The Ft. Smith, AR Self Storage Portfolio represents a fantastic opportunity to acquire two newly constructed self-storage facilities in Ft. Smith and Greenwood, AR. Located just 8 miles from one another, the facilities are currently owner-managed with zero paid employees on site. Extremely well positioned with frontage on
U.S. Highway 71, the facilities feature 62,169 NRSF of climate-controlled and standard storage with an extra 1.0 acre of land for expansion. The opportunity has exceedingly strong historical lease up activity at both locations, additional land buildout ready, and rental rates 20-30% below market. Whether adding additional outdoor Boat/RV parking or building an additional 24,000+ NRSF of storage, a buyer has the ability to increase returns immediately via multiple revenue streams.
The Greenwood Self Storage location was constructed in April of 2023 on 2.4 acres and is comprised of 90 climate-controlled units, 191 standard units, and 4 outdoor parking spaces. The facility contains 40,150 net rentable square feet covering 286 total units. The Greenwood location comes with an additional 1.0 acres of land, providing a buyer the opportunity for expansion up to roughly 24,000 rentable square feet or outdoor Boat/RV parking spaces.
The Ft. Smith Self Storage location was completed in 2020 with 2.0 acres of amazing frontage on U.S. Highway 71. The facility contains 68 climate-controlled units, 83 standard units, and 7 parking units. The facility includes 22,370 net rentable square feet covering 159 total units.
Overall, both owner-managed facilities have witnessed exceptional lease-up activity to date. Opening in April 2023, Greenwood is now at 76.9% physical occupancy and 82.6% economic occupancy. The current physical and economic occupancies at the Ft. Smith location are 88.7% and 74.0%, respectively. Both locations are equipped with a fenced perimeter, gated access, state-of-the-art video surveillance system, and fully concrete drives. The on-site office consists of three offices and a showroom at both locations which can be rented out for additional revenue.
Located on U.S. Highway 71 traveling North/South through Arkansas, the Portfolio witnesses traffic counts of over 28,000 vehicles daily. With fantastic visibility, remarkable lease up history, and continued growth potential, the portfolio provides a potential investor a great opportunity to acquire a beautiful owner/operated portfolio in an extremely promising economic environment.