On behalf of ownership, Cushman & Wakefield is pleased to offer for sale, the two property Atlantic Self Storage Portfolio, located at 3500 Commission Ct., Woodbridge, VA, and 2401 Build America Dr., Hampton, VA. The Woodbridge facility was constructed in 1985, while the Hampton facility was built in 1984. They feature attractive embellished block and tilt-up concrete construction with standing seam roofs, full perimeter fencing, electronic gate access, video surveillance, and manager apartment at the Woodbridge location.
The Hampton property benefits from exposure and signage on I-64, a high-traffic interstate linking the coastal sections of Virginia with the interior of the state. The portfolio is comprised of 139,530 rentable square feet among 1,095 units, mostly drive up with a limited number of interior corridor units. Occupancy at both locations is below average in their markets with Woodbridge at 80% and Hampton at 87% while economic occupancy stands at 73% and 74% respectively. Rental rates at both locations are also below average, indicating a substantial opportunity to grow revenue.
The facilities have been family-owned and operated for 36 years. Woodbridge, VA is a bedroom community within the Washington, D.C. MSA. Median household income within 3 miles of the facility stands at $101,564 among a current population of 75,021. Population growth is just below 1% annually and accelerating. Within three miles of the Hampton property, median household income is $50,625 with a population of 80,500. With access from Mercury Blvd, the facility benefits from its position on a main commercial thoroughfare with high visibility from the interstate. The successful purchaser will benefit from substantial runway in occupancy, revenue management, and rental rate adjustments which will produce superior returns in the near and long term. The portfolio is offered at $18,575,000.