This property presents a unique opportunity to acquire a recently delivered self-storage property in Warner Robins, GA. The property consists of 75,395 rentable square feet of Class-A self-storage. The facility has an average unit size of 107 SF and consists mainly of climate-controlled ground floor and climate-controlled elevator-access units. The facility, which opened its doors in January 2021, stands at 85% physical occupancy.
The market fundamentals and demand drivers for self-storage in the subject property’s trade area have become stronger over the past decade. Robins Air Force Base is the city’s largest employer, employing over 25,500 civilians, contractors, and military personnel. As a result, the town has grown materially over the last decade and has become a target for multifamily developers following migration trends. Within a 5-mile radius, the current population is over 84,660, with a median household income of over $81,930.
As evidenced by the rapid lease-up of this store, this property is a best-in-class property and is highly sought after by customers. The store’s in-place rents are approximately 17% below the current weighted market rent (subject property’s unit mix weighted against market comparables). Additionally, with no new supply incoming, this store is well-positioned to be the market leader in this growing city. This opportunity is projected to generate levered IRRs in the 15% to 18% percent range over a 5-year hold.