The Class A subject property in Powder Springs, Georgia is comprised of 77,120 rentable square feet on approximately four acres of land. It is located in the Atlanta–Sandy Springs–Roswell, GA MSA, where rent growth remains well above the national average across several major asset types. The state-of-the-art facility offers 796 climate-controlled units, ranging from 25 square feet to 300 square feet, delivering an average unit size of 97 square feet. This facility received its certificate of occupancy in early August and features video surveillance, a fully enclosed structure and digital keypad access to ensure secure storage.
Located at 1046 Richard D Sailors Parkway, the subject property benefits from a rapidly-growing suburb and excellent proximity to downtown Atlanta, which anchors this top 10 MSA. Additionally, there is a projected growth rate of 1.2 percent annually from 2019 to 2023 and a strong average household income exceeding $84,000 within three miles of the site. This property has excellent visibility from Richard D Sailors Parkway, which has a traffic count of over 25,000 vehicles per day. The facility is adjacent to Home Depot and a soon-to-be constructed nationally flagged hotel. The property is also within close proximity to Publix, Wells Fargo, Walgreens, Wendy’s and PNC Bank. The subject is located in the largest national retail corridor in Powder Springs.
Extra Space Powder Springs has strong market fundamentals as supply is becoming more limited due to the local municipalities discouraging new storage development. The population growth and unemployment rates both bolster the market, along with a total self-storage supply of only 6.87 square feet of storage per capita. This combined with well above average household incomes create a sound investment strategy for this opportunity. Unlike many C/O opportunities on the market, this facility is fully-delivered. The site was completed and opened for business in early August, allowing an opportunistic investor to either switch flags to their brand or continue with Extra Space Storage from day one.