The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale Satellite Self Storage in Ocean, New Jersey. Satellite Self Storage is comprised of 95,756 rentable square feet on approximately 6.97 acres of land. The large-scale facility consists of 941 climate-controlled and non-climate-controlled units, ranging in size from 24 square feet to 300 square feet. The subject has physical and economic occupancies of 87.1 percent and 81.2 percent, respectively. The facility offers concrete and steel construction, 24-hour video surveillance, an intercom system, access monitoring and optimal lighting throughout the premises. Additionally, the rental office includes new flooring installed in late June 2019. The property boasts an excellent location off State Route 35 and offers a wide variety of well-maintained options to cater to the region’s high demand for storage.
The subject property is impeccably located in the center of a vibrant residential and retail corridor. The site offers visibility from State Route 35/Kings Highway, a major thoroughfare which allows for convenient access to all of the area’s heavily-frequented points of interest. State Route 35 witnesses a traffic count exceeding 30,000 vehicles per day. The facility benefits from an affluent median household income of over $83,000 within three miles, in addition to a population exceeding 63,000 individuals within three miles of the property. Satellite Self Storage is adjacent to Twinbrook Village Apartments and is within close proximity to several national retailers, including the 150-store Monmouth Mall; the mall operators are investing in a major remodel that is slated to go into its construction phase. The mall serves as a key destination within the region. A major draw to living in this area is accessibility to the top-rated Ocean Township School system. The location is very close to the New Jersey Shore Beaches and several major highways including Garden State Parkway, the New Jersey Turnpike and Routes 18, 95 and the aforementioned Route 35/Kings Highway.
Satellite Self Storage represents an exceptional opportunity to acquire an asset with multiple upsides. The facility has desirable financials with cash-on-cash returns of 12.9 percent and 14.2 percent in years one and two, in addition to a leveraged IRR of 18.0 percent in year seven. Acquisition also offers the advantage of seizing upon untapped revenue, including a tenant insurance program and merchandise sales. The subject has maintained a high physical occupancy with implementing rental rates above the market average. An investor will benefit from the site’s strategic location in a strong market and subsequent affluent demographics, in addition to a wide-array of amenities which have consistently anchored a strong consumer base.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale Woodstock Storage, located in the Atlanta Metro Area. Woodstock Storage is comprised of a Class A self-storage facility with 74,250 net rentable square feet and 631 climate-controlled units, ranging from 25 to 300 square feet. Constructed and completed in 2019, the brand-new, four-story property offers two elevators for consumer convenience and is secured by premium video surveillance, keypad access and optimal lighting. Additionally, the subject features a spacious office consisting of 1,584 square feet. The facility offers ground level access on the first and second floors, benefiting the site with premium rental rates for approximately 50 percent of the total units. The property is impeccably situated in the Atlanta MSA; a top 10 MSA and one of the nation’s fastest-growing regions.
Situated at 185 Woodstock Parkway, the site is located parallel to the on and off ramps to Interstate 575; residents and visitors alike must pass the site to access the core components of downtown Woodstock and its corresponding suburbs. The state-of-the-art building boasts visibility from Interstate 575, one of the MSA’s most-frequented thoroughfares with a traffic count exceeding 102,000 vehicles daily. The site is also near both Towne Lake Parkway and County Road 77, with traffic counts of over 44,000 and 13,000 vehicles daily, respectively. The property is adjacent to Ford and a new 300-unit Lennar’s Haddonstone Development and is within a mile of Pine Hill Residential, Town Lake Hills Residential, Woodstock Station, Woodstock Elementary, Woodstock Middle School and Woodstock High School. The site is also within two miles of Towne Lake Shopping Center, Palmer Apartments, Avonlea Apartments, The Heights Apartments at Towne Lake, Dunkin’ Donuts, Longhorn Steakhouse, Walgreens, Chick-Fil-A, Starbucks, McDonald’s, Panera Bread, Bank of America, Taco Bell, Kroger and several other national retailers. Furthermore, the site resides minutes from The Outlet Shoppes at Atlanta, which consists of nearly 100 national retailers and vendors. The five-mile surroundings boast a median household income of $77,592, while this population is projected to rise by over 8.6 percent from 2019 to 2024, exceeding national growth. The surrounding area continues to expand with the construction of new residential developments to match the population influx. The site will serve as the key storage destination for its suburban setting with a substantial advantage as the closest facility to these communities.
Woodstock Storage has all the desirable components of a self-storage investment, including its ideal surroundings for storage made up of strong demographics, affluent incomes, residential developments, highway appeal, high barrier-to-entry market and an overall key location that will allow the site to have a prominent market footprint. This is coupled with the benefits of offering two floors accessible at ground level for premium rental rates, capitalizing on the facility’s entire lease-up period and generating subsequent income through tenant insurance sales and merchandise, supported by a professional management team within this Class A self-storage asset.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale the Des Moines Storage Opportunity. The Des Moines Storage Opportunity is comprised of 48,775 rentable square feet on approximately 2.67 acres of land. The facility offers 456 fully climate-controlled units, ranging from 25 square feet to 300 square feet; the state-of-the-art property will have a grand opening on July 2nd, 2019. Additionally, the site will include a server room for cloud servers and Bitcoin miners. To ensure a secure premise, the facility is equipped with 24-hour video surveillance, digital key access and burglar bars throughout the hallways.
The facility is ideally located in a vibrant residential corridor of Ankeny, Iowa; a prominent suburb located just north of Downtown Des Moines. According to The Des Moines Register (a component of the USA Today Network), Des Moines added roughly 33 residents per day during the past year, making it the fastest growing city in the Midwest. There is a projected population growth rate of 2.58 percent annually from 2019 to 2023 within three miles of the site, far surpassing the national average. Additionally, the subject is situated in an affluent suburb; there is a median household income of approximately $90,000 within three miles of the property. The subject is adjacent to the Courtyards Development at Rock Creek and the 36 West Townhomes Development, among numerous other developments to compliment the suburb’s flourishing population.
The subject property represents an exceptional opportunity to acquire an asset with multiple upsides. The Class-A facility features superior construction and premium amenities, in addition to a wide-variety of options to meet the region’s high demand for self-storage. The site offers truck rentals and a tenant insurance program for an additional source of revenue. The influx of new housing developments encompassing the facility will benefit the site, in addition to the area’s well-established residential neighborhoods. An investor will benefit from a full lease-up phase in a high-growth region. The Des Moines Storage Opportunity offers impeccable access to all the region’s growing residential zones and heavily-utilized resources. Furthermore, the subject’s excellent location in this rapidly-expanding corridor of Ankeny will allow for consistent growth and stability.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale Ocean City Self Storage, located in Cape May County, New Jersey. The three-story facility offers 11,431 rentable square feet among 192 fully climate-controlled units and one retail space, ranging from 16 square feet to 360 square feet; the property was renovated in 2004 and has been well-maintained by management. To ensure a secure premise, the facility is equipped with 24-hour video surveillance and optimal lighting. The subject has physical and economic occupancies of 81.2 percent and 77.4 percent, respectively. Ocean City Self Storage offers excellent frontage along Asbury Avenue, which offers convenient access to all of Ocean City’s well-renowned amenities.
The facility is located at the center of an active residential and retail corridor of Ocean City, New Jersey. The property is within half a mile of Peck Beach Village Apartments, Ocean City Primary School, Ocean City High School, Starbucks, TD Bank, ACME Supermarket, Domino’s McDonald’s, Dunkin’ Donuts, H&R Block, Sherman Williams, Wells Fargo, Rite Aid and Wawa. The property offers convenient access to Atlantic Avenue residential zone and the well-renowned Ocean City Boardwalk. Ocean City is a key component of Cape May County, the southernmost county in New Jersey and a consistently popular summer destination with 30 miles of beaches along the Atlantic Coast.
Ocean City Self Storage represents the best of the market, allowing an investor the unique opportunity to acquire this storage asset with multiple upsides. The property has forward-looking financials with projected leveraged IRRs of 17.9 percent and 17.3 percent in years five and seven. An investor can increase profits by implementing a robust tenant insurance program. Additionally, the facility currently lacks a website; acquisition advantageously allows for a new owner to capitalize on offering an online payment system and search engine optimization for prime visibility. Furthermore, the opportunity represents a rare advantage in obtaining a facility with strong market dominance; there is only one comparable property within the surrounding market.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale Budget Self Storage in Waldorf, Maryland, a component of the D.C. Metro Area. Ideally situated in the populous Washington, D.C. Metropolitan Statistical Area, Budget Self Storage offers exceptional upside in an affluent community boasting a median household income of $98,000 within a five-mile radius. This is a prime opportunity to substantially raise revenue by increasing rental rates to match the market; currently, rental rates are approximately 25 percent below market. An investor can also enhance returns through the collection of fee income, the implementation of a tenant insurance program and the introduction of a self-service kiosk to reduce management salary costs. Furthermore, the facility currently lacks a digital presence; acquisition advantageously allows for a new owner to capitalize on offering an online payment system and search engine optimization (SEO) as the rate in which tenants discover self-storage locations through online searches has continued to skyrocket over time.
Budget Self Storage consists of 21,327 rentable square feet among 204 non-climate-controlled, drive-up storage units, resulting in a physical occupancy of 84.4 percent and an economic occupancy of 76.9 percent. To secure the premises, the facility is equipped with video surveillance, full-perimeter fencing, keypad access and gated entry. Within the past two years, capital improvements have been made to ensure the facility is well-maintained and an optimal choice for consumers.
Residing on 1.5 acres at 12 Irongate Drive, the site offers convenient access to several high-traffic thoroughfares in the surrounding region of Waldorf. The property is conveniently 1.4 miles from U.S. Highway 301/Crain Highway, which sees an estimated traffic count of over 61,400 vehicles daily and serves as a major connector within the region. Leonardtown Road and St. Charles Parkway are also in close proximity, with estimates exceeding 29,000 and 19,000 vehicles daily, respectively. Centered on Washington, D.C., Waldorf is a suburb of this metro area that is notably one of the most educated and affluent metro areas within the nation.
The Mele Group of Cushman & Wakefield is pleased to exclusively offer for sale the Park Avenue Self Storage Development in Newark, New Jersey. The proposed self-storage development offers an investor the opportunity to renovate and convert an existing building into a newly-constructed storage facility. The proposed development is permit ready and consists of approximately 69,019 projected rentable square feet. In addition to the current 58,000-square foot building, the development plan includes a new 49,900- square foot building to be constructed adjacent to and connected to the current structure. Based on the demands of the market, the facility’s unit mix is comprised of fully climate-controlled units. An investor can benefit from high market rates. Currently, the area’s competitors offer 10x10 climate-controlled storage at an average of $200. After a 36-month lease-up period, the subject is projected to yield a 90 percent stabilized physical occupancy.
Located on an estimated 0.5 acres at 365 Park Avenue, the site is situated in the heart of multiple residential and multifamily communities. The property has excellent frontage along Park Avenue, which witnesses a traffic count exceeding 11,000 vehicles per day. The location also boasts fantastic access from both Garden State Parkway and Interstate 280, which respectively see traffic counts of over 167,000 and 160,000 vehicles daily. The property is adjacent to Parkside Preschool and is within a mile of UPS, Planet Fitness, KFC, Dunkin’ Donuts, MetroPCS, PNC, Walgreens and several others. The subject is encompassed by several dense residential areas, including the Upper Roseville, Lower Roseville and Ampere residential areas. The overall population within a three-mile radius consists of 450,717 individuals among 160,789 households. Furthermore, the subject will benefit from a 58.6 percent renter-occupied housing population; this ratio showcases the necessity for storage among this high population of renters.
Acquisition guarantees prominent visibility within a heavily-populated area of Newark. The city is situated approximately ten miles from New York City. Both major thoroughfares are less than a mile away and lead directly into the communities to be served by the site. With a high square footage, ideal adjacent surroundings and a residentially-dense area boasting many nationally-recognized tenants, the Park Avenue Self Storage Development will provide a beneficial self-storage location in this dense area of New Jersey’s most populous city.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale the Homestead Storage C/O Opportunity, an institutional-quality, self-storage development located in Homestead, Florida, a key component of Miami-Dade County.
The newly-constructed facility will reside on 3.23 acres and will be comprised of 91,400 rentable square feet upon completion. The subject will offer 718 climate-controlled units, 200 lockers, 55 non-climate-controlled units and 31 rental parking spaces for a total of 1,004 units. The facility will feature a fully-climate-controlled, multistory building with convenient elevator access to its upper-level units. Additionally, the elevators will come with a warranty to ensure daily operations and the building will feature a large walk-in area and office space. The Homestead Storage C/O Opportunity will offer additional streams of revenue through tenant insurance and moving supplies; the facility can further increase income through the implementation of a truck rental program upon Certificate of Occupancy.
Strategically situated in the Miami, Florida Metropolitan Statistical Area, the Homestead Storage C/O Opportunity offers exceptional upside with strong demographics in an area poised for significant growth. An investor has the unique opportunity to acquire a brand new, state-of-the-art facility that is slated to complete construction in mid-2019. At Certificate of Occupancy, the newly-constructed facility will represent the best-of-the-market and operate in a densely-populated residential area with a multitude of resources and points of interest. There is a population of over 157,000 individuals within five miles of the property, signifying the need for self-storage within the region. The five-year population growth is projected to flourish at a high rate of 1.50 percent annually from 2019 to 2024. Additionally, an investor will benefit from a 46.5 percent renter-occupied housing population in the surrounding area. The property offers excellent accessibility to U.S. Highway 1 and Florida’s Turnpike, which are two of the most frequented thoroughfares in Miami-Dade County.
Ideally situated on Northeast 12th Avenue, the facility is adjacent to U.S. Highway 1 and Old Dixie Highway, which sustain traffic counts in excess of 31,000 and 34,000 vehicles per day. The property is 1.5 miles from Florida’s Turnpike, which witnesses a traffic count of over 49,000 vehicles per day. Additionally, the property is approximately one mile from Krome Avenue, which has a traffic count exceeding 22,000 vehicles per day. Furthermore, the site is within a mile of Campbell Drive, which witnesses a traffic count exceeding 26,000 vehicles per day. The Homestead Storage C/O Opportunity offers convenient access to Downtown Miami and all the nationally-renowned amenities in this primary MSA.
The Mele Group Cushman & Wakefield is pleased to exclusively offer for sale the Edmond, Oklahoma Self Storage Opportunity.
Acquisition of the Edmond, Oklahoma Self Storage Opportunity offers an investor the chance to purchase a newly-constructed self-storage facility in one of Oklahoma City’s most affluent 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 facility added a 28,000-square foot building in 2018 to meet the region’s high-demand for self-storage. Upon acquisition, an investor can increase profits by raising rental rates to meet the comparable average. The property offers impeccable visibility from Interstate 35, which serves as a major thoroughfare within the region. The offering demonstrates solid projected cash-on-cash returns of 10.2 percent and 10.8 percent in years two and three, in addition to leveraged IRRs of 18.0 percent and 17.6 percent in years five and seven.
Initially constructed in 2014, the 134,318-rentable square foot facility is comprised of 618 climate-controlled, drive-up non-climate-controlled and boat/RV parking spaces. The current physical and economic occupancies reside at 88.2 percent and 88.3 percent, respectively. The facility is equipped with a fully-fenced perimeter, gated access, a state-of-the-art video surveillance system and individual unit alarms. The subject’s spacious office area consists of two manager’s offices, a showroom and a conference area.
Strategically located along Interstate 35, the property 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 point of interest is the Edmond Conference Center, which was recently completed in November 2017. Backed by the City of Edmond and paired with the 158-guest Hilton Garden Inn, this large-scale center provides over 20,000 square feet of meeting space while offering extensive retail, restaurant, sport and entertainment opportunities to all of Edmond and Oklahoma City.
Situated just north of Oklahoma City, 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. Surrounded by the picturesque Arcadia Lake serving as a major community recreation center, the suburb has also enjoyed excellent coverage nationwide, appearing in Newsmax magazine’s list of the "Top 25 Most Uniquely American Cities and Towns."
The Mele Group of Cushman & Wakefield 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 proposed self-storage opportunity is situated just outside of Annapolis, Maryland, a thriving city ideally situated on the Chesapeake Bay of Maryland. 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. The property will benefit from direct frontage and excellent exposure to Blue Star Memorial Highway (Route 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 0.80 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 $113,568. 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.
The Mele Group of Cushman & Wakefield is pleased to exclusively offer for sale the Talcottville Self-Storage Development within Vernon, a prosperous component of the Hartford Metro Area.
The proposed self-storage opportunity is situated in Talcottville, a thriving community in Vernon, Connecticut. The development site offers an investor the prime opportunity to construct a brand new, state-of-the-art facility consisting of approximately 72,000 projected rentable square feet and 90,000 gross square feet. The development site is also zoned for commercial, in addition to self-storage. The property will benefit from direct frontage along Talcottville Road, which sustains a traffic count in excess of 27,000 vehicles per day. The property has excellent exposure to the Hartford Turnpike and Interstate 84, with estimated daily traffic counts of over 18,000 and 93,000 vehicles per day. The Talcotville Self-Storage Development resides in a favorable market, as there are only three competitors within five miles of the subject property. Furthermore, an investor can establish a significant market footprint, as the development site is the closest property to the surrounding residential areas within the immediate vicinity. There is a strong population count of over 100,000 individuals within five miles of the development site.
Talcottville is a well-known historic district ideally situated less than 15 minutes from Hartford, Connecticut and 25 miles from Springfield, Massachusetts. The surrounding region is comprised of a high-income demographic with a median household income of over $84,000, $76,000 and $71,000 within one, three and five miles of the property. These details are indicative of the self-storage demand in the market exceeding the national average. Additionally, the property is within the immediate vicinity of several national retailers and points of interest, including an adjacent center with Starbucks, Taco Bell, Wendy’s, Verizon, AT&T and People’s United Bank. The Talcottville Self-Storage Development is within a mile of ALDI, TJ Maxx, Staples, CVS, United Bank, Bank of America, UPS, Holiday Inn, Denny’s and two major shopping centers which draw in consistent traffic along Talcottville Road. The site will also advantageously serve as the closest facility to the brand-new Trail Run Apartments currently underway, projected to boast over 300 units less than one mile from the opportunity.
The Talcottville Historic District is a key component of Vernon, Connecticut; the largest town in Tolland County and a greater component of the Hartford Metropolitan Area. Vernon is located within New England’s Knowledge Corridor; a prominent interstate partnership of regional economic development, planning, business, tourism and educational institutions that work together to advance the region’s economic progress. The New England Knowledge Corridor is within proximity to several of the nation’s top-ranked universities and higher institutions. Overall, Vernon and its surrounding suburbs provide an excellent economic environment for growth and development.
The Mele Group of Cushman & Wakefield is pleased to exclusively offer for sale the Tulsa Storage Development, located in Tulsa, Oklahoma. The proposed self-storage opportunity offers an investor the opportunity to develop a newly-constructed storage facility representing the best of the market. The proposed development is shovel ready and zoned for storage, consisting of approximately 58,500 projected rentable square feet and 75,000 gross square feet. Based on the demands of the market, the facility is optimally proposed at 80 percent climate-controlled units, granting it a clear advantage over immediate competitors, and a projected lease-up period of 36 months, stabilizing at 90 percent physical occupancy. Also benefiting the development are no other storage projects planned or underway within the vicinity.
Located on an estimated 2.82 acres at 10820 East 11th Street, the site is situated in the heart of multiple residential and multifamily communities. The location also boasts fantastic access from both Interstate 44 and U.S. Highway 169, which respectively see traffic counts of 74,600+ and 111,900+ vehicles daily, while East 11th Street witnesses over 25,400 vehicles daily. Directly adjacent to the site are residential communities Oakbrook Villages and Park East Village, allowing the facility to serve as each community’s closest storage destination, and Dollar General, generating further traffic. The surrounding area is comprised of numerous nationally-recognized retailers, shopping centers and the many residential areas’ local schools. The overall population within a five-mile radius consists of 156,116 individuals among 61,388 households.
Acquisition guarantees a solid market footprint within a highly-residential area of Tulsa along its busy East 11th Street. The on and off ramps for both major highways are less than a mile away, and leads directly into the communities to be served by the site. With a high square footage, ideal adjacent surroundings and a residentially-dense area with national retailers, the Tulsa Storage Development provides a solid investment, paired with excellent projections and located in a market that has continued to benefit from its business incentives within the Tulsa-Broken Arrow-Owasso Metropolitan Area.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale Sheds Or Us Storage located in Norwich, Connecticut. Sheds Or Us Storage is comprised of 29,650 rentable square feet and 223 drive-up units, ranging in size from 25 square feet to 300 square feet. The facility has physical and economic occupancies of 96.0 percent and 75.8 percent, respectively. The roofs of the buildings were all recently recoated and have a 20-year warranty. The property boasts an excellent location off the New London Turnpike and serves as the primary self-storage provider within the immediate vicinity.
The subject property resides on approximately 3.35 acres and is within close proximity to all of Norwich’s resources and amenities. The property offers visibility from Veterans of Foreign Wars Highway, a major thoroughfare which allows for easy access to Norwich and the region’s corresponding suburbs. Veterans of Foreign Wars Highway witnesses a traffic count exceeding 20,000 vehicles per day. Additionally, the site offers convenient ingress and egress from the New London Turnpike, which sustains a vehicle count of over 13,000 per day. Sheds Or Us is within a mile of several national retailers and points of interest, including Big Lots, Planet Fitness, Dollar Tree, Jersey Mike’s Subs, Dressbarn, Dunkin’ Donuts, Domino’s, McDonald’s and Bank of America. Additionally, the site is within 1.5 miles of Backus Hospital, Norwich Free Academy and a multitude of dense residential areas.
Sheds Or Us Storage offers multiple upsides as the primary self-storage option for the surrounding communities. The facility has solid proforma financials with cash-on-cash returns of 10.5 percent and 14.4 percent in years one and two, in addition to leveraged IRRs of 19.9 percent and 21.4 percent in years five and seven. Additionally, the subject’s revenue potential is reflected in a proforma cap rate of 8.28 percent. The site will benefit from installing a tenant insurance program in addition to collecting late fees. Furthermore, the implementation of professional management will result in more efficient operations, as the subject is currently undermanaged.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale EXR-Managed Tampa, located in the heart of the Tampa Bay Area.
Converted in 2016, the multistory self-storage facility offers 74,940 rentable square feet and 676 modern storage units. From climate-controlled and non-climate controlled storage units, ranging in size from 25 square feet to 1,050 square feet, to boat/RV parking spaces, the property caters to the surrounding area’s comprehensive storage needs. The occupancies are indicative of a successful lease-up phase at a current 88.1 percent physical occupancy and 68.6 percent economic occupancy, with the ability to further add units on the extensive property’s second floor. The professionally-managed facility has multiple loading bays and is secured by on-site management, 24-hour video surveillance and keypad access. Strategically, the property boasts multiple streams of revenue, including a strong tenant insurance program and two parking leases to utilize the spacious lot occupied by its tenants, along with the overall high volume of tenant traffic at the storage site.
The facility resides on approximately 4.78 acres and benefits from its impeccable situation at 2320 West Hillsborough Avenue in Tampa, Florida; this location is on the signalized intersection of Hillsborough Avenue and Armenia Avenue, resulting in a combined traffic count of over 91,100 vehicles daily. Hillsborough Avenue individually sees over 66,500 vehicles daily, while Armenia sees over 24,500 vehicles daily; the site is advantageously accessible from both thoroughfares. The intersection houses national retailers, including Publix, CVS, Thornton’s and numerous others to match the populous location. Within a five-mile radius is a population of 315,479 individuals and 126,512 households, while the three-mile radius also boasts a large population of 133,194 individuals and 51,704 households. The five-mile population is projected to rise by 7.5 percent within a five-year span from 2019 to 2024, exceeding national growth. Furthermore, both radiuses have a population that is over 50 percent renter-occupied; historically, renters utilize storage at a higher rate than owners.
EXR-Managed Tampa is poised to continue its growth as the area itself continues to benefit from an influx of residents and national retailers migrating into the corridor. With high-traffic counts along the Hillsborough-Armenia intersection, the opportunity leaves room to capitalize on optimal signage to enhance visibility. Upon stabilization, an investor can further expand the facility by taking advantage of the vacant second floor of the facility and outfitting the area for storage units to meet the growing demand, along with raising facility rates that are below market, such as the property’s 10x10 climate-controlled units at $25 beneath immediate competitors. The property is equipped with quality features and units, ensuring success for years to come in a prime location, and benefits from many streams of additional revenue in place. These major upsides are paired with forward-looking financials entailing both a projected stabilization and a cash-on-cash return of 11.2 percent in year two. With the facility’s ideal location on a well-traveled thoroughfare in an area swelling in population growth, the site advantageously resides in Hillsborough County’s City of Tampa, a principal of the Tampa Bay Area, one of the fastest-growing metro areas in the country. The county alone has a population higher than that of 10 states, and ranks outside of the Miami counties as the most populous in Florida.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale West Ocean City Self Storage. West Ocean City Self Storage is comprised of 64,090 net rentable square feet on approximately 9.76 acres of land. The facility offers 43 climate-controlled units, 435 non-climate-controlled units and 24 parking spaces for a total of 514 units. The subject has physical and economic occupancies of 87.8 and 73.4 percent, respectively. To ensure a secure premise, the facility is equipped with 24-hour video surveillance, perimeter-wide fencing and computerized access. The property features an on-site manager’s apartment with three bedrooms, two bathrooms and a spacious patio across 1,100 square feet. West Ocean City Self Storage offers excellent frontage along U.S. Highway 50, which serves as a direct thoroughfare to all of Ocean City’s well-renowned attractions.
Located directly along U.S. Highway 50, the facility benefits from prime visibility as this thoroughfare is the main route leading to Ocean City’s well-renowned beaches and amenities. West Ocean City Self Storage is ideally situated within close proximity to many national retailers and points of interest in Ocean City, Maryland. The property is adjacent to Enterprise Rent-A-Car and is approximately one mile from Walmart, Home Depot and McDonald’s along the same roadway. The site is within two miles of the Ocean City Factory Outlets, Panera Bread, Petco, Marshalls, Staples, Five Guys, Bed Bath & Beyond, PNC, Holiday Inn Express, Wawa, Rite Aid, UPS, Taco Bell and several others. Additionally, U.S. Highway 50 offers access to the Ocean City Boardwalk and all its popular restaurants, hotels and waterfront attractions. Ocean City serves as a major travel destination for the Baltimore-Washington D.C. Metropolitan Area.
West Ocean City Self Storage provides an investor the unique opportunity to acquire a self-storage asset with multiple value-add components. The property has forward-looking financials with projected leveraged IRRs of 21.8 percent and 21.4 percent in years five and seven and cash-on-cash returns of 12.8 percent and 13.7 percent in years two and three. An investor can increase profits by implementing a tenant insurance program, a late fee policy and raising rental rates to meet the comparable average, as the climate-controlled and non-climate-controlled rates are currently below market. The subject is under-managed and would be strengthened by the introduction of professional management. The property serves as a Neighborhood U-Haul Dealer and benefits from a digital market footprint through U-Haul promoting the facility on its website. Furthermore, the opportunity represents a rare advantage in obtaining a well-maintained facility with excellent financials in a thriving component of Ocean City, Maryland.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale EXR-Managed Tempe, located within the Phoenix, Arizona Metropolitan Statistical Area.
EXR-Managed Tempe indicates an exceptionally rare opportunity to acquire an impeccably-located self-storage facility in one of the nation’s fastest-growing areas. This opportunity offers a qualified investor significant upside through a strong market footprint, high physical and economic occupancies and a predominantly renter-occupied housing population, statistically demonstrating a higher utilization of storage compared to owner-occupied housing.
Comprised of 61,900 rentable square feet, the facility offers 691 non climate-controlled units, ranging from 25 square feet to 400 square feet, among 37 boat and RV parking spaces for a total of 728 units. To ensure a secure premise and storage units, the facility is equipped with 24-hour video surveillance, personalized gate codes, electronic gated access, professional management and an on-site resident manager. At the meticulously-kept facility is a two-bedroom, one-bathroom apartment to accommodate the resident manager. Overall, the facility boasts a physical occupancy of 90.3 percent and an economic occupancy of 82.5 percent, and is indicative by the high traffic within the facility.
Residing on 3.14 acres at 1964 East University Drive in Tempe, Arizona, the facility is perfectly positioned with excellent curbside appeal. University Drive, seeing an average of 37,400 vehicles daily, links directly to Arizona State University’s Tempe Campus. Lauded for its large student enrollment count of over 42,500 undergraduate students, the facility is less than a mile from the university. The facility is also located minutes away from both Arizona’s Loops 101 and 202; both are primary thoroughfares in the Phoenix Metro Area which witness traffic counts in excess of 101,200 and 174,400 vehicles per day, respectively. As a component of Maricopa County, this county was recognized by the U.S. Census Bureau for adding over 222 new individuals daily, more than any other U.S. county and emerging as the county with the nation’s highest annual population growth. In 2018, the Phoenix MSA was also recognized by the U.S. Census Bureau for having the fourth-largest population gain of any metro area.
The Mele Group of Cushman & Wakefield has been selected to exclusively market for sale EXR-Managed Las Vegas, located within the Las Vegas, Nevada Metropolitan Statistical Area.
The acquisition of EXR-Managed Las Vegas offers an investor the chance to purchase a professionally-managed asset with significant upside in Las Vegas, Nevada. Well-positioned in a top 30 U.S. Metropolitan Statistical Area, the facility has excellent frontage along Boulder Highway, in addition to optimal visibility from Interstate 515. The facility was renovated in 2018 with the addition of over $1 million in capital improvements, which includes new paint, new lighting, roof repairs, a new air cooling system and a new, state-of-the-art security system. The property includes one manager’s apartment which can be converted to storage, in addition to a vacant lot along Boulder Highway which can also be converted to self-storage. An investor can further increase profits by raising the non-climate-controlled rental rates to meet the comparable average. Additionally, the facility can benefit from the implementation of a robust tenant insurance program. EXR-Managed Las Vegas has been well-maintained and was repaved in the last six months. The surrounding area is rapidly expanding, as there is a projected population increase of 1.26 percent annually from 2019 to 2023.
EXR-Managed Las Vegas consists of 127,141-rentable square feet and is comprised of 54 climate-controlled, 1,656 non-climate-controlled and 75 boat/RV parking spaces for a total of 1,785 units. The unit mix is subject to adjustment based on the CONVADD plan on page 13. The current physical and economic occupancies reside at 83.4 percent and 70.9 percent, respectively. The facility is equipped with a fully-fenced perimeter, gated access and a video surveillance system for consumer safety. Furthermore, EXR-Managed Las Vegas others a wide-variety of options and multiple gates for consumer convenience.
Located directly along Boulder Highway, the property witnesses traffic counts of over 35,000 vehicles daily. The property also benefits from visibility along Interstate 515, which sustains a robust traffic count in excess of 133,000 vehicles per day. Furthermore, the facility is within two miles of Nellis Boulevard and Tropicana Avenue; these nearby thoroughfares witness traffic counts of over 36,000 and 50,000 vehicles daily. An investor can benefit from the consistent volume of traffic from multiple roadways within the surrounding area. Las Vegas is the county seat of Clark County and the most populous metro area in the state of Nevada; the city is well-renowned as the "Entertainment Capital of the World."
The Mele Group of Cushman & Wakefield has been selected to exclusively market for Gulfport Storage in Gulfport, Florida.
Strategically situated in the Tampa Bay Metropolitan Statistical Area, Gulfport Storage offers exceptional upside with forward-looking financials in an area poised for significant growth. An investor has the unique opportunity to acquire a stabilized asset which recently underwent over $250,000 in capital improvements. Among these renovations, all 2.5 acres of asphalt have been completely re-surfaced and a new surveillance security system was installed. Gulfport Storage offers a fully-remodeled manager’s office, new painting throughout the premises and new climate-controlled units. There is a prime opportunity to increase revenue by raising rental rates to meet the comparable average; the non-climate-controlled rates are currently below market. Additionally, there is an opportunity to convert larger units into smaller climate-controlled spaces to further maximize revenue. The facility has projected leveraged IRRs of 18.2 percent and 18.6 percent in years five and seven, in addition to cash-on-cash returns of 9.1 percent and 10.6 percent in years two and three. The subject is encompassed in a densely-populated residential area with a multitude of resources and points of interest. Furthermore, the property offers convenient access to Interstate 275, one of the most heavily-frequented roadways in the tri-county area.
Gulfport Storage resides on 2.54 acres and 40,082 rentable square feet. The facility currently offers 40 climate-controlled units, 275 non-climate-controlled units, 15 rental parking spaces, nine mailboxes and two office spaces for a total of 341 units. The subject has solid physical and economic occupancies of 92.9 percent and 82.7 percent, respectively. Gulfport Storage offers additional streams of revenue through truck rentals and moving supplies; the facility can further increase income through the implementation of a robust tenant insurance program. To ensure security for the premises, the property is equipped with optimal lighting, fencing and a new video surveillance.
Gulfport Storage is directly located on 49th Street South, which sustains a traffic count in excess of 8,000 vehicles per day. The property is just north of 22nd Avenue South at a 0.2-mile distance and west of Interstate 275 at a two-mile distance; these two thoroughfares witness traffic counts of over 17,000 and 91,000 vehicles daily. Additionally, the facility is approximately 1.5 miles from 34th Street South, which sustains a traffic count in excess of 27,000 vehicles per day. Gulfport is a key component of Pinellas County, which is situated in the Tampa Bay Metropolitan Statistical Area; the 19th largest MSA in the country.