American Personal Storage is comprised of 69,219 rentable square feet on approximately 4.1 acres of land. The facility offers 256 climate-controlled units and 294 non-climate-controlled units, ranging from 25 square feet to 510 square feet, in addition to 52 parking spaces for a total of 602 units. To ensure a secure premise, the subject property is equipped with video surveillance, fencing, electronic gating and keypad access. The facility has physical and economic occupancies of 92.5 percent and 76.4 percent, respectively. American Personal Storage has expansion potential and recently underwent several capital improvements to enhance the facility, including upgraded lighting, new painting and a new boat/RV parking area. The site offers excellent visibility from Florida’s Turnpike, which is one of the most-frequented commuter roadways in Florida.
The facility is located at the center of a dense residential corridor in Port St. Lucie, Florida. The site benefits from direct frontage along South Macedo Boulevard and offers premium visibility from Florida’s Turnpike; these thoroughfares sustain traffic counts of over 16,000 and 40,000 vehicles per day. Florida’s Turnpike is used by more than two million motorists daily, offering convenient routes and easy access to major highways throughout the state. Additionally, the subject is within a mile of Port St. Lucie Boulevard with a vehicle count in excess of 22,000 daily. There is a surrounding three-mile population of approximately 80,000 individuals. The site benefits from limited competition; there is only one other storage provider within three miles. Port St. Lucie is the anchor of the Port St. Lucie Metropolitan Area and the third-largest city in South Florida.
American Personal Storage represents a unique opportunity to acquire a facility with multiple upsides in a thriving demographic region along Florida’s Treasure Coast. The property has strong, forward-looking financials with projected cash-on-cash returns of 12.1 percent and 13.5 percent in years two and three, in addition to leveraged IRRs of 19.1 percent and 19.3 percent in years five and seven. An investor can benefit by bolstering the current truck rental and tenant insurance programs for additional revenue. Furthermore, the subject is well-positioned for success due to its high occupancies in a desirable and growing market.