The Cushman & Wakefield Self Storage Advisory Group has been retained as exclusive advisors to offer for sale the USA Storage Centers in Panama City, FL.

Take advantage of the opportunity to acquire this nearly stabilized self-storage facility consisting of 71,219 rentable square feet. Originally built in 1982, the facility has undergone significant improvements including a complete exterior facelift and modernized interior. The facility offers 680 fully climate-controlled ground level, elevator accessible, and locker units, as well as 98 open parking spaces. The front of the property features an LED billboard that can be utilized for signage or rented for additional income. The large open parking area has the ability to be converted into traditional storage units, offering an opportunity to increase rentable square feet as well as revenue. Currently the largest storage facility in the trade-area with limited incoming supply, this facility offers significant pricing power in a market that has seen significant growth over the past few years.

This facility is situated on South Tyndall Parkway, one of the main thoroughfares through Panama City. The location offers excellent visibility, seeing an annual average daily traffic volume of 26,700 vehicles. There is an abundance of commercial development nearby, including retail and fast-food locations. Within a three-mile radius, six new housing developments totaling 810 units have been built since 2020, highlighting the trade area’s strong population growth of 1.7% from 2020 to 2023. Panama City Beach is located just under 30 minutes West, as well as Tyndall Airforce Base just 10 minutes to the south. Tyndall Airforce Base currently employs over 4,500 military and civilians and greatly contributes to the area’s economic development and job stability. The base is also in the midst of a large scale rebuild that will continue to grow employment.

This investment presents a great chance to acquire a well-established facility with a current net operating income of nearly $660,000. There’s potential to boost revenue by stabilizing occupancy, and this is further improved by increasing rental rates for more than 70% of existing tenants. Additionally, converting open parking spaces into conventional storage units offers the opportunity for increased income. Our projections indicate that NOI is likely to rise by more than $86,500 within the first year of ownership, and by year five, leveraged returns are expected to be in the mid-to-high teens.