Cushman & Wakefield’s Self-Storage Advisory Group is pleased to offer the opportunity to acquire the Storage Spot Self-Storage facility located in Midway, Georgia. Midway is a city in Liberty County, Georgia, and makes up the Midway-Hinesville-Fort Stewart Metropolitan statistical Area. Because of Midway’s proximity to Fort Stewart, Midway is a town that is greatly supported by the fort.
This fully automated property integrates web-based software that handles all management aspects of the property. The offering provides a buyer with the opportunity to own an income-producing, hands-off facility that will see significant upside by implementing revenue management and rate increases.
The property has strategic access to and from the highly frequented Interstate I-95 and consists of 93 units covering 14,800 rentable square feet ranging in size from 25 square feet to 300 square feet. Currently, the property sits at 97% physical occupancy and 82.5% economic. Storage Spot fronts on US Highway 84 E which sees 29,400 cars per day which drives the occupancy and takes advantage of being the only facility within a 3-mile radius. With a simple rate increase, the property would benefit leading to Levered IRR’s and Cash-on-Cash Returns at 15.9% in year three and 14.7% in year 5 respectively. This acquisition is the perfect opportunity to take advantage of the lack of supply in the market and easy hands-off upside potential from day one.