Investment Overview

Marcus & Millichap is pleased to offer for sale Metro Battlefield Storage located at 175 Liberty Lane, Ringgold, Georgia. Metro Battlefield offers 295 total units which includes non-climate, outside and covered boat & RV parking and 10 office suites within 47,187 rentable square feet on 4.2 acres. Amenities at the facility include a spacious rental office, controlled access gate with keypads for both entry and exit, security cameras, chain link perimeter fence, a gravel lot for the storage units and paved lots for the office suites and rental office. In the past year, the owner has invested a tremendous amount of cap-x upgrading the facility and is starting to see the occupancy grow as a result. In December 2021, the occupancy was 54 percent. As of March 31, 2023, the occupancy was 72 percent. Some of the major improvements made include installing LED lighting on exterior of the office suites, replacing or repainting roll up doors, re-grading the grounds and laying new gravel, installing new gutters, new cameras and security system and renovating all the office suites. In addition to the non-climate, drive-up units, the facility offers 10 office suites rented to local businesses. As of March 31, 2023, 9 of the 10 suites were rented and the last one was reserved. Most of the suites are 400 square feet (20x20’s) and are all on commercial lease agreement. Each lease requires the tenants to pay their own utilities, water, trash and pest control. The landlord is responsible for the exterior upkeep. There is no CAM reimbursements. See the Office Suite lease schedule presented in the Financial section of this Offering Memorandum. Ringgold is located in Catoosa County, north Georgia, just 13 miles south of downtown Chattanooga, Tennessee. The 3 and 5-mile trade area boasts a population of 23,238 and 61,680, respectively, with an average household income of $84,557. As mentioned above, the facility was 71.56 percent physically occupied as of March 31, 2023 and 64 percent economic, based on the January – March 2023 YTD annualized revenue. Priced at $3,650,000, $77.35 per square foot, the buyer will be acquiring a value-add opportunity with an opportunity to continue to lease-up, push rates and maximize revenue. Upon stabilization, the buyer will achieve a stabilized cap rate of 8.02 percent and cash flow over $100,000.