Cushman & Wakefield has been selected to exclusively market the sale of the Chattanooga, TN Self-Storage Opportunity.
The Chattanooga Self-Storage Opportunity is a Class-A, purpose-built self-storage facility that opened in 2019. This 57,025 net rentable square foot facility includes 554 climate-controlled units along with 57 lockers. Located in the fourth largest city in Tennessee, this facility has benefited from the influx of residents who are moving from other states looking for a more affordable place to live. In fact, in the last decade, Chattanooga has won 3 national awards for outstanding “livability”, and 9 Gunther Blue Ribbon Awards for excellence in housing and consolidated planning.
The facility is well located, less than one mile from the University of Tennessee at Chattanooga. This proximity ensures that seasonal demand will stay consistently high. Customers can also feel safe leaving belongings at the facility due to the advanced security features, such as video surveillance, security access to only the rented unit’s floor, individually alarmed storage units, and electronic gate access.
The 3-mile trade area features a population of 60,773 and an average income of $60,084. The population has been growing at a rate of 0.92% annually, with a notable 12.98% population increase since 2010. Currently, 44% of all housing units within the 3-mile radius are renter-occupied, compared with the 31.2% national average. This high proportion of renters will help to drive demand for short term and long-term storage solutions within the city.