3-Property Self-Storage Portfolio Opportunity – Knoxville, TN

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Price
Market Bid
NRSF
198,925
Knoxville, TN
3-Property Portfolio
3 Class-A facilities built in 2020, strategically located around Knoxville, TN
Increased management efficiency potential due to facilities’ close proximity
Revenue boost potential through stabilizing physical occupancy, currently at 80%
Projected mid-teen levered returns within 5 years

Cushman & Wakefield’s Self-Storage Advisory Group has been retained as exclusive advisors to offer for sale the Mini Storage Depot Knoxville, TN Self-Storage Portfolio Opportunity.

This offering presents a unique opportunity to acquire 3 professionally managed self-storage facilities located within the rapidly growing Knoxville, TN MSA. Currently holding a population of roughly 796,000 people, the Knoxville Metro has grown by an average of 1.8% since 2020. Attracting the influx of new residents are Knoxville’s affordability, accessibility to Nashville, strong economy, and Tennessee’s no state income tax. Knoxville is also home to the University of Tennessee, the state’s largest university with a high-ranking football program nationally. This growth is expected to continue, with 7,641 multifamily units in development of which 3,627 have already broken ground.

The Oak Ridge Highway facility is strategically located on TN state route 26, offering convenient access to downtown Knoxville. Highway 26 also provides 17,183 annual average daily traffic volume directly passing by the facility’s excellent frontage along the roadway. Built in 2020, this facility offers 172 climate-controlled first-floor and 370 climate-controlled elevator accessible units, 92 drive-up units, and 25 parking spaces totaling 71,325 rentable square feet of class-A storage space. The facility’s 3-mile trade area boasts an excellent median household income of over $82,000, supporting strong rental rates in a high-demand area. As of December 2023, the facility was operating at 71% physical occupancy.

Just south of the Tennessee river, the Chapman highway facility sits directly on US Highway 441. This busy throughfare into downtown Knoxville sees an annual average daily traffic volume of just over 28,800 vehicles driving directly by the facility. The 3-story facility offers 53,975 rentable square feet entirely comprised of climate-controlled units, including 108 first-floor units and 299 elevator accessible units. The facility is only seven minutes from the University of Tennessee, which stands as the city’s largest employer. The facility benefits from its trade area’s low supply of storage, with only one other completed facility in a 3-mile radius and one in planning. As of December 2023, the facility was operating at 89% physical occupancy.

The Maynardville Pike facility is located 15 minutes north of the city’s center, sitting just off US Highway 441. The facility was completed in 2020, offering 73,625 rentable square feet of class-A storage space over 3 floors. The facility is comprised of 156 first-floor climate-controlled units, 364 climate-controlled elevator accessible units, 81 drive-up units, and 42 parking spaces. Highway 441 provides excellent visibility to the site, with roughly 39,500 annual average daily traffic volume passing by the facility, with an abundance of retail, food, and complimentary commercial developments surrounding the facility. As of December 2023, this nearly stabilized facility was operatingh at 82% physical occupancy..

Take advantage of the opportunity to acquire three nearly stabilized facilities with a current combined NOI of nearly $1.6 MM. The proximity of all three facilities provides the ability for efficient portfolio management, with all three within roughly 20 minutes of each other. There is significant potential to increase revenue through stabilizing physical occupancy and bringing current achieved rents up to market levels.

Knoxville, TN

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  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as the Knoxville Self-Storage Portfolio opportunity.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.



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