Investment Overview

Marcus & Millichap is proud to exclusively offer A & K Storage City, located at 10370 Lemoyne Blvd, D'Iberville, MS 39540 . A & K Storage City consists of 182 non-climate controlled units, 21 climate-controlled units and one open parking space within 26,900 rentable square feet located on 1.9 acres. The facility is paved, fenced and gated with controlled/keypad access. While the property is highly occupied, 95 percent in February, there are many ways to add value to this investment. For starters, A & K Storage City currently has one tenant enrolled in a tenant insurance program out of one hundred ninety four tenants. A & K Storage City is also in need of an immediate rate increase across all unit types. D'Iberville is located in the Mississippi Gulf Coast amongst other cities such as Biloxi, Ocean Springs, Waveland, Gulfport and Pascagoula. A & K Storage City has a great population density with a 1-mile population of 6,177, a 3-mile population 31,040 and a 5-mile population of 67,387. D'Iberville is the fastest growing city in the state of Mississippi. The area has a diverse work force but the primary economic drivers come from the casinos, which contributes nearly $1 billion annually to local governments, and Kessler Air Force Base, a training base for 40,000 military and medical support staff. Kessler contributes an annual economic impact to the Gulf Coast of $1.1 billion and is the largest employer in the region. The Biloxi Casino District is home to 11 casinos. The gaming industry has added 23,460 jobs in the past four years. Beau Rivage and IP Casino Resort & Spa are located just a couple of miles from the facility. A & K Storage City is also located just a couple of miles from the Promenade and Lakeview Village, a mixed-use retail development project located at the intersection of Interstate 10 and Interstate 110. This shopping district includes major retail stores such as Wal-Mart, Target, Best Buy, Lowes, Dicks Sporting Goods and restaurants including Twin Peaks and Outback Steakhouse. A & K Storage City is being offered at $1,700,000 which represents a 5.08% percent cap rate on in-place NOI. The property is performing well but by tweaking the operations and immediately raising street rates, the cap rate grows to 8.04% percent with a 13.14% cash on cash return.