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Self Storage

Rutledge Pike Mini Storage - Development

5831-5859 Rutledge Pike, Knoxville, TN 37924

Listing Price: $1,200,000

Land Type
Redevelopment

Investment Overview

The Williams Storage Group of Marcus & Millichap is pleased to present the unique opportunity to develop a single story self-storage facility in an underserved area of Knoxville, Tennessee. The property is zoned and approved for 553 units for a total of 78,625 net rentable square feet in a two building single story facility configuration. Architecture plans include an additional 8,314 square feet of Parking/RV/Boat storage. This phase two addition provides an excellent value add component to qualified investors.

The facility has excellent visibility on Rutledge Pike, a main thoroughfare, and is only six miles away from downtown Knoxville. Per TDOT 2020 data, the average number of vehicles per day on the Pike was 14,663 which will only continue to grow as new homes are built to the north and east of the property. Population is the market area is expected to grow significantly due to a recent announcement that Amazon is planning to redevelop the East Towne Mall into a new Delivery Station set to open in 2022. The station will create hundreds of full-time and part-time jobs, paying a minimum of $15 per hour and offering a variety of benefits packages from day one. It is predicted that the new Amazon project has an economic impact of $40 million.

From a supply perspective, the market is currently underserved compared to US average with a net rentable square foot per person ratio of 4.19 in a 3-mile radius and 5.56 in a 5-mile radius. Current average rents for 10x10 Climate-Control average $14.30; 10x10 rents for Drive-Up average $11.98.

Investment Highlights

  • Excellent visibility on Rutledge Pike NE of Knoxville with 14,663 VPD (*TDOT 2020)
  • Amazon announced new Delivery Station retro-fit of East Towne Mall ~3 miles away
  • Adjacent parcel zoned for 56 townhomes to be developed
  • Ongoing development of single-family homes north of subject property
  • Median household income of $54,210 with projected income growth of 12.75% in 5 years

Exclusively Listed By

Self Storage

Rutledge Pike Mini Storage - Development

Listing Price: $1,200,000

Land Type
Redevelopment

Investment Highlights

  • Excellent visibility on Rutledge Pike NE of Knoxville with 14,663 VPD (*TDOT 2020)
  • Amazon announced new Delivery Station retro-fit of East Towne Mall ~3 miles away
  • Adjacent parcel zoned for 56 townhomes to be developed
  • Ongoing development of single-family homes north of subject property
  • Median household income of $54,210 with projected income growth of 12.75% in 5 years

Investment Overview

The Williams Storage Group of Marcus & Millichap is pleased to present the unique opportunity to develop a single story self-storage facility in an underserved area of Knoxville, Tennessee. The property is zoned and approved for 553 units for a total of 78,625 net rentable square feet in a two building single story facility configuration. Architecture plans include an additional 8,314 square feet of Parking/RV/Boat storage. This phase two addition provides an excellent value add component to qualified investors.

The facility has excellent visibility on Rutledge Pike, a main thoroughfare, and is only six miles away from downtown Knoxville. Per TDOT 2020 data, the average number of vehicles per day on the Pike was 14,663 which will only continue to grow as new homes are built to the north and east of the property. Population is the market area is expected to grow significantly due to a recent announcement that Amazon is planning to redevelop the East Towne Mall into a new Delivery Station set to open in 2022. The station will create hundreds of full-time and part-time jobs, paying a minimum of $15 per hour and offering a variety of benefits packages from day one. It is predicted that the new Amazon project has an economic impact of $40 million.

From a supply perspective, the market is currently underserved compared to US average with a net rentable square foot per person ratio of 4.19 in a 3-mile radius and 5.56 in a 5-mile radius. Current average rents for 10x10 Climate-Control average $14.30; 10x10 rents for Drive-Up average $11.98.

Exclusively Listed By

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