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As of March of this year, this facility received its Certificate of Occupancy and has experienced rapid lease-up, reaching 10% occupancy within 25 days of its opening. A total of 592 units are located on 4.5 acres, with an area of 65,368 square feet of net rentable space. The facility is located in a market where the second most recent development was completed back in 2006. The property is only 1.5 miles from the Bay of St. Louis and sees excellent visibility facing South on US-90, which sees 23,000 vehicles per day.
On April 5th, 2023, the City of Bay St. Louis passed an ordinance prohibiting storage in Highway Commercial Zones, unless by special exception. This change in the ordinance makes it difficult for new competitors to enter the market, which is positive for the facility’s fast-paced lease-up activity.
Managed by Extra Space, this Bay St. Louis facility presents an excellent opportunity to acquire the newest Class-A facility built within the immediate market in the last 17 years. It boasts strong rents, proven occupancy growth, and minimal future competition, allowing the property to continue its dominance and achieve growth in net operating income (NOI) throughout its life.