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Self-Storage Facility

Stuff Hotel

3280 Utica Ave, Jackson, MS 39209

Listing Price: $3,400,000

Cap Rate
2.66%
Number of Units
492
Occupancy
68.0%
Rentable SF
58,940
Price/Rentable SF
$57.69
Year Built
1997

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Stuff Hotel in Jackson, Mississippi. Consisting of 58,940 net rentable square feet on 3.46 acres, the facility is composed of 491 non-climate controlled units ranging from 25 square feet to 300 square feet. A vacant 4,670 square foot retail building is also included in the sale which could be leased to a retail tenant or converted into climate controlled self-storage. Current economic and physical occupancies are 61.9 percent and 68.1 percent, allowing an investor to benefit from the continuation of lease-up activity combined with rental rate growth across multiple unit types and size. The facility is fully fenced, gated and lighted for safety. Jackson is the state capitol of Mississippi. Stuff Hotel is located on US Highway 80, with an average daily traffic count of 21,000 vehicles. The facility is situated near two major thoroughfares. US Highway 20 which runs east from Texas to South Carolina and Interstate 55 which runs south from Illinois through Jackson to New Orleans, Louisiana. The subject facility is within close proximity to several residential zones, schools and national retailers. Jackson State University is located 1.8 miles with a total undergraduate enrollment of 4,650. The 2021 estimated population was 108,000 within a 5-mile radius of the facility. Jackson is the largest city in Mississippi and the anchor for the Jackson MSA. The Jackson MSA labor force is approximately 260,850 with an 4.1 percent unemployment rate in 2022.

Investment Highlights

  • Value Add Facility With Conversion Opportunity
  • Year 1 CAP Rate 8.34 Percent
  • 492 Units on 3.46 Acres
  • 63 Percent Below Market Rental Rates

Exclusively Listed By

Broker of Record

  • Mickey Davis

    Senior Associate

    (901) 620-3600

    License(s) MS: 15586

    Mississippi

Financing By

Self-Storage Facility

Stuff Hotel

Listing Price: $3,400,000

Cap Rate
2.66%
Number of Units
492
Occupancy
68.0%
Rentable SF
58,940
Price/Rentable SF
$57.69
Year Built
1997

Investment Highlights

  • Value Add Facility With Conversion Opportunity
  • Year 1 CAP Rate 8.34 Percent
  • 492 Units on 3.46 Acres
  • 63 Percent Below Market Rental Rates

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Stuff Hotel in Jackson, Mississippi. Consisting of 58,940 net rentable square feet on 3.46 acres, the facility is composed of 491 non-climate controlled units ranging from 25 square feet to 300 square feet. A vacant 4,670 square foot retail building is also included in the sale which could be leased to a retail tenant or converted into climate controlled self-storage. Current economic and physical occupancies are 61.9 percent and 68.1 percent, allowing an investor to benefit from the continuation of lease-up activity combined with rental rate growth across multiple unit types and size. The facility is fully fenced, gated and lighted for safety. Jackson is the state capitol of Mississippi. Stuff Hotel is located on US Highway 80, with an average daily traffic count of 21,000 vehicles. The facility is situated near two major thoroughfares. US Highway 20 which runs east from Texas to South Carolina and Interstate 55 which runs south from Illinois through Jackson to New Orleans, Louisiana. The subject facility is within close proximity to several residential zones, schools and national retailers. Jackson State University is located 1.8 miles with a total undergraduate enrollment of 4,650. The 2021 estimated population was 108,000 within a 5-mile radius of the facility. Jackson is the largest city in Mississippi and the anchor for the Jackson MSA. The Jackson MSA labor force is approximately 260,850 with an 4.1 percent unemployment rate in 2022.

Exclusively Listed By

Broker of Record

  • Mickey Davis

    Senior Associate

    (901) 620-3600

    License(s): MS: 15586

    Mississippi

Financing By

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