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Self-Storage Facility

High Performance Properties

5932 E Antioch Road, Springville, TN 38256

Listing Price: $5,750,000

Cap Rate
4.39%
Number of Units
239
Occupancy
99.0%
Rentable SF
81,960
Price/Rentable SF
$70.16
Year Built
2007

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale High Performance Properties, a niche asset specializing in Boat and RV storage located at 5932 E Antioch Rd, Springville, TN 38256. The property currently contains 8 buildings, 203 units and 81,960 net rentable square feet with current construction to include an additional 17,230 net rentable square feet (36 - 12x40 units) bringing the total net rentable square feet up to 99,240 and 239 units. The opportunity also includes ~10 acres of expansion opportunity. Unit sizes range from 12x20 up to 12x80 with high "Bay" doors that will accommodate any recreational vehicle. It is fully fenced and gated with lighting throughout. A Watch Dog camera system is placed at the gate for added security. The wood-framed, steel roofed buildings are built on concrete pads with extra-wide gravel drive aisles enable RVs, Boats or anything of size to be stored safely and securely. High Performance Properties has been built in phases beginning in 2007. The current owner rents units on a 6 or 12 month lease and has maintained a consistent waiting list. 75 percent of the current tenant base come from outside the property zip code. Gross Potential rent is $393,078 with current physical occupancy at 99 percent and economic occupancy at 87 percent. Street rates are ~30% below market when compared to fully enclosed and/or covered Boat & RV parking across the middle Tennessee area. A ten dollar increase was implemented last year with zero impact on occupancy. Investors have the opportunity to acquire a niche asset, raise rates up to market, lease up the new building, and continue to push in-place tenant rates up to street rate. The property is being offered at a 7.46% cap rate on pro-forma and investors will be rewarded with a cash on cash return of above 12 percent. The opportunity for future expansion and to add significant square footage to the size of the property will only boost returns. The parcel is zoned commercial. High Performance Properties is strategically located between Buchanan Resort and Hwy 79, also only 3 miles away from Paris Landing State Park, a major tourist destination and boat ramp boasting 1.25 million visitors per year. Priced at $5,750,000 with a captive tenant base, world famous country stars as neighbors, this middle Tennessee asset is a gem for any investor to grow and take advantage of the enormous Boat & RV storage opportunity.

Investment Highlights

  • 100% Fully Enclosed Boat & RV Storage
  • Historically High 90's Occupancy with Virtually Zero Delinquency
  • 99,240 Net Rentable Square Feet with Additional 12 Acres of Expansion
  • 75 Percent of Tenant Base Comes From Outside the Property Zip Code

Exclusively Listed By

Financing By

Self-Storage Facility

High Performance Properties

Listing Price: $5,750,000

Cap Rate
4.39%
Number of Units
239
Occupancy
99.0%
Rentable SF
81,960
Price/Rentable SF
$70.16
Year Built
2007

Investment Highlights

  • 100% Fully Enclosed Boat & RV Storage
  • Historically High 90's Occupancy with Virtually Zero Delinquency
  • 99,240 Net Rentable Square Feet with Additional 12 Acres of Expansion
  • 75 Percent of Tenant Base Comes From Outside the Property Zip Code

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale High Performance Properties, a niche asset specializing in Boat and RV storage located at 5932 E Antioch Rd, Springville, TN 38256. The property currently contains 8 buildings, 203 units and 81,960 net rentable square feet with current construction to include an additional 17,230 net rentable square feet (36 - 12x40 units) bringing the total net rentable square feet up to 99,240 and 239 units. The opportunity also includes ~10 acres of expansion opportunity. Unit sizes range from 12x20 up to 12x80 with high "Bay" doors that will accommodate any recreational vehicle. It is fully fenced and gated with lighting throughout. A Watch Dog camera system is placed at the gate for added security. The wood-framed, steel roofed buildings are built on concrete pads with extra-wide gravel drive aisles enable RVs, Boats or anything of size to be stored safely and securely. High Performance Properties has been built in phases beginning in 2007. The current owner rents units on a 6 or 12 month lease and has maintained a consistent waiting list. 75 percent of the current tenant base come from outside the property zip code. Gross Potential rent is $393,078 with current physical occupancy at 99 percent and economic occupancy at 87 percent. Street rates are ~30% below market when compared to fully enclosed and/or covered Boat & RV parking across the middle Tennessee area. A ten dollar increase was implemented last year with zero impact on occupancy. Investors have the opportunity to acquire a niche asset, raise rates up to market, lease up the new building, and continue to push in-place tenant rates up to street rate. The property is being offered at a 7.46% cap rate on pro-forma and investors will be rewarded with a cash on cash return of above 12 percent. The opportunity for future expansion and to add significant square footage to the size of the property will only boost returns. The parcel is zoned commercial. High Performance Properties is strategically located between Buchanan Resort and Hwy 79, also only 3 miles away from Paris Landing State Park, a major tourist destination and boat ramp boasting 1.25 million visitors per year. Priced at $5,750,000 with a captive tenant base, world famous country stars as neighbors, this middle Tennessee asset is a gem for any investor to grow and take advantage of the enormous Boat & RV storage opportunity.

Exclusively Listed By

Financing By

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