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Self-Storage Facility

American Mini Storage

2372 US-80, Jackson, MS 39204

Listing Price: $1,600,000

Cap Rate
6.88%
Number of Units
358
Occupancy
55.3%
Gross SF
43,600
Rentable SF
43,600
Price/Rentable SF
$36.70
Year Built
1984

Investment Overview

Marcus and Millichap is pleased to announce the exclusive offering of the American Mini Storage, located at 2372 Highway 80 W, Jackson, Mississippi.

Consisting of 43,600 rentable square feet, American Mini Storage is a mix of 340 non-climate controlled units and 17 outdoor boat/RV spaces totaling 357 units. Amenities include a large rental office, security cameras, secure keypad entry, perimeter fencing and an apartment located directly behind the rental office. American Mini Storage is located on Highway 80, a major east-west highway with an impressive traffic count of 22,000 cars per day. The three mile population density is 58,418 and the five mile population is 107,681.

The owners have invested a significant amount in cap-x over the past couple of years repairing and replacing doors, gutters, and down spouts, fixing cameras as needed, painting areas that needed touch up. The most significant cap-x investment was bringing over sixty damaged units back online to begin leasing up and this has been reflected in a great first quarter. As of March 2021, the physical occupancy was 82 percent, up from 76 percent in March 2020.

Jackson is a major business force in Mississippi, seeing success in high paying industrial operations. Jackson houses four bank headquarters: Consumer National Bank, First American Bank, First Commercial Bank and Trustmark National Bank; Agricultural commodities represent a $180 million business; nearly 500 manufacturers are present in the area plus Nissan Motor Co., a $930 million automobile plant, represent some of the major business in Jackson.

This listing offers the opportunity to acquire the American Mini Storage offered at $1,600,000, $36.70 per square foot. The in place cap rate of 6.88 percent is based on Q1 2021 annualized income, which is up 6.27 percent over 2020 year end results. Now that the 'down units' are back online, this trend is expected to continue resulting in 12.25 percent cap rate within two years or upon stabilization.

Investment Highlights

  • Located directly on Hwy 80, a major highway, with room to expand
  • In-Place Cap Rate of 6.88 Percent
  • Stabilized Cap Rate of 12.25 Percent
  • 80 Percent Physically Occupied While 55 Percent Economically Occupied
  • 58,418 People Within 3-Mile Radius; 107,681 People Within 5-Mile Radius

Exclusively Listed By

  • Anne Williams

    First Vice President Investments

    (901) 620-3622

    Email Anne

    License(s): TN: 00255603, AR: PB00066390, MS: B-20181

    Memphis

Broker of Record

  • Mickey Davis

    Associate

    (901) 620-3600

    License(s) MS: 15586

    Mississippi

Self-Storage Facility

American Mini Storage

Listing Price: $1,600,000

Cap Rate
6.88%
Number of Units
358
Occupancy
55.3%
Gross SF
43,600
Rentable SF
43,600
Price/Rentable SF
$36.70
Year Built
1984

Investment Highlights

  • Located directly on Hwy 80, a major highway, with room to expand
  • In-Place Cap Rate of 6.88 Percent
  • Stabilized Cap Rate of 12.25 Percent
  • 80 Percent Physically Occupied While 55 Percent Economically Occupied
  • 58,418 People Within 3-Mile Radius; 107,681 People Within 5-Mile Radius

Investment Overview

Marcus and Millichap is pleased to announce the exclusive offering of the American Mini Storage, located at 2372 Highway 80 W, Jackson, Mississippi.

Consisting of 43,600 rentable square feet, American Mini Storage is a mix of 340 non-climate controlled units and 17 outdoor boat/RV spaces totaling 357 units. Amenities include a large rental office, security cameras, secure keypad entry, perimeter fencing and an apartment located directly behind the rental office. American Mini Storage is located on Highway 80, a major east-west highway with an impressive traffic count of 22,000 cars per day. The three mile population density is 58,418 and the five mile population is 107,681.

The owners have invested a significant amount in cap-x over the past couple of years repairing and replacing doors, gutters, and down spouts, fixing cameras as needed, painting areas that needed touch up. The most significant cap-x investment was bringing over sixty damaged units back online to begin leasing up and this has been reflected in a great first quarter. As of March 2021, the physical occupancy was 82 percent, up from 76 percent in March 2020.

Jackson is a major business force in Mississippi, seeing success in high paying industrial operations. Jackson houses four bank headquarters: Consumer National Bank, First American Bank, First Commercial Bank and Trustmark National Bank; Agricultural commodities represent a $180 million business; nearly 500 manufacturers are present in the area plus Nissan Motor Co., a $930 million automobile plant, represent some of the major business in Jackson.

This listing offers the opportunity to acquire the American Mini Storage offered at $1,600,000, $36.70 per square foot. The in place cap rate of 6.88 percent is based on Q1 2021 annualized income, which is up 6.27 percent over 2020 year end results. Now that the 'down units' are back online, this trend is expected to continue resulting in 12.25 percent cap rate within two years or upon stabilization.

Exclusively Listed By

  • Anne Williams

    First Vice President Investments

    (901) 620-3622

    Email Anne

    License(s): TN: 00255603, AR: PB00066390, MS: B-20181

    Memphis

Broker of Record

  • Mickey Davis

    Associate

    (901) 620-3600

    License(s): MS: 15586

    Mississippi

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