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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.