The self-storage facility at 633 Alton Road is perfectly located in Flamingo/Lummus, an urban South Beach neighborhood minutes from South Pointe and surrounding destination beaches. It is a world-famous location, known for vibrant condominium residences, world-class hotels, transformative art galleries, and unrivaled nightlife. This asset is nearly adjacent to the announced Five Park Miami Beach Residences. Miami Beach is well known worldwide as a playground for the rich and famous. This facility, with its mix of luxury wine storage, art deco façade, and location, not surprisingly, has some of the highest rental rates in the world.
Built in 2017, this facility includes 20,347 net rentable square feet across 537 climate-controlled units and 135 wine storage units. Tenants benefit from an art deco design, 24-hour security surveillance, covered loading dock, and plenty of customer parking.
This South Beach asset faces very little competition with only 3 facilities and approximately 60,000 net rentable square feet within a 3-mile radius. It is one of the highest barrier-to-entry markets in the United States and a relocation target for a multitude of corporations, tech giants, investment companies, and high net-worth individuals. With tenants being signed up at achieved rents of $7.19 per occupied square foot, this facility
is a trophy asset that should continue to generate unparalleled cash flow for the foreseeable future.