40, which witnesses traffic counts in excess of 44,000 vehicles per day. Interstate 40 also offers convenient access to historic downtown Asheville. As the largest city in western North Carolina, Asheville provides multiple higher education campuses and convenient transportation assets, including three interstates and the Asheville Regional Airport. Furthermore, residents have access to the area’s highly-regarded public school system, along with a variety of employment and traditional health-care options. Asheville has continued to expand yearly with consistent new developments to match the increasing population; there is a high projected growth rate of 1.31 percent annually from 2018 to 2023.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Tolleson Self Storage. Tolleson Self Storage signifies an excellent opportunity to acquire a newly-expanded self-storage facility in one of the nation’s fastest-growing areas. This opportunity has substantial upside to further strengthen returns through the continuation of lease-up activity at the expansion, completed in late 2017 and nearly doubling the size of the property to match the high population growth and demand for self storage. The facility offers multiple streams of revenue, including truck rentals and a tenant insurance sales program in place. Advantageously, the City of Tolleson has indicated its strict guidelines for constructing new self-storage facilities, making the barrier to entry difficult for new competition.
The well-maintained facility consists of 454 units. Constructed on 2.49 acres initially in 2009 then expanded upon in 2017, the facility's rentable square footage recently jumped from 26,876 rentable square feet to its current 50,450 rentable square feet. The facility's occupancies indicate the new lease-up phase; the current physical occupancy is 75.2 percent and the economic occupancy is 49.4 percent. Prior to beginning the expansion, the Class A subject consistently maintained high occupancies of 95 to 100 percent, showcasing the market's strength. To secure the premises, the site has gated entry, keypad access, video surveillance, night lighting, sprinklers and fire alarms. Furthermore, the facility is equipped with a self-service kiosk, reducing management costs.
Located at 9620 West Van Buren Street, Tolleson Self Storage is only 1.0 mile south of Interstate 10, which sees significant traffic counts of 223,942 vehicles per day, and is 1.5 miles south of Loop 101 with 165,096 vehicles daily. Papago Freeway, a part of Interstate 10, leads directly onto Loop 202/South Mountain Freeway, which is currently undergoing a major expansion project expected to be completed in 2019. The Loop 202 project is projected to yield approximately 100,000 vehicles per day and will include a major interchange nearby. Paired with the abundance of community amenities nearby is an immense five-mile population of 281,484 with 79,567 households. Tolleson is located in Maricopa County, recognized by the 2016 U.S. Census Bureau as emerging as the county with the nation’s highest annual population growth. Subsequently, Tolleson is also a component of the Greater Phoenix Metropolitan area, which comprises over two-thirds of Arizona’s total population.
The Mele Group of Marcus & Millichap is pleased to exclusively list for sale A-Ok Mini Storage, located in Fond du Lac, Wisconsin. Situated along Fond du Lac’s County Road B, acquisition offers a qualified investor an excellent opportunity to obtain the area’s staple self-storage facility. The surrounding area lacks competition, allowing the facility to serve as the key storage destination. The facility’s historically high occupancy, paired with expansion opportunities on its two parcels, also advantageously positions the new investor to further cater to the community’s demand for storage. Additionally, the opportunity has fantastic financials, including a proforma cash-on-cash return of 10.07 percent and a current capitalization rate of 7.79 percent.
Among the facility’s 15.72 acres, the property features 48,518 rentable square feet and 174 units, ranging from 80 square feet to 2,520 square feet to cater to all storage needs. The abundance of unit size options signifies the facility’s role as the primary facility, offering traditional storage unit sizes for one tenant, to large-scale units that are attractive for commercial tenants. The necessity to expand is indicated by the subject’s high occupancy of 97.01 percent; the location further benefits from the ease of acquiring a permit from the city for expansion. Since the facility’s initial construction in 2002, it has continued to expand through 2008, 2010 and 2012 to continue meeting the demand for storage. The four-mile radius surrounding the subject is growing significantly compared to the rest of the region, projected to increase at a thriving rate of over 0.60 percent annually from 2018 to 2022.
The subject is located at W5099 County Road B, a busy rural highway with over 4,300 vehicles daily as reported by the Wisconsin Department of Transportation. This east-west county road has consistent traffic counts, linking the facility to the Town of Eden directly east at two-minute driving distance. A-Ok Mini Storage is the closest facility to the many residential homes comprising Eden without any competitors in proximity. Furthermore, there’s convenient access to Interstate 41 at a 1.5-mile distance and U.S. Highway 45 at a 2.5-mile distance, which witness traffic counts in excess of 38,700 and 4,700 vehicles daily. Numerous roadways are also in proximity, including County Road K that connects with County Road B, located at a quick 0.5-mile distance. Major employers in the nearby vicinity include Mercury Marine, Quad/Graphics and Grande Cheese Company.
The Mele Group of Marcus & Millichap is pleased to exclusively offer for sale AStoreroom Mini-Storage. AStoreroom Mini-Storage is located in New Braunfels, Texas; a key mainstay of the San Antonio-New Braunfels Metropolitan Statistical Area. The facility is situated approximately 30 minutes outside of San Antonio and allows convenient access to frequently-traveled thoroughfares within the region. The facility is situated in a rapidly-growing demographic region which benefits from a lack of environmental and underground water concerns, making the area a desirable residential corridor with minimal development restrictions on single-family homes.
Consisting of 67,900 net rentable square feet on 4.60 acres, the facility maintains 582 non-climate-controlled units. The facility was recently expanded by 27,400 square feet, yielding an additional 219 units in 2017. The subject sustains economic and physical occupancies of 71.6 and 74.0 percent, allowing an investor to benefit from the continuation of lease-up activity. The subject currently offers rates below the market average, presenting a prime opportunity for an investor to raise rates and increase revenue. AStoreroom Mini-Storage maintains a staff that prioritizes customer service and cleanliness; the facility is fully fenced, gated and lighted for safety. The property also offers concrete drives which can be easily maintained.
The facility is situated in a high-growth corridor and is within close proximity to several residential zones, schools and national-retailers. There are a multitude of housing units and neighborhoods located off Klein Road, which is within a mile of the facility. According to the New Braunfels Economic Development Council, the City approved single-family building permits with a total valuation of approximately $665 million. The City also issued 392 new business electric meters, per New Braunfels Utilities. There were 3,159 building permits issued by the City for 2016-2017, which is indicative of the growth within the region.
New Braunfels is located in Comal and Guadalupe Counties and serves as the seat of Comal County, which is the second fastest-growing county in the United States. New Braunfels and Comal County are currently witnessing an unprecedented rise in population density, sustaining an average growth rate of five percent annually; a 77 percent increase in the last decade. The area offers a quaint suburban environment which continues to expand at a rapid pace. Residents and tourists are drawn to the areas desirable amenities, natural resources and proximity to downtown San Antonio.
The Mele Group of Marcus & Millichap is pleased to offer iStorage in Hinesville, Georgia. This cash-flowing self-storage facility represents an excellent opportunity to secure an asset with substantial upside potential to raise rates to the market with current rental rates approximately 25 percent below the area's average. This great upside is partnered with solid cash-on-cash returns in years one and two of 14.2 percent and 17.6 percent, respectively, and an attractive current year CAP rate of 7.64 percent and a year two cap rate of 10.82 percent.
Consisting of 40,672 rentable square feet among 12 buildings, the facility has 40 climate-controlled units and 317 non-climate controlled units, ranging from 20 square feet to 1,736 square feet, and two parking spaces for a total of 359 units. Recent capital improvements include renovating a building's roof, bringing additional units online, and upgrades to the offices flooring. Currently, the facility is 87 percent physically occupied and 52 percent economically occupied. The opportunity also offers a 6,000-square foot building included in the sale that can be easily outfitted for climate-controlled units or standard units.
iStorage is located at 404 Fraser Circle in Hinesville, Georgia, an estimated 40 miles from Savannah, Georgia. The facility resides near the entrance of the Fort Stewart Military Reservation and is notably the closest facility to the base. The Fort Stewart Military Reservation is the largest U.S. Army installation east of the Mississippi River with a total soldier population of over 20,000 along with 30,000 family members. Additionally, the subject has quick access to State Road 119 at a 0.02-mile distance and U.S. Highway 84 at a 1.2-mile distance, and is surrounded by a strong mixture of multifamily and single-family residential homes, both on and off of the Fort Stewart base. Major retailers include Walmart, Lowes, Chili's and CVS among others to cater to the population. Both the residential and commercial growth of the area is indicative of the major chains that have recently expanded into the Hinesville market.
The Mele Group of Marcus & Millichap is pleased to offer the Highland Park Development Opportunity in the Chicago metropolitan area. The proposed development will benefit from its strategic position along a main thoroughfare and surrounded by an excellent five-mile demographic boasting substantial median and average household incomes of $130,926 and $191,845, respectively, indicative of Chicago’s affluent North Shore communities.
Located on approximately 2.17 acres, the proposed site is situated on a B3-zoned parcel, allowing for a variety of development options upon approval by the city. The location has direct frontage on U.S. Highway 41/Skokie Valley Road, which sees traffic counts of over 49,400 vehicles daily, and is 0.3 miles from State Highway 22, 1.8 miles from State Highway 43 and 3.0 miles from Interstate 94/Tri-State Tollway.
Skokie Valley Road serves as a primary retail destination for Highland Park, lined by nationally-recognized vendors and surrounded by single-family, residential communities. National retailers on Skokie Valley in proximity to the subject site include Target, Staples, CVS, Starbucks and Dunkin Donuts, among many others in a less than one-mile distance.
Highland Park is part of the North Shore suburb of the Chicago MSA. The City of Highland Park is known for its economically solid demographic, vibrant shopping district and concerts at the Ravinia Festival, which is the summer home to the renowned Chicago Symphony Orchestra. Chicago’s North Shore community is one of the nation’s most affluent and highly-educated areas with seven of its communities in the top quintile of U.S. household income, and Highland Park is in the top five percent.
The Chicago MSA is the third largest metropolitan area in the country and the 22nd most populous metropolitan area in the world with an estimated 2015 population of 9,472,676 individuals. Chicagoland is reputed for housing many Fortune 500 companies including Walgreens, McDonald’s, Boeing and State Farm.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale StoreSmart Self-Storage, located in Melbourne, Florida. StoreSmart Self-Storage represents an ideal opportunity to obtain a leasehold interest in a state-of-the-art self-storage facility ideally located within the Palm Bay-Melbourne-Titusville, Florida Metropolitan Statistical Area. Acquisition benefits an investor with an asset that is superior to competitors in terms of amenities, appearance and advantageous market positioning. Paired with its prominent location allowing for closest access to over a dozen neighborhoods and its multifamily communities, the opportunity boasts tremendous cash flow. This substantial cash flow is indicated through significant years one and two cash-on-cash returns of 13.8 percent and 16.1 percent, respectively, and years five and seven leveraged IRRs of 25.5 percent and 23.6 percent.
Constructed in 2008, the facility is comprised of 10 buildings, spanning a total of 137,200 gross square feet and 120,150 rentable square feet. Among the subject’s array of storage amenities, the facility consists of 554 climate-controlled units, 447 non-climate-controlled units and 24 boat/RV parking spaces for a total of 1,025 units. To generate additional revenue streams, the facility offers tenant insurance and truck rentals through being an authorized U-Haul Neighborhood Dealer. There’s upside through the continuation of lease-up activity at the large-scale location with a current physical occupancy of 75.8 percent and an economic occupancy of 71.8 percent. The premises and its storage units are secured with 24-hour electronic gate and keypad access, pest control, full fencing, and on-site manager’s studio apartment and recorded video surveillance.
Strategically located at 575 North Apollo Boulevard, this well-traveled road witnesses over 24,000 vehicles daily. With its positioning along this roadway, the facility has quick access to U.S. Highway 1 with traffic counts of 50,500 vehicles daily at a 0.8-mile distance and is less than four miles from one of the East Coast’s primary interstate highways, Interstate 95 with traffic counts of 87,500 vehicles daily. The positioning of the facility grants solid accessibility to over a dozen neighborhoods and multifamily complexes, allowing for the subject to function as the most convenient and highest quality self-storage destination for these communities. With a population rapidly soaring at a high annual rate, the current population within a five-mile radius is estimated at 137,777 individuals and 59,720 households.
The City of Melbourne is reputed for its family-oriented activities and superior education system, with the area’s numerous elementary, middle and high schools surrounding the facility. According to the 2016 Brookings Institution’s Education Choice and Competition Index, the Brevard County Public School System is ranked as the top district school system based on its quality rating score. The excellent school district, combined with high-paying job opportunities and an abundance of family-friendly recreational activities, are supportive of Melbourne’s forecast to continue its high growth.
The Mele Group of Marcus & Millichap is pleased to exclusively offer the Paterson Self-Storage Development in Paterson, New Jersey, a component of the New York-Newark-New Jersey City, NY-NJ-PA Metropolitan Statistical Area. The proposed self-storage development opportunity is located within the center of Paterson’s historical district and populous residential corridor. The site features numerous advantages that allow it to stand out as a premier self-storage facility and ideal investment asset, including an excellent housing profile, strong visibility from multiple highways and exceptional traffic counts. The heavily-populated residential zone that surrounds the facility is perpendicular to the East Side Historic District and the East Side Park, which is a prominent division consisting of several historic mansions. Upon completion, the Class A, four-story facility is projected to yield a gross building area of 124,000 square feet and 93,000 rentable square feet. Approval will yield a well-located self-storage parcel consisting of 1.75 acres with ample parking for consumer convenience. The facility will also exhibit large pylon signage which will illuminate the facility and enhance visibility from high-traffic areas. An investor will have the unique opportunity to construct a multistory facility upon this parcel that will exemplify the best of the market in terms of construction and architectural design.
Ideally situated at 318 McLean Boulevard in the heart of Paterson, the proposed site will feature preeminent self-storage in the city’s lively residential corridor. The site features excellent visibility and direct access to and from U.S. Highway 20, a heavily-frequented thoroughfare within the region, which maintains solid traffic counts of over 75,000 vehicles per day. The subject is situated within a mile from Interstate 80, which has a vehicle count of over 130,000 per day. Broadway Avenue is approximately two miles from the property, sustaining over 64,000 vehicles daily. The self-storage parcel will be perpendicular to a plan of proposed retail developments which will be subdivided into a separate tax lot. The concept plan will directly benefit the subject by drawing additional traffic into the immediate vicinity. Directly neighboring the proposed facility is a prominent community with an active retail district and several parks that maintain a historical charm, including the East Side Park, the East Side Park Historic District, and the Artesian Fields County Park. In addition to a flourishing residential corridor, the surrounding vicinity sustains a dense volume of nationally-recognized retailers and parks, drawing in consistent traffic on a daily basis. Among the numerous national retailers lining this thoroughfare is Lowe’s Home Improvement directly across from the property.
Paterson is a well-established community in the most densely-populated metropolitan region in the country, as the New York Metropolitan area consists of over 20 million individuals as of 2017. Paterson serves as the county seat of Passaic County, and is also the largest city in Passaic County with the second-highest density of any U.S. city with over 100,000 people, trailing only New York City. The county maintains high population counts while offering a quaint suburban lifestyle, as it is situated approximately 20 miles from New York City.
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The Mele Group of Marcus & Millichap has been selected to exclusively market for Extra Closet Storage in Fort Myers, Florida. Extra Closet Storage represents a unique opportunity to acquire a self-storage facility situated in a high-density, high-traffic area with immediate value-add components. The opportunity provides a qualified investor with an asset that has significant growth potential through continuing to raise rates to match the market as the subject’s occupancies rise, while converting the current unit style into traditional storage units. Furthermore, the facility would benefit from an additional stream of revenue through the implementation of portable storage upon its vacant space. The subject also has impressive returns, including fantastic year five and seven leveraged IRRs of 51.1 percent and 42.0 percent, respectively, along with cash-on-cash returns in year one of 19.6 percent and year two of 26.3 percent. An equally substantial proforma capitalization rate of 9.97 percent is projected in year two.
The facility consists of three separate buildings and 44,020 rentable square feet, featuring 1,262 climate-controlled units, ranging from 12 to 700 square feet, and 42 boat/RV parking spaces for a total of 1,304 units. The occupancies indicate facility’s upside of enhancing management efficiencies, with a physical occupancy of 58.4 percent and an economic occupancy of 50.3 percent. The properties were most recently renovated to include newly-installed video surveillance, exterior painting and driveway pavement. The facility’s premises would benefit from additional security through the installation of perimeter-wide fencing, gated entry and keypad access as the immediate vicinity continues its rapid population growth.
Located at 3252 and 2355 Bruner Lane and 211 Andrea Lane in Fort Myers, the three parcels reside next to a major commercial corridor that branches from U.S. Highway 41/Tamiami Trail. This thoroughfare is one of the major roadways extending through Fort Myers, experiencing an average traffic count in excess of 65,550 vehicles daily. Within one mile of the facility’s location are a multitude of nationally-recognized retailers, restaurants and car dealerships, also including major anchor tenants Walmart Supercenter and Home Depot at less than a mile from the site. To cater to the robust population are the Cypress Lake Plaza, Market Square, Cypress Trace and Bell Tower shopping centers, comprising over a million GLA and over a hundred stores such. With U.S. Highway 41 housing an abundance of commercial tenants, many households are drawn to the location’s convenience and accessibility. The solid activity, traffic counts and populations within the vicinity demonstrates Extra Closet Storage’s advantage over competitors. The nearest climate-controlled competitor is located 2.6 miles northeast from the subject, allowing the subject to serve as the thriving area’s key climate-controlled facility. Fort Myers is notable for its surging growth in recent years, as reported by the U.S. Census.
Fort Myers is a key city making up the Cape Coral-Fort Myers, Florida Metropolitan Statistical Area. The MSA most recently topped Forbes’ rankings as #1 in projected population growth and job output.
The Mele Group of Marcus & Millichap is pleased to exclusively offer the Central Avenue Self-Storage Development in the Portage Park neighborhood of Chicago’s North Side. The proposed self-storage opportunity is situated in the heart of Portage Park’s densely-populated residential area, boasting a two-mile population of 205,368 individuals among 67,265 households, paired with an average household income of $71,391.
Located at the intersection of Central Avenue & Addison Street at 3611-59 North Central Avenue in Chicago, Illinois 60634-2753, the proposed site will feature climate-controlled self-storage along with retail on its first floor, offering an additional stream of revenue. Upon being reviewed and approved for rezoning, the site would have minimal competition in the one-mile vicinity, while the overall two-mile area currently has 2.6 square feet of storage per capita, compared to the national average of 6.9 percent.
With the facility’s ideal location in an area lauded for its high walkability score, the opportunity will benefit the community with new retailers on Central Avenue, a primary thoroughfare. Furthermore, the site is adjacent to a 12,006-square foot CVS Pharmacy on a signalized intersection. By way of cross-easements, access is available both to and from Addison Street and Central Avenue, as well as Waveland Avenue to the north. The site is kitty-corner to the seven-story Community Hospital with approximately 1,100 employees. Combined, the Addison Street-Central Avenue intersection witnesses a total of over 46,700 vehicles daily from all directions, while Central Avenue demonstrates average counts of over 23,800 vehicles daily, granting excellent visibility to the site.
Steeped in history, Portage Park is known for its turn-of-the-century homes and historic bungalows, conveniently walkable streets and thriving retail climate in a safe neighborhood within Chicago’s affluent North Side district. The North Side is notable for being Chicago’s most populated residential area with a considerably middle and upper-class demographic in one of the world's most populated metro areas.
The Mele Group of Marcus & Millichap is pleased to exclusively offer for sale Budget Self Storage of Mesa, a principal city of the Phoenix-Mesa-Scottsdale, Arizona Metropolitan Statistical Area. Acquisition offers an investor the opportunity to acquire a cash-flowing self-storage asset situated in Maricopa County, the fastest-growing county in the United States. The subject offers a variety of amenities, including wide-paved lanes for drive-up access, premium security and several self-storage options for consumer convenience, paired with an excellent location ensuring high visibility along Southern Avenue. The facility is within close proximity to several heavily-traveled thoroughfares and is surrounded by a multitude of residential neighborhoods and national retailers.
The subject consists of 65,000 net rentable square feet among 14 buildings and 3.15 acres. The facility has 40 climate-controlled units and 533 non-climate-controlled units, along with 4 parking spaces for a total of 577 total units. Budget Self Storage of Mesa recently underwent an asphalt renovation to improve the facility’s accessibility. The subject offers perimeter-wide fencing, electronic video surveillance, computer-controlled gate access and optimal lighting to ensure secure self-storage. An investor will have the opportunity to increase revenue through the implementation of a robust tenant insurance program. The facility also maintains a manager’s apartment consisting of two bedrooms and one bathroom. The physical and economic occupancies reside at 96.9 and 89.2 percent, respectively. The facility’s occupancies are indicative of the need for self-storage in this densely populated region.
The property is strategically situated at 240 East Southern Avenue and offers excellent visibility and convenient ingress and egress to and from the property. East Southern Avenue sustains a traffic count of over 24,000 vehicles per day. The facility is approximately 0.8 miles from South Country Club Drive, which witnesses a traffic count in excess of 40,000 vehicles per day. U.S. Highway 60 is approximately 0.5 miles from Budget Self Storage of Mesa and boasts a robust traffic count of over 237,000 vehicles per day.
The Phoenix-Mesa-Scottsdale Metropolitan Statistical Area is among the fastest growing in the United States. The region consists of over 4,700,000 million individuals and makes up a majority of Arizona’s population. Additionally, Maricopa County was ranked as the fastest-growing county in the nation by the 2016 U.S. Census Bureau for the highest annual population growth.
The Mele Group of Marcus & Millichap is pleased to exclusively offer for sale Valrico Self Storage. Located in Hillsborough County, Valrico is a component of the Greater Tampa Bay area and is approximately 15 miles from downtown Tampa. Currently, the facility sustains physical occupancies 89.8 percent. The subject boasts years five and seven leveraged IRRs of 24 percent, respectively. The property has excellent ingress and egress to and from the property and is within close proximity to multiple heavily-frequented thoroughfares.
Consisting of 23,095 net rentable square feet on 2.06 acres, the facility offers non-climate-controlled units ranging from 20 square feet to 500 square feet. The subject also includes a 1,200 square foot apartment and seven spaces for Boat and RV storage. Valrico Mini Storage maintains a fully-fenced and gated property, a professional onsite management team and wide aisles for convenient drive-up access to the units. The facility also offers online billing, tenant insurance and a business center for consumer convenience. The units have been well-maintained and are suited to accommodate household, personal and business storage needs.
Conveniently situated at 2108 Jelane Drive in Valrico, Florida, Valrico Mini Storage is adjacent to East Brandon Boulevard, which sustains a traffic count of over 54,000 vehicles per day. The property is also within five miles of Interstate 75, which witnesses traffic counts in excess of 85,000 vehicles per day. Furthermore, Valrico Mini Storage is approximately 6.5 miles from Interstate 4, which demonstrates a robust traffic count of over 139,000 vehicles per day, presenting a prime opportunity for an investor to capitalize on a high-traffic region. The vicinity highlights a fantastic blend of residential homes and nationally-recognized retailers. The facility is adjacent to Walgreens and a Shell Gas Station, in addition to maximum proximity of 0.4 miles from LA Fitness, Cracker Barrel, The Dollar Tree, Amscot, McDonald’s, Zaxbys, Applebees, Publix, Hardees, Speedway Gas Station, Chase Bank, Burger King, Dunkin Donuts and CVS.
Valrico is a suburban component of Tampa Bay, which is situated in the Tampa-Saint Petersburg-Clearwater Metropolitan Statistical Area. Tampa Bay is one of the most desirable destinations in Florida. The region offers a vibrant atmosphere with several top-rated beaches, historical attractions and a thriving business district. Tampa is the third most-populated city in the state of Florida and is the most densely-populated area in Hillsborough County.
The Mele Group of Marcus & Millichap is pleased to exclusively offer for sale Mehlville Storage in St. Louis, Missouri. St. Louis is the principal component of the St. Louis, Missouri-Illinois Metropolitan Statistical Area. The facility serves the entire South St. Louis County area and provides bountiful amenities for all residential and commercial storage needs. Currently, the facility sustains exceptional economic and physical occupancies of 91.7 percent and 90.5 percent, allowing an investor to profit from the strong demand for self-storage within the region. Management prioritizes cleanliness and security, as the facility offers pristinely-maintained units and state-of-the-art security features for consumer safety. The facility also offers the opportunity to implement a robust tenant insurance program for an additional stream of revenue.
Consisting of 54,099 net rentable square feet on 4.96 acres, the facility maintains traditional self-storage units ranging from 15 square feet to 300 square feet. The property is secured with 24/7 video surveillance, ample lighting and fencing. The facility boasts impeccable construction and convenient ingress and egress to and from the property. Mehlville Storage also offers fantastic visibility from Lemay Ferry Road and Interstate 55. The property maintains two billboard, and recently converted its manager’s apartment storage within the last year, along with the resealing and restriping of the parking area. The facility has an easement with Philips Pipe Line Co. to add a pipeline running through the back of the parcel, which will allow for implementing parking spaces but restricts building construction. The opportunity also allows an investor to capitalize on the facility through reallocating outdoor parking spaces into traditional storage units. In addition to these amenities, an investor has a prime opportunity to capitalize on the subject’s prominent location in the voluminous St. Louis metropolitan area.
Conveniently situated on Lemay Ferry Road in St. Louis, Missouri, Mehlville Storage is perpendicular to Interstate 55 and is surrounded by several large residential communities. The facility is also adjacent to a large multifamily housing facility and multiple national retailers such as Jimmy John's. Interstate 55 demonstrates traffic counts of over 125,000 vehicles per day. Interstate 255 is approximately .05 miles from the subject and maintains a traffic count in excess of 113,000 vehicles per day.
The Mele Group of Marcus & Millichap is pleased to exclusively offer the Union Self-Storage Development in the Township of Union, New Jersey, a component of the New York-Newark-New Jersey City, NY-NJ-PA Metropolitan Statistical Area. The proposed self-storage opportunity is impeccably situated in the heart of Union’s densely-populated residential area. Overall, the opportunity showcases the ideal components for any self-storage facility: a strong and thriving demographic profile, great visibility from many major thoroughfares and the ease of accessibility paired with remarkable traffic counts. Furthermore, the development will also continue to benefit from the immediate area’s revitalization, neighbored by planned national tenants Wawa, Popeyes Louisiana Kitchen and Marriott’s Fairfield Inn and Suites. Upon approval, the Class A, fully-climate controlled facility is projected to yield a gross building area of 120,000 square feet and 90,000 rentable square feet.
Located at 1650 U.S. Highway 22 West, the proposed site will feature premier climate-controlled self-storage in a highly-active residential and retail corridor in the Township of Union. The facility will feature multiple entry points to ensure convenient access for all tenants with 300 feet of frontage, in addition to strategic pylon signage for optimal visibility. Approval, projected to occur by fall 2018, will entail a three-story self-storage facility residing on 2.5 acres and 300 feet of frontage. The development is a component of Union’s pilot program, which benefits an investor with a reduction in taxes from over $2 per square foot to $1.25 per square foot for at least ten years. The surrounding vicinity is also undergoing revitalization to match the population growth with the addition of the planned, new tenants surrounding the self-storage opportunity. The property offers access from U.S. Highway 22, which sustains a traffic count of over 93,000 vehicles per day. The subject is also a mile from the Garden State Parkway, which has a vehicle count of over 194,000 per day. Entry to Interstate 78 is approximately 1.1 miles from the property, sustaining over 170,000 vehicles daily. The property has excellent visibility and access on the prime retail corridor U.S. Highway 22 as well as from Vaux Hill Road, which connects the subject directly to the surrounding residential neighborhoods. This market has extremely dense daytime and residential populations, signifying the area’s strength, and the development will also benefit from its proximity to several heavily-frequented thoroughfares.
Union is a rapidly-growing community in the most densely-populated metropolitan region in the country, as the New York Metropolitan area consists of over 20 million individuals. Union County offers residents several convenient transit options to New York City, home to several industry leaders in technology, entertainment, sports, research and tourism. Acquisition offers an investor a unique opportunity to benefit from an incredibly populous region that continues to swell at a substantial annual rate.
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The Mele Group of Marcus & Millichap is pleased to exclusively offer for sale Clinton Mini Storage in Clinton, Maryland. Clinton Mini Storage is situated in Clinton, Maryland, which is a critical mainstay of Prince George’s County. The subject is located approximately 15 minutes outside of Washington D.C. and is adjacent to Andrews Air Force Base. The facility offers motorcycle and auto storage, U-Haul truck and trailer rentals along with convenient ingress and egress. The subject boasts favorable amenities such as spacious RV, boat and trailer parking in addition to premium security and excellent exposure to high-traffic thoroughfares. Clinton Mini Storage represents a rare opportunity to acquire a cash-flowing storage facility in the high-growth Prince George’s County market, with significant potential upside.
Consisting of 38,220 net rentable square feet on 5.11 acres, the facility maintains standard and climate-controlled units. The property is secured with 24/7 video surveillance, gating and full-perimeter fencing. The subject maintains an on-site management office and apartment, as well as an efficient web-based storage management software system. The facility offers packing and moving supplies and has been pristinely maintained by management. The roofs of the facility have been repaired and re-painted within the last two and a half years. The propery benefits from a long term cell tower lease to Verizon that will provide stable income for the next 42 years. The facility has projected cash-on-cash returns of 10.3 and 13.6 percent in years one and two, respectively. Clinton Mini Storage is situated in an upscale suburban corridor, which boasts an average household income of $115,471 within three miles of the subject.
Clinton is an affluent community situated in Prince George’s County, a crucial component of the Washington D.C. Metropolitan Area. Clinton is home to Andrews Air Force Base, which maintains the world-renowned presidential aircraft, Air Force One. The community offers comfortable upscale living, attractive outdoor amenities and excellent accessibility to heavily-frequented roadways.
The Mele Group of Marcus & Millichap has been selected to exclusively market for 4 Your Stuff Storage, located in Madison County, Illinois. 4 Your Stuff Storage offers the unique opportunity to acquire a premier facility in a growing market. The subject features a convenient location with quick access to heavily-frequented thoroughfares, as the subject offers quick access to Interstate 270 and State Highway 203, which run perpendicular to the property. The facility is the closest to the neighborhoods directly south and to the north, and is situated approximately eight miles from Southern Illinois University. The subject is currently operating as a storage facility and a flea market which is open on Friday, Saturday, and Sunday. The 12,000-square foot flea market will be completely converted to climate controlled storage prior to the sale.
Presently, the subject consists of 64,645 rentable square feet throughout 10 buildings. The facility will be expanded to include the conversion of the 12,000-square foot flea market to climate-controlled storage. Overall, the facility consists of 229 non-climate-controlled, 27 climate-controlled units, a 1,200-square foot house and a 12,000-square foot industrial building that currently has four retail spaces for a total of 261 units. The facility was last expanded in 2007. Occupancies indicate the growth potential presented upon acquisition with a current physical occupancy of 93 percent. The high occupancies, paired with rental rates hovering above the market average, is indicative of the need for self storage within the region. The property is secured with video surveillance and an electronic gate with keypad entry. Furthermore, there are also 220 solar panels located on the roof of the facility.
Well-located at 3117 West Chain of Rocks Road, this vicinity is surrounded by two frequented roadways, including Interstate 270, witnessing traffic counts of over 55,000 vehicles daily, and State Highway 203, which sustains over 19,000 vehicles daily. Interstate 270 is only .7 miles from the subject, while State Highway 203 is approximately 1.1 miles from the subject. The facility’s entrance is conveniently situated along West Chain of Rocks Road, making for easy ingress and egress to and from the property, and the location also benefits from the convenience of having imminent access to both major roadways in the vicinity. The surrounding area equally serves as both a retail and residential corridor. 4 Your Stuff Storage is within one mile of numerous nationally-recognized tenants and is the closest in proximity to the nearby residential communities.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Discount Storage, located in Plymouth, Indiana. Discount Storage offers the opportunity to acquire the area's superior self-storage facility, representative of the best of the market. The facility is perpendicular to U.S. Highway 30 and offers convenient egress and ingress to and from the property. The facility also has excellent visibility from U.S. Highway 30. Discount Storage is currently a lease-up facility that has been pristinely maintained by the owner. Phase one opened in November of 2016 with three buildings, including two non-climate-controlled buildings and one climate-controlled building. Phase two opened in August 2017 with the 4th building, while buildings five through eight opened in October of 2017. This is an ideal investment; the facility offers convenient 24/7 rental options with an available kiosk, computerized video cameras and outside parking for vehicles, RVs and boats.
The subject consists of 45,400 rentable square feet throughout nine buildings. Overall, the facility has 379 units, including 272 non-climate controlled units and 88 climate-controlled units. The facility’s premises indicate its recent construction from 2016, with superior architectural design compared to the market’s competitors, a range of amenities to cater to all storage needs and convienent accessibility from Lincoln highway. Physical and economic occupancies reside at 66.7 percent and 55.3 percent, respectively, as the facility is growing through the lease-up phase. The property is secured with fencing, gating, lighting and video surveillance, ensuring tenants’ belongings are stored in a safe and professional manner. Furthermore, there is no on-site management, as the facility relies fully on the kiosk service, eliminating staffing costs for the investor.
Marshall County is reputed for its suburban living, as the area’s natural beauty attracts families, outdoor enthusiasts and tourists on a consistent basis. Plymouth is the center of commerce for Marshall County and provides community members with a festive atmosphere in a suburban setting. Plymouth is an exterior component of Indiana’s South Bend region, which is home to Notre Dame University. The region is also well-known as Michiana, comprised of northern Indiana and southwestern Michigan.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Fort Knox Self Storage in Pompano Beach, Florida. Fort Knox Self Storage signifies a rare opportunity to acquire a cash-flowing self-storage facility in the high-barrier-to-entry Miami Metropolitan Statistical Area. Upon acquisition, the opportunity provides an investor with an asset strategically situated in a location boasting substantial population growth with immediate access to many residential communities. The overall South Florida region is notable for its surging demographic profile, and the surrounding area’s population increase is demonstrative by the number of neighborhoods in proximity.
The facility consists one, fully-climate controlled building with a spacious storefront and canopy. Of 58,612 rentable square feet, the subject features 840 total units. The occupancies showcase upside potential to continue leasing up units with the high population increase; the current physical occupancy is 78.2 percent and the economic occupancy is 66.3 percent. The facility was most recently renovated in May 2018 to include brand new exterior painting and waterproofing to ensure a continued strong presence within the market. Furthermore, the facility also has undergone the repainting and resealing of concrete flooring, the replacement of four HVAC units and features a long-term roof warranty. To generate additional income streams, the subject offers truck rentals as a licensed U-Haul Neighborhood Dealer and a tenant insurance sales program.
Fort Knox Self Storage resides between two of South Florida’s most-traveled thoroughfares, Florida’s Turnpike/State Highway 91 with traffic counts of 100,600+ vehicles per day and Interstate 95 with traffic counts of 233,000+ vehicles per day. The facility’s location within Pompano Beach, referred to as Palm-Aire, is considered a highly-desirable neighborhood of South Florida for its country club lifestyle. Situated just minutes from the Atlantic Ocean with quick highway access, Palm-Aire is lauded as a year-round golfing destination, offering three championship courses. Additionally, the facility is located approximately one mile from the Isle Casino Racing and the Pompano Race Track. Both continue to generate new residents annually with an attractive balance of entertainment, variety of amenities and luxurious residential living among the community’s many villas, condos, townhomes and estate homes, resulting in a strong three-mile population of 127,225 individuals among 50,844 households.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Fair-Way Self Storage, located in the Los Angeles Metro Area. Acquisition of Fair-Way Self Storage offers a qualified investor a value-add opportunity to gain a significant footprint in the affluent Walnut community, with substantial upside potential to optimize management operations, implement stronger signage for ideal visibility and to reallocate the facility’s business park components to traditional storage.
Residing on 6.43 acres at 921 Fairway Drive, the facility is comprised of 470 drive-up units and 156 interior floor-level units, ranging in size from 16 square feet to 480 square feet, and 67 boat/RV parking spaces for a total of 693 units. With excellent frontage along this thoroughfare, the facility would also have better visibility from State Highway 60/Pomona Freeway through prominent signage. The facility’s interior features an office and an on-site manager’s apartment with two bedrooms and one bathroom. Current facility physical and economic occupancies are 87.8 percent and 77.6 percent, respectively, indicating the need to expand by reallocating vacant retail space in the facility’s Walnut Business Park component into storage. The high-traffic business park is presently 85.4 occupied and features over 20 tenants and 34,070 GLA with all leases defaulting to month-to-month after the lease has been executed. To ensure security throughout the premises, the facility is equipped with perimeter-wide fencing, excellent lighting and 24-hour video security surveillance.
Fair-Way Self Storage is surrounded by a five-mile population of 285,699 and 81,346 households. This affluent community features an average household income of over $104,000, far exceeding the national average. Walnut is a component of Los Angeles County, the largest county in the nation, and also part of the Los Angeles-Long Beach-Anaheim Metropolitan Statistical Area, the 18th largest metro area in the world and the second-largest in the nation. For multiple years, the City of Walnut has been ranked in Money’s Best Places to Live for its low crime rate, high-quality, master-planned communities and its recognition as a top public school district in Southern California, while boasting a household income average at one of the top earning percentiles in the country.
The Mele Group of Marcus & Millichap is pleased to offer the Oswego Self-Storage Land Development, located in the Chicago Metropolitan Statistical Area. Acquisition provides a qualified investor with a well-situated development site, featuring outstanding visibility and quick access from U.S. Highway 30. Residing on 5.135 acres of land at 1945 Wiesbrook Road in Oswego, Illinois, the proposed site's sketch plan reflects an institutional-quality, multistory facility of approximately 86,210 square feet. Consisting of fully-climate controlled units, the offering would represent that the market has to offer. The site is in proximity to numerous single-family and multifamily communities for a total five-mile population of approximately 247,513 individuals and 77,721 households with an average household income of $88,711, surpassing the national average.
In addition to strong demographics, the site is strategically positioned in close vicinity to U.S. Highway 30 and U.S. Highway 34/Walter Payton Memorial Highway. These two primary highways are lined with the community's major retail hubs including nationally-recognized anchors Walmart Supercenter, Target, Sam's Club, ALDI, The Home Depot, JCPenney and Menard's, among many others all in a two-mile distance or less.
Oswego is the most populous municipality in Kendall County, known for its well-educated workforce, efficient transportation system and high quality of life. Located southwest of Chicago, Oswego is located at the southern end of Fox River Valley. The community is notable for maintaining its small town charm, abundance of recreational programs and high education standards, drawing in new families to the area. Commercial and office growth has followed the increase in population, providing retail shopping and employment opportunities for Oswego residents as well as many non-residents from the smaller, surrounding towns. The Chicago MSA ranks among the most populous metro areas in the nation and in the world with an estimated 2015 population of 9,472,676 individuals. The metro area is reputed for housing a number of Fortune 500 companies, including Walgreens, McDonald's, Boeing and State Farm.
The Mele Group of Marcus & Millichap has been selected to exclusively list for sale Libertyville Self Storage, located in the Chicago metropolitan area. Situated in the affluent Chicago suburb of Libertyville, acquisition offers a qualified investor an excellent opportunity to obtain a newly-converted self-storage facility currently in its lease-up phase. The facility features minimal competition, allowing the facility to serve as the key storage destination for the surrounding large, residential and multifamily communities both existing and underway in the vicinity. Furthermore, the opportunity has fantastic forward-looking financials, including years five and seven unlevered IRRs of 12.9 percent and 11.7 percent, respectively.
Comprised of 56,854 rentable square feet, the facility consists of 587 total units. The facility has convenient access through a drive-in, loading area as well as optimal lighting and comprehensive video surveillance to ensure a secure site. The property’s renovation and conversion into quality self storage was completed and opened in September 2015. Since the facility’s grand opening, the facility has undergone capital improvements including the resurfacing of its asphalt. The current occupancies demonstrate the site's present lease-up phase, with a physical occupancy of 69.3 percent and an economic occupancy of 48.2 percent.
The facility boasts impeccable visibility from Interstate 94, benefiting from over 134,500 vehicles daily. This interstate, commonly referred to as the Tri-State Tollway, serves as a primary north-south connector throughout Chicagoland’s Lake and Cook Counties. The entry to Interstate 94 is approximately one mile from the site, with the thoroughfare’s Exit 16 onto State Road 176 easily directing drivers toward the facility’s location. The facility also has convenient access to U.S. Highway 41/Skokie Highway, which serves as a commercial corridor for Libertyville and its encompassing communities, with dozens of large-scale residential neighborhoods in proximity to the subject. The population within a five-mile radius boasts 119,637 individuals among 40,426 households and an average household income of $151,535, far exceeding the nation’s average. Additionally, the one-mile radius has an average household income of $213,289.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Pensacola Mini Storage, located in Pensacola, Florida. Pensacola Mini Storage signifies a solid opportunity to acquire a cash-flowing, quality-constructed asset with excellent growth potential. Acquisition of Pensacola Mini Storage offers a qualified investor the opportunity to increase the facility’s cash flow by raising rental rates for climate-controlled storage to match market rates, and to further enhance yields by implementing additional storage units. In addition, increasing management efficiencies through optimizing fee managements and further increase the fee revenue. Overall, the opportunity boasts strong projections, including a year two cash-on-cash return of 13.9 percent, substantial leveraged IRRs of 29.4 percent and 26.8 percent and a superb proforma capitalization rate of 9.43 percent.
Initially constructed in 2007, Pensacola Mini Storage resides on approximately 1.88 acres, comprised of eight, single-story buildings and 281 total units for 26,700 rentable square feet. The area attached to the office has conversion potential to become an on-site manager’s apartment for additional security, or could be converted to additional climate-controlled storage units. Additional upside can be attained by building rental rates for tenants that have utilized the facility for six months or more. The facility features a fantastic surrounding housing profile as indicated by the six multifamily communities near the site and over 20 residential neighborhoods within a three-mile radius.
Referred to as the Cradle of Naval Aviation, the city ranked in the top five U.S. metro areas for its high annual population growth between 2015 and 2016, according to the Pensacola News Journal. The annual increase resulted in a jump of 1.6 percent, ranking 65th out of nearly 400 metro areas.
The Mele Group of Marcus & Millichap is pleased to exclusively offer for sale Safe and Sound Storage in Port St. Lucie, Florida. Port St. Lucie is situated in St. Lucie, Florida, a component of the Miami-Fort Lauderdale-Port St. Lucie Combined Statistical Area. The facility offers significant value-add opportunities through the continuation of lease-up activity. Currently, the facility sustains economic and physical occupancies of 64.8 percent and 58.2 percent, allowing an investor the substantial advantage of renting out units that aren’t currently marketed for rent. The reason for the sub market rate occupancies is the majority of the facility’s second tier units have been unavailable for consumers to rent, despite the demand for additional units. A qualified investor can drastically capitalize on this unique lease-up opportunity.
Consisting of 37,436 net rentable square feet on 2.63 acres, the facility maintains standard and climate-controlled units ranging from 12 square feet to 150 square feet. The property is secured with 24/7 video surveillance, gating and fencing. The subject boasts a 1,000 square foot back office which could potentially be converted to more storage units. The property also boasts a voluminous amount of parking space in front of the facility, presenting prime opportunities potentially for additional expansion. The facility serves as an authorized neighborhood U-Haul dealer, which generates additional revenue for the subject, while featuring favorable amenities such as spacious parking, premium security and online billing options for consumer convenience.
Conveniently situated on Southeast Jennings Road in Port St. Lucie, Safe and Sound Storage is perpendicular to U.S. Highway 1 and is surrounded by several large residential communities. U.S. Highway 1 demonstrates traffic counts of over 45,000 vehicles per day. Southeast St. Lucie Blvd is within a mile of the subject and maintains a traffic count in excess of 44,000 vehicles per day. The subject is also within 10 miles of Florida’s Turnpike and Interstate 95, two major thoroughfares that sustain traffic counts of over 50,000 and over 77,000 vehicles daily. The facility has excellent visibility from Southeast Jennings Road, which intersects with U.S. Highway 1. Furthermore, the subject’s desirable location on Florida’s coveted East Coast continues to draw in seasonal enthusiasts from mid-Atlantic region utilizing the facility. The vicinity highlights a fantastic blend of residential homes and both local and nationally-recognized retailers.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Sebastian-Vero Beach MSA Self Storage, located in Sebastian, Florida. Sebastian-Vero Beach MSA Self Storage signifies a solid opportunity acquire a cash-flowing, quality-constructed asset with the ideal components for a self-storage investment. Acquisition offers a qualified investor Sebastian’s staple self-storage destination situated along a well-traveled thoroughfare. Multiple upsides include the continuation of lease-up activity at the site’s new expansion, along with the potential to further expand to continue matching the market’s growth while implementing a robust tenant insurance program for additional revenue. In year two, the pro forma net operating income is projected to significantly increase by 50.1 percent, yielding substantial returns.
The facility has a strong market footprint, spanning 115,151 rentable square feet among 557 climate-controlled units, 484 non-climate-controlled units and two outdoor boat/RV parking spaces for a total of 1,043 units. The high-traffic destination was initially constructed in 1999, then expanded in 2015 and most recently in 2018, indicating the demand for quality self storage as more individuals migrate into the area. Current physical and economic occupancies indicate the recent expansion at 85.5 percent and 74.1 percent, respectively. Prior to the most recent expansion, the facility consistently operated at a near-full physical occupancy of 95.1 percent. Located just minutes from Indian River, the facility is advantageously the closest to many of the piers lining the Atlantic Intercoastal Waterway, providing ideal amenities for Sebastian’s many water recreation enthusiasts. To ensure a secure location, Sebastian-Vero Beach MSA Self Storage has keypad access, an electronic gate system, pest control, video surveillance and optimal lighting for safe 24-hour access including newly-installed LED lights.
Prominently situated at 189 Sebastian Boulevard/County Road 512 on approximately 6.99 acres, the subject benefits from over 14,000 vehicles daily along this roadway, and also has quick access to U.S. Highway 1 at a 0.3-mile distance. Witnessing over 33,000 vehicles daily, Interstate 95’s only exit into the City of Sebastian, Exit 156, brings drivers directly onto Sebastian Boulevard. The facility has both superb ingress and egress and is surrounded by numerous residential communities and multifamily properties, in addition to being near the area’s primary commercial corridor along U.S. Highway 1. Large residential neighborhoods are in development within close proximity to the subject, supported by the forecasted high growth rate of 1.15 percent annually in a five-mile radius. Furthermore, the facility also serves residents residing on Orchid Island, located parallel to Sebastian and linked through U.S. Highway 1 connecting to State Road 510.
The facility’s MSA is a component of the Miami-Fort Lauderdale-Port St. Lucie, Florida Combined Statistical Area, the largest CSA in Florida with over 6.7 million residents as of 2016, according to the U.S. Census Bureau.
The Mele Group of Marcus & Millichap has been selected to exclusively market for Best Storage in Easton/Saint Michaels, Maryland. Best Storage represents a unique opportunity to acquire three self-storage parcels located in the historic towns of Easton and Saint Michaels. These three properties, located at 25869 Saint Michaels Road (Saint Michaels), 1109 Talbot Street (St. Michaels), and 8683 Brooks Drive (Easton), are all within a 10-minute drive from one another. These facilities can be easily managed and operated from the main office at 25869 Saint Michaels Road.
Combined, the three facilities encompass 47,575 net rentable square feet and 306 total units on 11.26 acres of land. The subject is comprised of ten total buildings. Best Storage is sustaining economic and physical occupanies of 90 percent and 99 percent, respectively, demonstrating a steady economic flow. The Saint Michaels Road location also features a 1,240-square foot, single-family residence with three bedrooms and two bathrooms on its ten acres of land. The properties have been meticulously maintained by the owner, with little to no deferred maintenance issues.
There is a significant opportunity for an investor to increase rental rates as the facilities are currently marketed at a fifteen percent discount to the market average, and the rates have not been raised for several years. Additonally, the properties benefit from the high barriers to entry imposed by Talbot County with regard to further self-storage development. The subject has stable projected returns, including year five and seven leveraged IRRs of 26 percent and 23 percent, respectively, along with cash-on-cash returns in year two of 10.6 percent. Additional income may be generated through tenant insurance sales, imposition of various fee programs, and elimination of serial discounting.
Best Storage benefits from being located in a high-income demographic region with an average household income of $110,000 within three miles. It is a situated in a premier travel location and offers the buyer an exclusive opportunity to profit from three prestinely maintained facilities that dominate the market competition. Best Storage will continue to benefit from a high-income region that entertains travel enthusiasts from major metropolitan areas such as Washington D.C. and Baltimore.
The Mele Group of Marcus & Millichap is pleased to offer the Regal Self Storage Development in San Antonio, Texas. The proposed self-storage development will benefit a qualified investor/developer with its strategic position in one of the nation’s fastest-growing cities and metro areas. Furthermore, the site resides next to San Antonio’s Interstate 35/Pan Am Expressway, boasting over 212,000 vehicles daily. The abundance of commercial development, including multifamily and retail to complement the population surge, is prominently located throughout the site’s immediate vicinity.
The Regal Self Storage Development resides on approximately 5.87 acres on Judson Road-Interstate 35/Pan Am Expressway on the north side of San Antonio. The approved self-storage site is zoned for C-3, a district intended to provide for more intensive commercial uses than those located within the NC, C-1 or C-2 zoning districts. The zoning is most optimal for self storage within this high-traffic, high-density location. The current site plan is approved for Phase I construction with 704 units of Class A storage encompassing 82,100 net rentable square feet. Phase II would allow an investor to expand the site by 10,800 gross square feet for a total of 103,375 gross square feet upon the completion of both Phases I and II.
Located adjacent to Sam’s Club, the proposed site is in close proximity to Interstate 35’s numerous nationally-recognized commercial retailers, such as Costco, TJ Maxx, The Home Depot and Bed Bath & Beyond, as well as many car dealerships. Currently, the area is witnessing a development boom of numerous retail projects to further expand this surrounding commercial corridor, including the proposed 290,000-square foot IKEA store near the intersection of Interstate 35 and Loop 1604, which will break ground this year.
San Antonio is a principal city of the San Antonio-New Braunfels, Texas Metropolitan Statistical Area, ranking as one of the top 25 most populous MSAs in the nation. From 2010 to 2016, the Greater San Antonio area also ranked among the top 20 for the highest population growth.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Bradley Self Storage in Windsor Locks, Connecticut. Bradley Self Storage represents a rare opportunity to acquire a value-add self-storage property with a clear path to superior investment returns. Improvement opportunities include driving revenue growth through improving physical efficiencies and increasing insurance sales, fee income and rental rates, which have not been adjusted in several years. The facility is projected to yield a proforma, year two capitalization rate of 7.94 percent, paired with a cash-on-cash return of 13.6 percent in this same year. Projected leveraged IRRs also demonstrate the strength of the acquisition at 20.4 percent and 19.9 percent in years five and seven, respectively. The facility is situated just off State Highway 75/Ella Grasso Turnpike on North Street in Windsor Locks, benefiting from its close proximity to Bradley International Airport (BDL). Advantageously, the facility is the closest to the nearby large-scale suburb, serving as the most convenient destination for the surrounding community.
Located at 497 North Street, the property consists of 2.22 acres and three, single-story buildings with excellent drive-up access among non-climate-controlled units. The facility provides 200 total units, totaling 36,300 rentable square feet. The facility is 75.12 percent physically occupied with a 59.68 percent economic occupancy factor, indicating the investment’s strong returns through increased efficiencies, revenue management and rate increases. Facility amenities include perimeter-wide fencing, electronic keypad access control, video surveillance and an on-site office.
Less than 3.4 miles from the subject are the main terminals for Bradley International Airport. Serving over 6,400,000 visitors in 2017, BDL realized an increase of 6.5 percent in year-after-year passenger traffic counts. The property is surrounded by high-income demographics, with an average household income of $102,320 within a one-mile radius. Windsor Locks is situated in Hartford County, a component of the Hartford-West Hartford-East Hartford, Connecticut Metropolitan Statistical Area, commonly referred to as the Greater Hartford region.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale The Safe Place Mini Storage, located in Virginia Beach. The Safe Place Mini Storage represents a rare opportunity to acquire a Class A self-storage property with a clear value-add path to superior investment returns. Upon acquisition, the attentive operator will drive revenue growth through gains in occupancy, increased insurance sales and fee income and grow rental rates, which haven’t been adjusted in several years. The facility is located just off of the Baker Road-Newtown Road intersection in Virginia Beach, benefiting from high traffic counts, high visibility, high density and a favorable demographic profile.
The facility is located at 617 Baker Road on 2.47 acres and four total buildings; three, single-story buildings with drive-up access and one, three-story, fully-climate controlled building. Overall, the unit mix is comprised of 240 climate-controlled units, 319 non-climate-controlled units and four boat/RV parking spaces for a total of 563 units among 64,189 rentable square feet. The facility is currently 75.4 percent physically occupied and 70.8 percent economically occupied, indicative of the investment’s strong returns through raising occupancies. Facility amenities include perimeter-wide fencing, electronic keypad access control, video surveillance and a two-bedroom, one-bath manager’s apartment.
Renter-occupied housing comprises over 50 percent of the one-mile radius’ surrounding housing units; historically, renters demonstrate a higher utilization of self storage compared to owners. Most advantageously, the facility is the closest in proximity to over ten multifamily complexes with many underway, including Nexus, a 268-unit luxury apartment complex located directly across Newtown Road from the subject. This development is scheduled for completion in the summer of 2018, among many other high-density residential development projects currently underway within the trade market. Surrounding the facility is a three-mile population of 98,396 individuals among 38,745 households. The facility is notably the closest to Virginia Wesleyan University; the student population’s steady growth further adds to the projected gains of the asset. The university’s growth can be further indicated through the planned construction of the Wesleyan College Apartments, projected to yield 252 student housing units.
Rich in history, the coastal city of Virginia Beach is home to a flourishing population bolstered by its robust attractions, including high-end major shopping centers and oceanfront activities that draw both new residents and tourists into the area. The city boasts a low corporate income tax rate, affordable space and a well-educated workforce, which have made it attractive to companies seeking a new location, as indicated through the development surge taking place throughout Virginia Beach. This business climate has earned Virginia Beach recognition by CNNMoney for being the nation’s second most business-friendly city, while Bloomberg has ranked the city among one of the best cities to live in.
The Mele Group of Marcus & Millichap has been selected to exclusively list for sale All Around Storage, located in Fayetteville, Arkansas. All Around Storage signifies an excellent opportunity to acquire a cash-flowing self-storage facility in one of Arkansas’ largest cities and most desirable markets. Acquisition offers a qualified investor a key storage destination encompassed in a multitude of apartment complexes in quick proximity. Featuring high occupancies, the opportunity has significant upside potential to increase revenue through raising rates to match the market’s competitors and implementing a tenant insurance program. Paired with these multiple upsides are strong proforma projections, boasting a year two cash-on-cash return of 12.6 percent and a capitalization rate of 7.97 percent.
The facility consists of 394 units, containing 110 climate-controlled units, 264 non-climate-controlled units and 20 boat/RV parking spaces. Current physical and economic occupancies are 90.0 percent and 85.1 percent, respectively, indicative of the facility’s history of high occupancies. Recently, the facility underwent a number of capital improvements, including repainted surfaces, the replacement of three HVAC compressors, the addition of parking lot fencing and the replacement of all lighting to high-quality LEDs for cost effectiveness and a long-term lifespan. To secure the premises and its storage units, the site is equipped with gated access, keypad entry, pest control, video surveillance and an 800-square feet on-site manager’s apartment. The spacious one-bedroom, one-bathroom manager’s apartment also has a kitchen, laundry room and living room for convenient on-site living.
Situated at 2650 South City Lake Road/State Highway 156 on approximately 4.49 acres, this thoroughfare serves as a connector to other major roadways throughout the city. Among these Fayetteville roadways are State Highway 16, State Highway 265, Fullbright Expressway and Interstate 49, which witnesses an average of 49,000 vehicles daily. The facility is located only minutes from the University of Arkansas, the city’s largest employer with over 4,500 administrative and academic staff members to complement the large student population. The university has over 27,500 students in attendance, and this student count mirrors the high ratio of renter-occupied housing units in a five-mile radius estimated at over 53 percent. The five-mile area surrounding the facility is projected to grow at a high rate from 2017 to 2022 of 1.85 percent annually, paired with a projected household growth rate of 2.02 percent annually.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Anthem Self Storage, an institutional-quality self-storage development located in Anthem, Arizona, a component of Maricopa County and the Phoenix Metro Area. Anthem Self Storage provides a qualified investor with the opportunity to acquire a brand new, Class A self-storage facility upon Certificate of Occupancy with a substantial footprint in one of the nation’s fastest-growing areas. Developed by The Bell Group, construction is currently underway and is projected to yield a total of 95,258 rentable square feet among 9 buildings on 7.5 acres. The facility will have 546 climate-controlled units, 189 drive-up units, 27 open RV parking spaces and 28 covered RV parking spaces for a total of 790 units.
Strategically situated on North Gavilan Peak Parkway, this thoroughfare witnesses an estimated 16,800 vehicles daily. The site is located within the master-planned community versus competitors, giving the advantage of directly serving the undersupplied storage market. West of the development is Interstate 17, one of Metro Phoenix’s two major connectors, which demonstrates traffic counts of over 64,500 vehicles daily. At Certificate of Occupancy, the facility will prominently be one of the only two climate-controlled facilities within Anthem, where the rapidly-growing population has a three-mile average household income exceeding $119,000 and booming employment growth. Furthermore, the surrounding master-planned community has restrictions on parking boats on residential driveways, making for a quick lease-up time for the facility’s boat/RV storage given its proximity to housing and Lake Pleasant, reputed for its scenic water recreation.
The City of Anthem has been awarded a number of accolades by both local and national publications, including recognition as the top master-planned community in the United States by the National Association of Home Builders. This strong growth mirrors Maricopa County’s overall swelling population of approximately 222 individuals migrating per day in 2016, notably more than any other county in the nation.
The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Washington Avenue Mini Storage, located in Evansville, Indiana. Washington Avenue Mini Storage offers the opportunity to employ state-of-the-art revenue management in order to optimize rental growth. The subject has excellent visibility near the signalized intersection of Washington Avenue and Green River Road in Evansville with multiple access points along Washington Avenue, in addition to manager-controlled access on Adams Avenue. Along with the opportunity’s strong growth potential, the facility is projected to yield leveraged IRRs of 25.1 percent and 22.5 percent in years five and seven, respectively.
Originally constructed in 2006 in multiple phases, the facility expanded in 2014, doubling its size to offer additional storage to match Evansville’s growing population. The facility resides on 4.46 acres, comprised of 80,875 rentable square feet among 11 buildings and 680 units, ranging in size from 25 square feet to 300 square feet. In comparison to competitors, the facility is advantageous in offering climate-controlled storage in addition to its non-climate controlled units. Current physical and economic occupancies are 80.4 percent and 77.4 percent, respectively. Prior to the expansion, the facility had a consistent physical occupancy of over 95 percent. The facility utilizes a 24-hour kiosk to assist renters, resulting in management cost reduction, and a gate opener application tied into the renter’s phone for ease of access. Since 2014, the owners have invested over $1,600,000 into expansion and capital improvements.
Situated at 4619 Washington Avenue, this thoroughfare witnesses traffic counts of over 12,300 vehicles daily, while its intersecting street Green River Road sees over 29,500 vehicles daily. The site is advantageously located only 1.6 miles north of interstate 69, a primary connector to other major cities such as Bloomington, Indiana. Additionally, the facility is 1.0 miles south of State Road 66/Lloyd Expressway and 2.8 miles east of U.S. Highway 41. Washington Avenue signifies the ideal composition of residential and commercial properties situated its thoroughfare, lined with single-family neighborhoods, shopping centers and hospitals that rank among Evansville’s top 10 employers. As the area continues its steady growth, a significant number of commercial projects are currently in a stage of development to add to Evansville’s thriving landscape.
Maverick Self Storage of Del Rio and Bracketville are comprised of 46 climate controlled units, 270 non-climate controlled units and 12 semi-climate controlled units, ranging from 50 to 300 square feet, for a total of 328 units. The facility is operated in conjunction with its annex location in Brackettville, Texas. Altogether, the facilities encompass 42,275 rentable square feet on 2.6 acres. The site features video surveillance with fencing, a gated, keypad entry and a resident manager for security. The primary facility's on-site manager's apartment consists of one bedroom and two bathrooms. The facility offers 24-hour gated access to its storage units. Current physical and economic occupancies are at 89.7 percent and 64.4 percent, respectively. Most recently, both Del Rio Self Storage and its annex location underwent roof recoating to repaint and strengthen each.
The main facility is directly on U.S. Highway 90, which sees traffic counts of over 26,000 vehicles daily, in addition to its proximity to U.S. Highway 377 and State Road 239. To cater to the large surrounding community are numerous shopping centers, including the enclosed, 55-store Plaza Del Sol Mall, anchored by JCPenney, Bealls Department Store and Ross Dress For Less, at a 1.1-mile distance in addition to national retail giants Walmart, Home Depot, and Marshalls.
Del Rio is a principal city of the Del Rio-Ciudad Acuña Metropolitan Area. Commonly referred to as Tierra de la Amistad, this metro area is one of the largest bi-national areas situated along the United States-Mexican border. And most significantly, Ciudad Acuña has been recognized as Mexico's fastest-growing city for its large-scale industrial and manufacturing facilities. Del Rio is strategically situated approximately six miles from Ciudad Acuña.
Courthouse Land Development represents the opportunity to purchase an approved development site for an institutional-quality, self-storage facility in Chesterfield, Virginia, a component of the Greater Richmond Area. The immediate vicinity is ideal for storage with minimal competition and excellent demographics. The site’s visibility along both Virginia Highway 653 and 647 will raise a self-storage company’s brand in the Greater Richmond Area while providing an ideal location in a residentially-dense area.
The property is situated across two parcels of land that have been zoned for commercial self-storage and is located at 10700 Reams Road North and 27 North Courthouse Road. Residing on approximately 7.30 acres, the proposed development consists of approximately 70,925 rentable square feet and 90,280 gross buildable square feet in its first phase among three buildings. After the completion of phase two, the facility is projected to total an estimated 110,175 rentable square feet and 143,060 gross buildable square feet. The facility would be primarily composed of 89.3 percent climate-controlled storage and 10.7 percent non-climate controlled, drive-up storage. The proposed layout would allow for wide, 45’ aisles and two elevators for ease of access to storage units. By utilizing the provided ratio of climate and non-climate controlled storage, the investment is estimated to stabilize in year three at 90 percent occupancy. The site is fully-entitled to be constructed as a phased development, or in whole.
The area surrounding the facility is a perfect balance of residential homes and multifamily for a five-mile population of 145,863 and 56,911 households and major national retailers on U.S. Highway 60/Midlothian Turnpike, including Target, Wegmans, Walmart Supercenter, Sam’s Club and numerous others. The five-mile vicinity has over 15 major shopping centers to accommodate the growing population, such as the enclosed 140-store Chesterfield Towne Center, anchored by JCPenney, Macy’s and At-Home. The five-mile population’s average and median household incomes are $94,436 and $71,149, respectively, both exceeding the national average. The Richmond, Virginia Metropolitan Statistical Area is growing at a steady rate as a result of a significant suburban sprawl in recent years, especially in Chesterfield County. The growth has led to national attention from retailers expanding into the market, as demonstrated by the major retail-heavy corridor along U.S. Highway 60 less than one mile from the subject. The MSA’s centralized location has continued to flourish, also benefiting from population increases across the state’s surrounding regions.
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.
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.
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.