Take advantage of the opportunity to acquire this nearly stabilized self-storage facility consisting of 76,935 fully climate-controlled rentable square feet. Built in late 2022, this 3-story, class-A facility is outfitted with all the latest technology and security features for secure storage. The facility offers 187 first floor units and 507 elevator accessible units, totaling 694 climate-controlled units spread over the 3 floors. The facility has achieved an excellent lease-up in less than a year of being open, with 83% of rentable square feet occupied as of August month-end.
Situated in the Atlanta suburb of McDonough, GA, the facility is just a 40-minute drive from downtown Atlanta. The Atlanta metro is home to a staggering 6.1 million residents, sitting as the eighth most populous metro in the nation. A well-educated workforce coupled with affordable costs of doing business continue to draw new opportunities to the busy metro. The facility sits along Jonesboro Road, a busy thoroughfare through McDonough, that sees an average daily traffic volume of over 33,000 vehicles. Interstate 75 is located under a mile down Jonesboro Road, providing convenient access to downtown Atlanta. The adjacent parcels surrounding the facility are planned for retail and restaurant establishments, increasing the future visibility and immediate foot traffic upon their completion. The facility’s 1-mile trade area has seen impressive growth over the last 10 years, with an average population growth of 7% annually. This rapid growth is expected to continue, with over 1,800 multifamily units currently in various stages of planning and development within a 1-mile radius supporting these trends.
This investment presents the unique opportunity to acquire a nearly stabilized self-storage facility in a rapidly growing Atlanta, GA suburb. With current economic occupancy at 46%, this investment offers ample room to bring achieved rents up to market levels and further increase revenue by fully stabilizing physical occupancy. With the trade-area’s rapid growth and proven strong demand for storage, NOI is expected to more than double in the first 36 months of ownership based on our projections, with expected returns in the high-teens.