Investment Overview

Marcus & Millichap is pleased to exclusively present Ardmore Storage, a three-property portfolio with 161 units and 15,552 net rentable square feet. Property addresses are: 30371 Ardmore Ave, 29968 Jones Ave, and 29911 Park Ave in Ardmore, AL 35739. Ardmore is located in Limestone County on the border of Tennessee and Alabama approximately 90 minutes from Nashville, TN and 60 minutes from Huntsville, AL. The properties are built with concrete block construction, shingle roofs with swing doors. None of the locations currently have utilities however, new cameras have been installed at each site with cell-based technology to enable remote access. The current owner purchased the property in March of 2023 and has done a good job of rehabbing the facilities, auctioning off delinquent tenants and moving economic occupancy from nearly vacant to 57%. He is looking to move on from the site as an independent owner who self manages from out-of-state. The qualified investor will enjoy a stable tenant base and be able to grow income by leasing up the remainder of the properties, adding tenant insurance and implementing modern management practices. At $600,000, Ardmore Storage is attractively priced at $38.58/ft providing the investor an 8.83% Cap Rate on proforma and an 18.93% five-year return. Ardmore is a bedroom community and offers residents a suburban rural mix feel, and most residents own their homes. Ardmore hosts the Crate Myrtle Festival each August as well as the Renaissance Festival and an Annual car show. Nearby, the Alabama Welcome Center is home to the Saturn 1B rocket which is a major landmark for the area.