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Self-Storage Facility

Entitled Land & Plans - Memphis, TN

2727 Faxon Ave, Memphis, TN 38112

Listing Price: $3,500,000

Occupancy
1.0%
Gross SF
4,320
Rentable SF
4,320
Price/Rentable SF
$810.19
Year Built
2024

Investment Overview

The approved self storage conversion development is located in front of Route 64, which has 16,000 +/- vehicles per day traveling in front of the facility. The property would be accessed from N. Bingham St., which is located less than 1,000 ft west of the subject property. The property itself is positioned approximately 3 miles east of downtown Memphis.

The market is currently at 4.9 SF of self storage per person, with with climate controlled markets rents as of December 19, 2024 at $18.05 for a 10 x 10 per Radius +. The property owners received a development quote on the conversion aspect of the property at $43.09 per sf or $3,187,463 in June of 2024. A previous building was removed from the property, and considerable site clean up was completed in preparation for a future convesion. The location of the previously removed building could allow for an additional 30,000 SF of climate controlled storage or drive up non conditioned storage.

The 3-mile market supports a population of 96,459 +/- people with 53% of residents residing in a rental and 3% of homes having a basement. The local self storage competition in the market includes national brands such as Extra Space, Storage Sense, Devon Self Storage and a National Operator launched a facility called Broad Ave Self Storage in 2024.

Due to the fact that this project requires the conversion of an existing building, the cost of construction and time to market, will be less expensive and a faster path to a certificate of occupancy. The high visibility and location of the facility within the Memphis MSA makes this location one of the more desirable self storage development locations in the market.

Investment Highlights

  • 16,300 Vehicles Per Day on Route 64 in Front of the Property
  • Population of over 96,000 +/- in a 3-Mile Radius
  • 10 x 10 Climate Controlled Rates of $18.05 Per SF Annually in the 3-Mile
  • 10 x 10 Drive Up Rates of $14.34 Per SF Annually in the 3-Mile
  • 73,979 +/- GSF of Buildings Approved for Self Storage Conversion
  • Additional Room on Parcel for an Additional 30,000 GSF of Climate Controlled or Drive Up Storage
  • Average Household Income of $73,543

Exclusively Listed By

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s) TN: 307629

    Tennessee

Financing By

Self-Storage Facility

Entitled Land & Plans - Memphis, TN

Listing Price: $3,500,000

Occupancy
1.0%
Gross SF
4,320
Rentable SF
4,320
Price/Rentable SF
$810.19
Year Built
2024

Investment Highlights

  • 16,300 Vehicles Per Day on Route 64 in Front of the Property
  • Population of over 96,000 +/- in a 3-Mile Radius
  • 10 x 10 Climate Controlled Rates of $18.05 Per SF Annually in the 3-Mile
  • 10 x 10 Drive Up Rates of $14.34 Per SF Annually in the 3-Mile
  • 73,979 +/- GSF of Buildings Approved for Self Storage Conversion
  • Additional Room on Parcel for an Additional 30,000 GSF of Climate Controlled or Drive Up Storage
  • Average Household Income of $73,543

Investment Overview

The approved self storage conversion development is located in front of Route 64, which has 16,000 +/- vehicles per day traveling in front of the facility. The property would be accessed from N. Bingham St., which is located less than 1,000 ft west of the subject property. The property itself is positioned approximately 3 miles east of downtown Memphis. The market is currently at 4.9 SF of self storage per person, with with climate controlled markets rents as of December 19, 2024 at $18.05 for a 10 x 10 per Radius +. The property owners received a development quote on the conversion aspect of the property at $43.09 per sf or $3,187,463 in June of 2024. A previous building was removed from the property, and considerable site clean up was completed in preparation for a future convesion. The location of the previously removed building could allow for an additional 30,000 SF of climate controlled storage or drive up non conditioned storage. The 3-mile market supports a population of 96,459 +/- people with 53% of residents residing in a rental and 3% of homes having a basement. The local self storage competition in the market includes national brands such as Extra Space, Storage Sense, Devon Self Storage and a National Operator launched a facility called Broad Ave Self Storage in 2024. Due to the fact that this project requires the conversion of an existing building, the cost of construction and time to market, will be less expensive and a faster path to a certificate of occupancy. The high visibility and location of the facility within the Memphis MSA makes this location one of the more desirable self storage development locations in the market.

Exclusively Listed By

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s): TN: 307629

    Tennessee

Financing By

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