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Market Bid
NRSF – 20,893
OFFERS DUE: 7/20/2022
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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 night life. 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 20,893 net rentable square foot facility is currently undergoing a robust unit remix to optimize its earnings potential. Upon completion in July, the facility will contain 20,893 net rentable square feet across 541 climate-controlled units and 134 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 $7.08 per occupied square foot and a unit optimization project currently underway, this facility is a trophy asset that should continue to generate unparalleled cash flow for the foreseeable future.
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