2-Property Self-Storage Portfolio Opportunity – Louisville, KY
This offering presents an excellent opportunity to acquire 2 class-A self-storage facilities located in the growing Louisville, KY MSA. Sitting amongst
the top 50 MSAs in the US, Louisville has emerged as a hub for new economic development with $2.1 billion in investment creating over 3,500 jobs in 2022. The metro has also ranked amongst the “Next 25 Top Tech Markets” for the last 4 years, highlighting markets poised for tech industry expansion. Louisville’s population has seen continued growth in recent years, reaching 1.13 million residents in 2023. The metros below average cost of living and strong job market continues to attract new residents and further economic development.
The first facility is located along Bardstown Road, which provides direct access to downtown Louisville just under 8 miles away. Built in 2020, the class-A facility totals 67,050 rentable square feet with one 3-story climate-controlled building and 4 single-story buildings with drive-up units. The facility offers 111 climate-controlled first-floor units, 251 climate-controlled elevator accessible units, and 156 drive-up units. With extensive frontage along Bardstown Road, the facility benefits from the roughly 33,000 annual average daily traffic volume passing directly next to facility. Situated in a densely populated trade area, there is an impressive population of 105,221 residents living within a 3-mile radius. Just under 2 miles from the facility is the massive GE Appliance Park, a 1,000-acre manufacturing complex employing over 7,100 people. The facility currently has a physical occupancy of 81%.
The second facility is located on the corner of Greenwood Road and Greenbelt Highway which provides direct access to the nearby center of downtown Louisville. The combined annual average daily traffic volume of these two roads is an excellent 59,548 vehicles, all with a direct view of the facility. The 73,625 rentable square foot facility, built in 2019, includes 319 climate-controlled interior units, 266d rive-up units, and 55 parking spaces. Nearby the facility is the world-famous Churchill Downs horse racing track, home to the prestigious Kentucky Derby held every year. Also located nearby is the University of Louisville, the second-largest college in the state with 20,500 students enrolled. The facility is currently achieving a 76% physical occupancy.
Take advantage of the opportunity to acquire two nearly stabilized class-A self-storage facilities located in Louisville, KY. The Louisville market has seen continued growth in recent years, establishing itself as an economic development hub and attracting new tech jobs to the area. The proximity of the two facilities allows investors to establish or expand their presence with increased management efficiency. This portfolio provides the opportunity to acquire over $577,000 of in-place NOI with significant occupancy and rate upside.