The Mele Group of Marcus & Millichap has been selected to exclusively market for sale Extra Secure Self Storage, a Class A, institutional-quality self-storage facility located in Pompano Beach, Florida, part of the populous South Florida region.
This offering provides a qualified investor the opportunity to acquire a stable, revenue-producing asset in one of the most sought-after primary markets in the country. Additional revenue can be realized through the reallocation of the third and fourth floor units as well as strengthening the marketing platform and management efficiencies. An investor can expect a leveraged IRR of 10.8 percent at the end of year 7.
This offering is comprised of one, four-story self-storage facility featuring 682 climate controlled units, ranging from 25 square feet to 288 square feet across 76,236 net rentable square feet. The building was constructed in 2009 and totals 110,689 gross square feet on 1.46 acres. The facility is currently 92.50 percent physically occupied and 81.37 percent economically occupied.
Extra Secure Self Storage is strategically located along North Powerline Road, next to a hard, signalized intersection that witnesses an estimated total of 75,000 vehicles per day. Convenient transportation is provided by Interstate 95 and Florida’s Turnpike, two main thoroughfares through the state, both approximately one mile from the facility. Within a 5-mile radius is a total population of 354,215 among 148,501 households. The large population is complemented by a multitude of major shopping centers, including the 57-store Coconut Creek Plaza, the 60-store Pompano Citi Centre and the 56-store Peppertree Plaza, and anchored by national retailers such as Publix, Lowe’s, JCPenney, and many others.
Pompano Beach is part of the Miami Metropolitan Statistical Area, a region often referred to as South Florida. This MSA is the most populous within Florida and the second largest in the southeastern United States.
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 Best Little Storehouse offers an excellent opportunity to acquire a self-storage facility located in the Jacksonville, Florida Metropolitan Statistical Area. Acquisition provides an investor with multiple value-add components, along with a property that has solid visibility on a highly-frequented state highway. The facility has the opportunity to raise returns through increasing physical and economic occupancies, and also offers the potential to expand and convert existing office space into climate-controlled self storage, contributing to the overall value.
The opportunity consists of 58,425 rentable square feet and 506 units, comprised of 428 non-climate controlled units and 36 climate-controlled units, ranging from 50 square feet to 300 square feet, and 11 office spaces and 31 boat/RV parking spaces. Current physical and economic occupancies are 80.3 percent and 68.0 percent respectively, offering significant growth potential. Through converting the existing warehouse spaces into storage and expanding its parking lot to create additional climate-controlled storage, the facility could increase from 506 to 703 total units, raising the rentable square footage to 67,225 and also greatly increasing the cash flow.
Strategically situated on 5.48 acres at 996 Blanding Boulevard, also known as State Highway 21, this highway benefits from superb traffic counts of over 53,500 vehicles daily. The facility is surrounded by a great mixture of residential and retail activity, and is adjacent to The Village Shopping Center, anchored by Publix, Bealls Outlet, Taco Bell and Papa John’s. The highway is notable for its abundant national tenants in the immediate vicinity of the subject property, including Walmart Supercenter, Marshalls, Bank of America and McDonald’s, in a 0.5-mile distance or less. The area’s public schools are also conveniently located less than one-mile from the facility on the same side of the thoroughfare. Orange Park, a suburb of Jacksonville, resides on the southern side of the city and additionally encompasses the areas of Fleming Island, Ridgewood, Lakeside and Bellair-Meadowbrook Terrace. Jacksonville is the largest city in Florida and is currently ranked as the 12th most populous city in the nation due to its vast area. Jacksonville is the primary cultural, commercial and financial center for the North Florida region.
The Mele Group of Marcus & Millichap is pleased to offer South Park Storage, located in Asheville, North Carolina. Acquisition provides an investor with multiple value-add components, with an above average surrounding demographic profile in an excellent location. Investment yields may be increased through diligent revenue management as rental rates are well below nearby competitors on average. The burn-off of existing rate concessions, the implementation of a tenant insurance sales program and the build-out of additional expansion area included in the sale are all projected to provide strong returns for a potential investor.
South Park Storage consists of 38,140 rentable square feet among five buildings and 3.96 acres. The facility has 117 climate controlled units and 140 non-climate controlled units, ranging from 50 square feet to 400 square feet, and 27 occupied parking spaces and one 1,600 square foot non-climate workspace, for a total of 285 units.
The property is strategically situated at 270 Mills Gap Road, just southeast of Asheville’s city center. There are many national retailers supplying the nearby vicinity, such as Target, Home Depot, Lowes, Publix, CVS and Walgreens. A multitude of large-scale residential and multifamily communities are in close proximity of the subject property. Within a five-mile radius is a population approximately 62,000 individuals among 26,000 households with an average household income over $77,000.
Southside Storage represents an excellent opportunity to acquire a well-maintained, highly-occupied self-storage facility located in Bloomington, Indiana, the principal city of its Metropolitan Statistical Area. Acquisition of the opportunity will benefit an investor with significant value-add components, including raising rates to match the market and implementing a self-service kiosk to reduce management costs. These add-value aspects are paired with a current capitalization rate of 7.81 in a market that is continuing to flourish. At the end of year two, an investor can benefit from a capitalization rate of 9.38 percent.
Located at 4724 South Walnut Street Pike, the facility was constructed in 2004 with Trachte Building Systems on approximately 3.0 acres. The facility is comprised of 144 non-climate controlled units, spanning from 50 square feet to 300 square feet, for a total of 21,600 rentable square feet. The subject has been meticulously maintained and recently underwent sealcoating of its asphalt in the past year. The facility continues to be highly occupied, while the unit mix indicates that target rates are achievable given the sufficient turnover in order to implement higher rates. The facility's location provides excellent access to many primary thoroughfares in Bloomington, including State Road 37 and Interstate 69 at a distance of 2.5 miles, and State Roads 45, 46 and 446 at a 5.0-mile distance. Immediately surrounding the facility are single-family, residential homes and Downtown Bloomington is at an estimated 3.5 miles north of the subject. The five-mile population consists of 100,453 individuals among 39,700 households with a steady annual rate of growth. To cater to this growing population are a number of shopping centers with national tenants that have expanded into the area, including the 97-store, enclosed College Mall, anchored by Target, Sears, Dicks Sporting Goods and Bed Bath and Beyond, and the 29-store Whitehall Crossing Shopping Center with tenants Lowes, Kohls and T.J. Maxx, among others.
Bloomington, Indiana is home to the 1,933-acre Indiana University Bloomington. Situated 4.7 miles from Southside Storage and utilized by its students, the university has over 49,000 enrolled and is notably both Indiana University’s oldest and largest campus. The university’s impact on the city is further denoted by the areas major employers, made up of the Indiana University Bloomington, the Indiana University Health-Bloomington and the Fortune 500 American health care company, Baxter Healthcare Pharmaceuticals.
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 Hoerth Storage, situated in Fond du Lac, Wisconsin. Acquisition offers an investor the opportunity to acquire a self-storage asset with a significant footprint in the City of Fond du Lac, representing the best that the market has to offer in terms of quality, size and amenities. Additional upside can be attained through continuing the lease-up activity for the newly-converted units. In year two, an investor can expect to witness a solid cash-on-cash return of 10.3 percent.
Hoerth Storage consists of 134,899 rentable square feet among 19 buildings and 12.05 acres. The facility has 123 climate controlled units and 332 non-climate controlled units, ranging from 18 square feet to 700 square feet, along with one boat/RV space, three office spaces and 18 warehouse spaces for 477 total units. The facility offers numerous amenities, including 24/7 access, on-site U-Haul truck rentals, wide aisles for easy drive-up access, mailboxes for commercial businesses, a conference area, a spacious office/showroom and a wide array of self-storage options.
Due to the high demand for traditional storage, two warehouse components of the facility were recently converted into climate-controlled storage. The construction was completed in late July 2017, signifying excellent growth potential through continuing to lease the new units. This conversion is indicated in the facility’s overall current physical and economic occupancies of 87.8 percent and 81.3 percent, respectively. Prior to the conversion, the facility operated near 100 percent occupancy for traditional self storage much like other operators in the area, all which have little to no vacancy, signifying the market's strength. Approximately 2,200 rentable square feet is also available on the parcel for further expansion to meet the area’s storage needs. Recently, the facility has undergone multiple improvements, including the repaving of the asphalt and newly-installed lighting throughout the property, which now has full LED lighting for both the interior and exterior.
Strategically situated at 74 Halbach Court, the facility has great visibility along Interstate 41, which sees traffic counts of over 27,000 vehicles daily. The facility is 0.4 miles southeast of County Road D, 1.4 miles southeast of the Fond du Lac County Airport, 2.1 miles northwest of U.S. Route 151 and 2.5 miles southeast of State Road 23. Many national retailers are also in the nearby vicinity, such as Walmart, Target, McDonald’s and Walgreens with a number of shopping centers, including the enclosed Forest Mall with Kohl’s and Forest Plaza with T.J. Maxx, Applebee’s, Buffalo Wild Wings and Starbucks. Fond du Lac is one of Wisconsin’s top employment markets, boasting one of the lowest unemployment rates in the state as of June 2017 at 2.6 percent, compared to the nationwide rate of 4.3 percent. The company’s total economic impact on the city is at an estimated $4 billion. Mercury Marine is visible on Interstate 41, directly across from Hoerth Storage.
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 areas average. This great upside is partnered with solid cash-on-cash returns in years one and two of 12.4 percent and 15.5 percent, respectively, and an attractive year one cap rate over 9 percent, excluding deferred maintenance, and a year two cap rate of over 10 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.
U Storage OK represents an exceptional opportunity to acquire a newly-constructed self-storage facility in one of Oklahoma City’s most affluent and growing suburbs, Edmond. Well-positioned in a top 50 U.S. Metropolitan Statistical Area, the facility features both climate controlled and non-climate controlled storage. Furthermore, the opportunity has significant growth potential via continued lease-up of a 28,000-square foot expansion currently under construction. The offering demonstrates solid projected leveraged IRRs of 21.8 percent in year five and 19.3 percent in year seven. In year two, an investor can enjoy an attractive capitalization rate of 7.46 percent.
Initially constructed in 2015 on two parcels totaling an approximate 7.89 acres, the 106,318-rentable square foot facility is currently comprised of 470 climate-controlled, non-climate controlled and boat/RV parking spaces. To meet the area’s high demand for storage, the facility will gain an additional 153 units and 28,000 square feet of storage space this year, totaling the facility’s final net rentable square footage to 134,318 and 623 units delivered upon sale. The new expansion will feature both climate controlled and non-climate controlled units. Overall, the facility has witnessed substantial lease-up activity, experiencing a year-over-year average monthly growth of 32 percent for the first six months of 2017. Leasing up 200 units per year since construction, the current physical and economic occupancies are 91 percent and 81 percent, respectively, while physical and economic occupancies based off of post-expansion square footage are 72 percent and 63 percent.
Located on Interstate 35, U Storage OK witnesses traffic counts of over 76,000 vehicles daily. The subject is surrounded by an excellent mixture of single-family residential communities and multiple developments that have come underway in the past two years to meet Edmond's explosive growth. The most significant development is only minutes from the facility, the large-scale Edmond Conference Center, expected to be completed in November 2017. Within the past several years the City of Edmond has boomed, leading to one-mile and five-mile average household incomes significantly above national averages at $201,404 and $95,304, respectively. Edmond has been featured as a top location in CNBC’s "10 Perfect Suburbs" and has repeatedly been awarded as an "Outstanding Community" by the State Chamber of Commerce.
The Mele Group of Marcus & Millichap is pleased to offer Fortuna Road Storage on behalf of the owner. Located in Yuma, Arizona, the facility is directly on Fortuna Road with strong visibility and quick access to Interstate 8. Acquisition of the facility will benefit an investor with a cash-flowing asset that signifies the best the market has to offer in terms of appearance and amenities, and features high occupancies.
Constructed in 1985 and most recently renovated and expanded in 2015, the facility sits on 3.77 acres, comprised of 61,218 rentable square feet among 12 buildings and 434 units, which also includes 14 boat/RV parking spaces. In the past two years, the facility’s main gate was repositioned for optimal access and its previous car wash was converted into additional storage for open boat/RV parking spaces. Residing on the corner of 38th Street and Fortuna Road next to the office, this boat/RV site has potential upside for a new owner to convert this highly-visible pad into a multistory storage buildout. The facility’s rental rates are consistently raised every nine months, which has proven a success with consistent high physical and economic occupancies of 94.3 percent and 97.1 percent, respectively, indicating the area’s high demand for storage.
The facility is located at 11707 South Fortuna Road, directly south of Interstate 8 at a 0.7-mile distance, and U.S. Highway 95 at a 2.8-mile distance. Interstate 8’s Exit 12 onto Fortuna Road witnesses an average daily traffic count of over 22,747 vehicles, while U.S. Highway 95 experiences over 16,500 vehicles daily. Fortuna Road is a primary thoroughfare of Yuma, lined with retailers and surrounded by residential communities. National retailers that have expanded onto Fortuna Road include Fry’s Food and Drug, Starbuck’s, Walgreens and McDonald’s among numerous shopping centers, all within less than one mile of the subject.
On behalf of the owner, The Mele Group of Marcus & Millichap is pleased to offer for sale Millville Self Storage, located in Millville, New Jersey. The facility features high visibility along S.R. 49 with an above average surrounding demographic profile in an excellent location. Investment yields may be increased through diligent revenue management as rental rates have only been increased once in 12 years, burn-off of existing rate concessions relative to the lease-up of the most recent expansion, implementation of a tenant insurance sales program and build-out of additional permitted expansion.
Constructed in stages beginning in 2005 and most recently expanded in 2017, the property resides on approximately 13.6 acres, consisting of 78,875 net rentable square feet among 14 buildings and 707 units, including 44 parking spaces for vehicle storage. The subject has an on-site management office and apartment with full LED lighting throughout the property, and video surveillance, perimeter-wide fencing, and a keypad system with two electronic gates for incoming and outgoing traffic. The facility is approved for an additional 19,200 square feet of expansion. All site work has been completed in preparation of future expansion, including the retention pond and concrete. The notably high occupancies reflect the solid demand for self storage in the area and further bolsters the approved expansion opportunity available on the parcel. Current physical occupancy is 93 percent among climate controlled and standard, non-climate controlled units, while the overall economic occupancy is 79 percent.
Located at 2303 West Main Street, known as S.R. 49, traffic counts passing the facility total approximately 11,000 vehicles daily. Additionally, the subject is 3.6 miles west of S.R. 47 and 5.0 miles west of S.R. 55 which see traffic counts of over 31,000 and 18,300 vehicles per day, respectively. To cater to the surrounding population are numerous national retailers in the near vicinity, such as retail giants Walmart, Target, Ross Dress for Less, Lowe’s and The Home Depot.
The Mele Group of Marcus & Millichap is pleased to offer the opportunity to acquire a self-storage facility in the nation’s fastest-growing city, Cape Coral, part of the Cape Coral-Fort Myers, Florida Metropolitan Statistical Area. The Cape Coral Self-Storage Opportunity is highly visible along a primary thoroughfare, encompassed in a surrounding area that boasts all of the elements ideal for self storage, including a record-breaking population surge and a wide array of national retailers. Cash flow can be enhanced upon acquisition by implementing a tenant insurance program and increasing rates to match the market.
Consisting of 65,950 rentable square feet among five buildings, the facility has 417 climate controlled units, 250 non-climate controlled units, ranging from 25 square feet to 200 square feet, and 11 boat/RV spaces for a total of 678 units. To ensure secure self storage is perimeter-wide fencing, video surveillance, individual unit alarms and a gated entry and exit with keypad access. Initially constructed in 2000, the facility expanded in 2003 to cater to the growing population. The facility is also a U-Haul neighborhood dealer, offering truck rentals for the surrounding communities.
Prominently situated on five acres, the Cape Coral Self-Storage Opportunity has excellent frontage on State Road 78, known as Pine Island Road, which sees traffic counts of over 42,000 vehicles daily and is also home to countless national retailers in an approximate one-mile radius. The five-mile radius surrounding the facility is indicative of the city’s recent placement as the fastest-growing in the country with 127,933 individuals and 49,000 households.
Fairfield Self Storage consists of 66,720 rentable square feet among a total of 515 units. Notable for its steady business throughout the year, the subject boasts a consistently high physical occupancy currently at 93.2 percent, with the upside potential to increase its economic occupancy. The facility features a self-service kiosk and a newly-renovated on-site manager's apartment. Additionally, a cellular tower is on site, further generating revenue.
This cash-flowing facility is the closest in proximity to the Travis Air Force Base and resides directly beside the base's entrance gate. It is also parallel to Air Base Parkway, the base's primary thoroughfare demonstrating an approximate 24,300+ vehicles per day. Surrounding the facility entails an abundance of military housing, including both town homes and apartments, and also many retailers. Fairfield is a principal city of the Vallejo-Fairfield Metropolitan Statistical Area, which is part of the larger region known as the San Francisco Bay Area.
The Mele Group is pleased to offer Self Storage Centers of America, located in the suburbs of Tampa, Florida. Acquisition of the opportunity benefits an investor with a cash-flowing, well-positioned self-storage asset boasting strong demographics and traffic counts. Additional upside can be attained through increasing rental rates to the market’s averages, the current rental rates are significantly below the market.
Built in 2008 on 4.89 acres, the thee-story facility is comprised of 705 units, ranging from 25 square feet to 450 square feet, for a total of 79,325 rentable square feet. Current physical and economic occupancies are 89 percent and 74 percent, respectively. The facility, praised for its management, offers many amenities including 24/7 access, elevators and a wide range of self-storage unit types.
Strategically situated directly on S.R. 676/Causeway Boulevard, the opportunity witnesses traffic counts of over 24,000 vehicles daily. The facility is in close proximity to major highways, including great visibility along U.S. Highway 301 with over 42,000 vehicles daily, as well as the Lee Roy Selmon Expressway with over 84,000 vehicles daily and Interstate 75. Adjacent to the facility is a major planned development, consisting of a 152-acre town center, The Village at Crosstown. This large, mixed-use project will include over 3,000+ multifamily units, 150+ hotel rooms, 350,000+ square feet of retail and 170,000+ square feet of office, matching the high growth of the immediate vicinity.
Palm River-Clair Mel is a major suburb of Tampa and notably one of the fastest-growing suburbs within the country. Tucked away in Hillsborough Bay, Palm River-Clair Mel primarily consists of residential housing with numerous multifamily complexes that have come online since 2000, resulting in a high amount of renter-occupied housing units. The Tampa Area alone has an estimated population of over 3,030,953 residents, it’s the second most populous metro area in the state, and notably has one of the state's highest job growth rates, drawing residents to the Palm River-Clair Mel area.
The Mele Group of Marcus & Millichap is pleased to offer Big Storage, situated in the Stockton-Lodi, California Metropolitan Statistical Area. Acquisition offers an investor a quality self-storage asset with the potential to increase returns by raising rates to reflect the market’s averages and continuing lease-up activity at the newly-constructed buildings, along with the opportunity to further expand the facility to offer standard self storage.
Big Storage is comprised of 50,230 rentable square feet among 85 drive-up units designated for boat, RV and commercial storage. The facility features wide aisles for easy access to units and excellent security, including personalized gate codes, unit door alarms, fire sprinklers, a monitored fire alarm system and strategically-placed video surveillance. In December 2016, an expansion of approximately 23,560 rentable square feet was completed, resulting in two new buildings. This is indicated by the facility’s respective current physical and economic occupancies of 81 percent and 82 percent. Additional land is available for expansion, offering the potential to add traditional storage on site. An occupied, single-family residence is also included in the sale and can be converted to storage to further generate revenue. The expansion opportunities are fully entitled with permits. Big Storage resides in the city's northeastern industrial development corridor, bordering Lodi's newer neighborhoods. The subject is 0.2 miles east of State Highway 12 and 0.7 miles northeast of State Highway 99, which witness traffic counts of over 10,300 and 66,000 vehicles per day, respectively.
Lodi, known as the Zinfandel Capital of the World for its century-old grapevines and premium wine industry, is 35 miles south of Sacramento and 90 miles east of San Francisco. The city is highly regarded for its small-town atmosphere, exceptional regional access and business development opportunities supported by the city’s leadership, which have yielded many developments and planned projects. Lodi is a principal city of the Lodi-Stockton MSA, consisting of San Joaquin County. The county is a component of the larger San Francisco-Oakland CSA, which ranks as the 5th most populous CSA in the nation.
Hemet Self Storage is comprised of 711 non-climate controlled units among 77,758 rentable square feet with an on-site residence and a self-service kiosk. The site's current physical and economic occupancies are 76.3 percent and 60.3 percent, respectively, with the potential to raise rates to the market's averages.
Surrounded by a great mixture of residential, retail and industrial from all directions, the facility's five-mile radius population consists of 162,883 individuals. A number of retailers are in the immediate area, including Walmart, GameStop and Regal Cinemas. Along the facility's thoroughfare are traffic counts of over 20,388 vehicles daily. Hemet is part of the Riverside-San Bernardino-Ontario, California Metropolitan Statistical Area, a component of the populous Greater Los Angeles Area.
The South Sarasota Self-Storage Opportunity consists of 30,544 rentable square feet among 439 units, boasting impeccable visibility from its location along Florida’s Gulf Coast on the major thoroughfare U.S. Highway 41. Also known as the Tamiami Trail, this primary highway demonstrates fantastic traffic counts of over 51,500 vehicles per day on average, paired with great demographics.The facility is strategically located only 0.2 miles from the Stickney Point Road and U.S. Highway 41 intersection that connects mainland Sarasota to the coveted beaches of Siesta Key.
Overall, the facility is comprised of 153 non-climate controlled units and 256 climate controlled units, ranging from 8 square feet to 260 square feet, and 16 mailboxes and 14 boat/RV parking spaces. Returns may be increased through raising rates to match the market and by lowering physical and economic vacancies. The facility’s current physical and economic occupancies are 79 percent and 78 percent, respectively. Acquisition will provide a new investor with an exceptional year two cash-on-cash return of 10.1 percent, along with a year seven leveraged IRR of 20.3 percent and a year two pro forma capitalization rate of 7.46 percent.
Directly neighboring the subject is Ruth’s Chris Steakhouse among residential homes facing Siesta Key. Surrounding the facility are many more neighborhoods, multifamily complexes and and nationally-recognized retailers. The opportunity is the closest mainland self-storage facility to Siesta Key through Stickney Point Bridge, one of two routes traveled to access the key and notably the most traveled. The subject is notable for its utilization by seasonal residents of the Siesta Key area. Recognized internationally for its beaches, Siesta Key Beach is ranked among the top 25 beaches in the world.
Reno Self Storage encompasses 63,700 rentable square feet among 291 non-climate controlled units with the upside potential to further generate revenue by implementing boat/RV storage throughout the parcel. The facility has an on-site manager's apartment, a self-service kiosk, high clearance inside of its buildings and extra wide aisles for ease of utilizing drive-up units. The subject has a high physical occupancy of 96.9 percent, and an economic occupancy of 75.7 percent.
The facility is in close proximity to numerous highways, including major Interstate 80 which sees traffic counts of over 101,180 vehicles daily, paired with an impressive five-mile population of 220,527 and multiple national retailers such as Walmart and Lowe's. The area is experiencing high growth with the addition of the highly-anticipated Tesla Gigafactory, which became operational in the first quarter of 2016. Overall, the Gigafactory is projected to bring over 9,000 jobs to the city once completed in 2020. Sparks is a suburb of Reno, and a prime component of the Reno-Sparks Metropolitan Statistical Area.
The Tampa MSA Self-Storage Development represents a solid opportunity to acquire a brand new self-storage facility to be acquired upon certificate of occupancy from the developer. The facility will provide an investor with a state-of-the-art, Class A facility with superb demographics, a high volume of traffic and access to multiple highways. The offering is in a densely-populated area with a multitude of retailers, further drawing in traffic.
With a building area of 70,000 gross square feet and 53,575 net rentable square feet, the facility will offer both climate controlled units and non-climate controlled units across three buildings. Of the three buildings, two are to be single-story, non-climate controlled buildings with one designated for drive-up storage. The building closest to the street is to be a three-story, climate controlled structure. Located at 9811 Progress Boulevard/County Road 676A in Riverview, Florida, the facility is strategically situated 0.2 miles west of U.S. Highway 301 and 0.8 miles east of Interstate 75, both which see excellent traffic counts of 67,500 and 103,000 daily.
The area has outstanding demographics for self storage, consisting of more renter-occupied units than owner-occupied units. Historically, renters utilize self storage at a higher rate than those who own their residence. Additionally, the facility is located in the heart of many multifamily and apartment complexes, such as the adjacent, 180-unit Kensington Gardens and the 432-unit Allegro Palm Apartments. The five-mile radius population has 165,006 individuals and 61,564 households. This radius is expected to continue its growth at a 1.83 percent rate annually, matching the solid growth of its Metropolitan Statistical Area, the Tampa-St. Petersburg-Clearwater, Florida MSA. Overall, the area's five-mile population has grown by more than 50 percent since 2000.
Catering to the large population within the vicinity are many major, national retailers, including Target, Wawa and UPS. There’s also a multitude of shopping centers and malls in a three-mile radius, such as the 199-store, enclosed Westfield Brandon Mall, anchored by Dillard’s, Macy’s and JCPenney, Lake Brandon Plaza with Publix, Jo-Ann Fabric & Craft and Nordstrom Rack and Lake Brandon Village with Lowe’s and PetSmart, among numerous others.
Riverview is located in the Tampa-St. Petersburg-Clearwater, Florida MSA, the second most populous MSA in Florida and the third largest MSA in the Southeast United States.