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Self-Storage Facility

APC Storage Portfolio

4701 Mueller Brass Rd, Covington, TN 38019

Listing Price: Request For Offer

Number of Units
1,746
Occupancy
83.0%
Rentable SF
254,573
Year Built
1990

Investment Overview

Marcus & Millichap is pleased to exclusively offer APC Mini Storages, a 3-property portfolio located in West Tennessee. The portfolio consists of 1,653 climate and non-climate units, 86 open parking spaces and 7 commercial office spaces for a total of 1,739 units within 254,573 rentable square feet (excluding the office spaces). Each facility is equipped with a spacious rental office, controlled access entry and exit, PTI individual door alarms, brick & metal buildings, perimeter fence, security cameras and DVR systems. APC - Covington was built in the early 1990’s and expanded over the course of about 10 years. It includes 593 climate and non-climate controlled units, open parking spaces and 2 commercial office spaces leased to the District Attorney and Public Defender’s office. Without moving the fence line, there is room to immediately add an 8,800 sq foot climate controlled building and 4,000 square foot non-climate controlled building. Outside of the fence, there is ample acreage to expand further. Additionally, there is a 2,000 square foot “shop” with large roll up bay doors that can be leased or converted to additional storage. Current square foot occupancy is 85% with an economic occupancy of 84%. APC – Brighton was built in the mid-1990’s and expanded over the years. A new building will be delivered within the next month which will add 78 units to the existing 304, bringing the total to 382 climate and non-climate within 55,667 square feet. There is an unutilized paved area along the fence line that will accommodate 20 boats/RVs. With the strong demand for boat and RV parking in the area and it would be prudent to immediately add these units to the unit mix. Additionally, this location offers 5 commercial office spaces. Details of the leases can be found on the following pages. The facility sits on 3.22 acres and is built-out, as is. However, there is an additional 4.07 acres adjacent to the facility that can be purchased from the Seller, if desired. Prior to the recent expansion, the square foot occupancy was 98% with an economic occupancy of 96%. With the delivery of the new units, the square foot occupancy will drop to 79% with the strong demand in the market, the owner expects to lease up the new units very quickly. APC – Atoka was built in 2017 and has been expanded every year, including the new building which is scheduled to open early May 2022. APC Atoka offers 764 climate and non-climate controlled units and open parking spaces within 132,046 square feet. There is no room to expand further; however, there is land adjacent to the facility to purchase, if desired. In April, prior to opening the expansion, the square foot occupancy was 99%. The current occupancy 87%. It has recently been announced that Blue Oval City, a planned automotive assembly complex, will be developed in nearby Stanton, Tennessee, only 17 miles from Covington. It is said that this complex, operated by Ford Motor Company, will be the largest vehicle and battery manufacturing campus in the United States. Ford will produce the electric F-150, manufacture electric vehicle batteries and offer a battery recycling center. The plant is expected to be operational by 2025. West Tennesseans are very excited about the tremendous economic impact this will have on the area. The portfolio is well positioned in growing communities of Tipton County, 45 minutes north of Memphis, Tennessee. There is very little competition for these assets and the competition that exists is full with waiting lists. In fact, the nearest climate controlled competitors are between 6 and 10 miles away. The acquisition of this portfolio will allow a new operator to have the strongest presence in the metro area, the ability to instantly gain scale in the community and the ability to continue to grow and mature the operations.

Investment Highlights

  • Large Retail Leasing Offices
  • PTI Controlled Access for Entry and Exit
  • PTI Individual Door Alarms
  • Masonry and Chain Link Perimeter Fencing; Asphalt Drives
  • Security Cameras with Accommodating DVR Systems
  • Recent (2022) Expansions Totaling 27,200 Square Feet at Brighton & Atoka
  • Commercial Office Space at 2 of the 3 Locations
  • 23.74 Total Acres with Additional Room to Expand

Exclusively Listed By

  • Anne Williams

    First Vice President Investments

    (901) 620-3622

    Email Anne

    License(s): TN: 00255603, AR: PB00066390, MS: B-20181

    Memphis

Financing By

Self-Storage Facility

APC Storage Portfolio

Listing Price: Request For Offer

Number of Units
1,746
Occupancy
83.0%
Rentable SF
254,573
Year Built
1990

Investment Highlights

  • Large Retail Leasing Offices
  • PTI Controlled Access for Entry and Exit
  • PTI Individual Door Alarms
  • Masonry and Chain Link Perimeter Fencing; Asphalt Drives
  • Security Cameras with Accommodating DVR Systems
  • Recent (2022) Expansions Totaling 27,200 Square Feet at Brighton & Atoka
  • Commercial Office Space at 2 of the 3 Locations
  • 23.74 Total Acres with Additional Room to Expand

Investment Overview

Marcus & Millichap is pleased to exclusively offer APC Mini Storages, a 3-property portfolio located in West Tennessee. The portfolio consists of 1,653 climate and non-climate units, 86 open parking spaces and 7 commercial office spaces for a total of 1,739 units within 254,573 rentable square feet (excluding the office spaces). Each facility is equipped with a spacious rental office, controlled access entry and exit, PTI individual door alarms, brick & metal buildings, perimeter fence, security cameras and DVR systems. APC - Covington was built in the early 1990’s and expanded over the course of about 10 years. It includes 593 climate and non-climate controlled units, open parking spaces and 2 commercial office spaces leased to the District Attorney and Public Defender’s office. Without moving the fence line, there is room to immediately add an 8,800 sq foot climate controlled building and 4,000 square foot non-climate controlled building. Outside of the fence, there is ample acreage to expand further. Additionally, there is a 2,000 square foot “shop” with large roll up bay doors that can be leased or converted to additional storage. Current square foot occupancy is 85% with an economic occupancy of 84%. APC – Brighton was built in the mid-1990’s and expanded over the years. A new building will be delivered within the next month which will add 78 units to the existing 304, bringing the total to 382 climate and non-climate within 55,667 square feet. There is an unutilized paved area along the fence line that will accommodate 20 boats/RVs. With the strong demand for boat and RV parking in the area and it would be prudent to immediately add these units to the unit mix. Additionally, this location offers 5 commercial office spaces. Details of the leases can be found on the following pages. The facility sits on 3.22 acres and is built-out, as is. However, there is an additional 4.07 acres adjacent to the facility that can be purchased from the Seller, if desired. Prior to the recent expansion, the square foot occupancy was 98% with an economic occupancy of 96%. With the delivery of the new units, the square foot occupancy will drop to 79% with the strong demand in the market, the owner expects to lease up the new units very quickly. APC – Atoka was built in 2017 and has been expanded every year, including the new building which is scheduled to open early May 2022. APC Atoka offers 764 climate and non-climate controlled units and open parking spaces within 132,046 square feet. There is no room to expand further; however, there is land adjacent to the facility to purchase, if desired. In April, prior to opening the expansion, the square foot occupancy was 99%. The current occupancy 87%. It has recently been announced that Blue Oval City, a planned automotive assembly complex, will be developed in nearby Stanton, Tennessee, only 17 miles from Covington. It is said that this complex, operated by Ford Motor Company, will be the largest vehicle and battery manufacturing campus in the United States. Ford will produce the electric F-150, manufacture electric vehicle batteries and offer a battery recycling center. The plant is expected to be operational by 2025. West Tennesseans are very excited about the tremendous economic impact this will have on the area. The portfolio is well positioned in growing communities of Tipton County, 45 minutes north of Memphis, Tennessee. There is very little competition for these assets and the competition that exists is full with waiting lists. In fact, the nearest climate controlled competitors are between 6 and 10 miles away. The acquisition of this portfolio will allow a new operator to have the strongest presence in the metro area, the ability to instantly gain scale in the community and the ability to continue to grow and mature the operations.

Exclusively Listed By

  • Anne Williams

    First Vice President Investments

    (901) 620-3622

    Email Anne

    License(s): TN: 00255603, AR: PB00066390, MS: B-20181

    Memphis

Financing By

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