This property presents a unique opportunity to acquire a brand new, self-storage property in Palm Bay, FL. The property will deliver with 66,800 rentable square feet of single-story, climate-controlled self-storage. The facility features premium design features including a staggered drive through towards the northwest side of the building, instead of centered, to minimize the distance from the units on the northwest side of building. The facility has an average unit size of 102 SF spread across 658 climate-controlled ground floor units. The facility is expected to deliver in August 2023.
According to business license data, approximately 2,200 businesses are located within Palm Bay. Nearly 60% of these businesses are within the trade, transportation, utilities, education and health services industries. The City’s largest employer is L3Harris which develops and manufactures wireless equipment and other technologies in the defense and commercial sectors. In response to the strong economy and employment growth in the area, approximately 1,118 multifamily units are currently being built and over 1,920 are being considered for construction.
This property offers buyers the unique opportunity to acquire a single-story, climate-controlled storage facility at certificate of occupancy. Single-story product is highly sought after by consumers and has performed exceptionally well over the years. Based on our projections, we expect buyers will have the opportunity to realize levered returns of over 15%.