The Self-Storage Group of Cushman & Wakefield has been selected to exclusively market the sale of two properties in Ft. Smith, AR.
The Ft. Smith Arkansas Storage Opportunity represents two Class C self-storage assets comprised of 86,000 total rentable square feet and over 97% physical occupancy. The location at 4305 Grand Avenue has 42,400 rentable square feet on approximately 3.29 acres while the second location at 800 N 58th Street has 43,600 rentable square feet on approximately 2.999 acres of land. The facilities offer 329 and 372 standard storage units respectively and provide a total of 1,073 units. The location on Grand Avenue has a current physical and economic occupancy of 98.8 percent and 95.07 percent coupled with 96.7 percent and 83.25 percent at the 58th Street location. With no rental rate increases at either location in over 3 years and the lack of professional storage management, the properties provide a buyer the opportunity to significantly increase revenue in the first two years of ownership.
The subject properties are in in the center of Ft. Smith, Arkansas. With over 52,000 residents and an average annual household income of over $54,000 within three miles of the properties, the locations provide a new owner the ability to increase rates over the next several years while benefiting from limited competition in the immediate trade area. The Grand Avenue facility offers great visibility and easy access, seeing daily traffic counts of 16,000 + vehicles. This thoroughfare serves as a major artery and commuter roadway through the heart of Ft. Smith, Arkansas while the 58th Street location is conveniently located only one mile east.
To ensure secure facilities, both properties have electronic gate access, a fully fenced perimeter, an on-site office, and an on-site manager’s apartment. The proximity and high occupancy rates allow a new owner the ability to run both locations with limited on-site management personnel.