Investment Overview

Runway Self Storage opened for business in November of 2023. The property has experienced a fast lease up in the first 9 months of business reaching 43% unit occupancy by July of 2024. The facility offers a variety of self storge options such as non climate controlled drive up , interior climate controlled and climate controlled drive up storage units. The property features a rental office, fencing on all sides, automated gate, keypad access, security cameras and paved drive aisles. Operations have been handled by the owner/developer since the properties inception. Runway Self Storage is located in Carroll County, MD. Carroll County has proven to be difficult to receive approvals for new self storage development projects. The closest approved self storage development project is more than 12 miles from the subject property. Due to the lack of competition, and high household incomes, the property has benefited from a fast lease up with strong rental rates and limited discounting for new renters. The property is located approximately 25 miles northwest of Baltimore and 10 miles south of the mason dixon line. The primary target market for self storage renters will primarily live within 5-miles of the facility, but a higher percentage of renters may travel beyond the 5-mile radius to rent at the facility due to the lack of self storage options in the immediate market. A buyer may benefit from a higher frequency of existing tenant rent increases, a higher insurance penetration rate and the addition of a truck rental program. The facility would have the option of being staffed on a full time basis or reducing payroll by utilizing a combination of onsite and remote management options. Currently, the facility uses SiteLink for management software, Storage Pug for website development and SEO and PTI for access control.