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Self-Storage Facility

Madison Self Storage

111 Woodruff St, Nashville, TN 37115

Listing Price: $1,230,000

Cap Rate
6.08%
Number of Units
110
Occupancy
72.6%
Gross SF
9,675
Rentable SF
9,675
Price/Rentable SF
$127.13

Investment Overview

Marcus & Millichap is proud to exclusively offer Madison Self Storage, located at 111 Woodruff St, Madison, Tennessee 37115.

Madison Self Storage is a mix of 85 climate and non-climate controlled units and 15 open parking spaces on 4 parcels that equal 1.24 acres. Currently, the property offers 8,675 net rentable square feet; however, the owner has purchased ten (10) 10x10 Janus MASS units which will be delivered and installed towards the end of June, increasing the total number of units to 110 and net rentable square feet to 9,675. The MASS units are included in the offering and included in the Unit Mix herein.

Amenities at the facility include a spacious rental office, security cameras, DVR recording system, two separate gates with keypad/controlled access and a third (manual) gate on the lot where the owners park the U-Haul trucks/trailers. Madison Self Storage is located in a densely populated area of Nashville with 53,696 people in a 3-mile radius and 126,078 in a 5-mile radius. Rental rates are some of the strongest in Nashville MSA currently at $14.57/ft. The facility typically maintains an occupancy in the mid to upper 90's and as of April 30, 2021, the physical occupancy was 93 percent.

The Madison Self Storage investment offers many opportunities to expand, reconfigure and redevelop the site. For starters, there is a 1,700 square foot warehouse adjacent to the office that is rented to an HVAC contractor. The contractor has been there for over 10 years and pays $1,700/month. The owner has considered converting this space to storage or removing/replacing the building with a climate controlled building. Also, there is a 50' x 300' lot that can either be developed into self storage and/or RV/Boat/Parking area. The owner currently parks U-Haul trucks on this lot, referenced above. Located in the back of the lot is an abandoned phone switch house that can be torn down and replaced with a climate controlled building. Lastly, the 15 open parking spaces can be moved to this lot, opening up space within the secure gated area to add more MASS units or a more permanent conversion.

Madison Self Storage is offered at $1,230,000. Based on the year to date net income (thru April), this investment offers a buyer an in-place 6.08 percent cap rate. Once the MASS units are leased up and stabilized, the cap rate improves to an impressive 8.15 percent. Very attractive debt terms are available for this offering rewarding the investor with 14.04 percent within 18-24 months.

Investment Highlights

  • Value-Add Investment Opportunity in Stable, Densely Populated Area of Nashville
  • Physical Occupancy of 93 Percent in April 2021
  • Population density of 53,728 within 3-Mile Radius
  • 8.15 Percent Cap Rate | 14.04 Percent Cash on Cash 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

Self-Storage Facility

Madison Self Storage

Listing Price: $1,230,000

Cap Rate
6.08%
Number of Units
110
Occupancy
72.6%
Gross SF
9,675
Rentable SF
9,675
Price/Rentable SF
$127.13

Investment Highlights

  • Value-Add Investment Opportunity in Stable, Densely Populated Area of Nashville
  • Physical Occupancy of 93 Percent in April 2021
  • Population density of 53,728 within 3-Mile Radius
  • 8.15 Percent Cap Rate | 14.04 Percent Cash on Cash Upon Stabilization

Investment Overview

Marcus & Millichap is proud to exclusively offer Madison Self Storage, located at 111 Woodruff St, Madison, Tennessee 37115.

Madison Self Storage is a mix of 85 climate and non-climate controlled units and 15 open parking spaces on 4 parcels that equal 1.24 acres. Currently, the property offers 8,675 net rentable square feet; however, the owner has purchased ten (10) 10x10 Janus MASS units which will be delivered and installed towards the end of June, increasing the total number of units to 110 and net rentable square feet to 9,675. The MASS units are included in the offering and included in the Unit Mix herein.

Amenities at the facility include a spacious rental office, security cameras, DVR recording system, two separate gates with keypad/controlled access and a third (manual) gate on the lot where the owners park the U-Haul trucks/trailers. Madison Self Storage is located in a densely populated area of Nashville with 53,696 people in a 3-mile radius and 126,078 in a 5-mile radius. Rental rates are some of the strongest in Nashville MSA currently at $14.57/ft. The facility typically maintains an occupancy in the mid to upper 90's and as of April 30, 2021, the physical occupancy was 93 percent.

The Madison Self Storage investment offers many opportunities to expand, reconfigure and redevelop the site. For starters, there is a 1,700 square foot warehouse adjacent to the office that is rented to an HVAC contractor. The contractor has been there for over 10 years and pays $1,700/month. The owner has considered converting this space to storage or removing/replacing the building with a climate controlled building. Also, there is a 50' x 300' lot that can either be developed into self storage and/or RV/Boat/Parking area. The owner currently parks U-Haul trucks on this lot, referenced above. Located in the back of the lot is an abandoned phone switch house that can be torn down and replaced with a climate controlled building. Lastly, the 15 open parking spaces can be moved to this lot, opening up space within the secure gated area to add more MASS units or a more permanent conversion.

Madison Self Storage is offered at $1,230,000. Based on the year to date net income (thru April), this investment offers a buyer an in-place 6.08 percent cap rate. Once the MASS units are leased up and stabilized, the cap rate improves to an impressive 8.15 percent. Very attractive debt terms are available for this offering rewarding the investor with 14.04 percent within 18-24 months.

Exclusively Listed By

  • Anne Williams

    First Vice President Investments

    (901) 620-3622

    Email Anne

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

    Memphis

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