Investment Overview

Affordable Storage Garages was built to serve the local market of just over 50,000 people where 49% of the residents are renters within the 2-mile radius. The property is owned by a local investor who subdivided the property in 2018 from several multi family investments in his portfolio. The property features 6 - 10 x 10 units and 40 - 10 x 20 units between five self storage drive up buildings. The buildings are well lit with LED wall packs, drive aisles are paved and all units are in good condition. The 2-mile self storage rental market currently has 3.7 SF of self storage per person with 1 facility scheduled to open late 2023 or early 2024. After the new facility opens the market will adjust to 4.4 SF of self storage per person. The property has an average unit size of 187 SF and is achieving $8.28 SF for in place tenant rates and street rates are at $9.24 SF. The 2-mile competitive market is currently at $15.36 SF for a 175 SF unit. An investor would have the ability to raise existing tenant rates a minimum of 50%, increase vacant unit pricing, implement tenant insurance and keep operational expenses low. An buyer would be served well to add management software, a state of the art website with online rentals and payments, utilize Davinci Locks for new rentals and add a call center to help take customer service out of an investors hands. This facility is a great passive investment for a first time self storage buyer or local storage investor.