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Self-Storage Facility

Manchester Stone Fort Storage

896 Hendrixson Dr, Manchester, TN 37355

Listing Price: $1,800,000

Cap Rate
6.06%
Number of Units
204
Occupancy
98.0%
Gross SF
26,430
Rentable SF
26,430
Price/Rentable SF
$68.10
Year Built
2008

Investment Overview

Marcus & Millichap is pleased to offer Manchester Stone Fort Storage and Hilltop Storage, a 2-property portfolio located in Manchester, Tennessee. Stone Fort Storage is located at 896 Hendrixson Drive. It is comprised of 135 non-climate controlled units and a few parking spaces within 16,200 rentable square feet. Hilltop Storage is located at 1356 Murfreesboro Highway and is comprised of 69 climate and non-climate controlled units within 10,230 rentable square feet. The properties are located 4-block apart and offer 204 climate and non-climate units and parking within 26,430 rentable square feet to the market. Amenities at Stone Fort Storage include a small office, chain link fence, controlled access keypad and gate and (new) security cameras. The current owner lives out of town and has the operations set up to be managed remotely thru Easy Storage Solution website and call center. Manchester Tennessee is located between Murfreesboro and Chattanooga, Tennessee. The 3-mile trade area features a growing population of 13,122 and an average household income of 64,400. There are 20,400 people within the 5-mile radius. As of February 2022, the physical occupancy of the portfolio was 98% and the economic occupancy was 85%. The owner increased street rates in October 2021 approximately 5.5% but because of the high occupancy at the properties and in the market, another street rate increase can be justified. The first quarter 2022 income is up 20% versus first quarter 2021. It is reasonable to believe a new owner can continue to push street rates followed by an existing customer rate increases. Thru revenue management and pushing the tenant protection plan, the new owner can achieve a cap rate of 7.9% with a leveraged return of 11.99%.

Investment Highlights

  • 2-Properties Located Four Blocks Apart
  • 204 Climate & Non-Climate Units | 26,430 Rentable Square Feet
  • 98% Physically Occupied, as of February 2022
  • 85% Economically Occupied on Trailing 4-Months
  • Located Halfway Between Nashville and Chattanooga Tennessee
  • Growing Population: 13,100 People Within 3-Miles; 20,400 People Within 5-Miles

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

Manchester Stone Fort Storage

Listing Price: $1,800,000

Cap Rate
6.06%
Number of Units
204
Occupancy
98.0%
Gross SF
26,430
Rentable SF
26,430
Price/Rentable SF
$68.10
Year Built
2008

Investment Highlights

  • 2-Properties Located Four Blocks Apart
  • 204 Climate & Non-Climate Units | 26,430 Rentable Square Feet
  • 98% Physically Occupied, as of February 2022
  • 85% Economically Occupied on Trailing 4-Months
  • Located Halfway Between Nashville and Chattanooga Tennessee
  • Growing Population: 13,100 People Within 3-Miles; 20,400 People Within 5-Miles

Investment Overview

Marcus & Millichap is pleased to offer Manchester Stone Fort Storage and Hilltop Storage, a 2-property portfolio located in Manchester, Tennessee. Stone Fort Storage is located at 896 Hendrixson Drive. It is comprised of 135 non-climate controlled units and a few parking spaces within 16,200 rentable square feet. Hilltop Storage is located at 1356 Murfreesboro Highway and is comprised of 69 climate and non-climate controlled units within 10,230 rentable square feet. The properties are located 4-block apart and offer 204 climate and non-climate units and parking within 26,430 rentable square feet to the market. Amenities at Stone Fort Storage include a small office, chain link fence, controlled access keypad and gate and (new) security cameras. The current owner lives out of town and has the operations set up to be managed remotely thru Easy Storage Solution website and call center. Manchester Tennessee is located between Murfreesboro and Chattanooga, Tennessee. The 3-mile trade area features a growing population of 13,122 and an average household income of 64,400. There are 20,400 people within the 5-mile radius. As of February 2022, the physical occupancy of the portfolio was 98% and the economic occupancy was 85%. The owner increased street rates in October 2021 approximately 5.5% but because of the high occupancy at the properties and in the market, another street rate increase can be justified. The first quarter 2022 income is up 20% versus first quarter 2021. It is reasonable to believe a new owner can continue to push street rates followed by an existing customer rate increases. Thru revenue management and pushing the tenant protection plan, the new owner can achieve a cap rate of 7.9% with a leveraged return of 11.99%.

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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