The Cushman & Wakefield Self Storage Advisory Group has been exclusively retained to offer for sale Race Track Road Self Storage (Extra Space-managed) in Tampa, FL.

This offering presents a rare opportunity to acquire a best-in-class, institutional quality, self-storage project in the rapidly growing Westchase neighborhood of Tampa Bay. The project totals 69,965 rentable square feet across 702 units (80% climate / 20% drive-up). The average age of the existing inventory within a 3-mile radius is 32 years old, which gives the Property a strong position within the market. The site is in a high-visibility location with excellent population density, high average and median household incomes, and very high barriers to entry.

The store is opening Q4 of 2024 and will be managed by Extra Space Storage. Based on our projections, the store will likely physically stabilize within 36 months at approximately $24 to $25 effective rents (the current market is ~$24.50). The Property is also the optimal size for driving revenue growth. The combination of strong current market rents, optimal store size, and very old competition offers potential investors an unmatched opportunity in a core Florida market.

The store is located in Westchase, a rapidly growing part of the vibrant Tampa Bay Area. This particular area in Tampa has experienced steady population growth and has emerged as one of the city’s premier residential communities over the past decade. It offers convenient access to major highways, business districts, and the Tampa Bay International Airport, making it an attractive destination for professionals and families. The community boasts top-rated schools, abundant amenities, and a variety of housing options, from single-family homes to townhouses. The Property is conveniently located near several residential housing developments, and since it is significantly newer than the existing inventory, it is positioned for long-term growth.