Self-Storage Facility

Space Savers Tuscaloosa

1219 James I Harrison Jr Pkwy E, Tuscaloosa, AL 35405

Listing Price: $7,400,000

Cap Rate
4.57%
Number of Units
443
Occupancy
78.38%
Gross SF
42,780
Rentable SF
42,780
Price/Rentable SF
$172.98
Year Built
2006

Investment Overview

Marcus & Millchap is pleased to present Space Savers Self-Storage of Tuscaloosa, Alabama. Space Savers features one class A, multilevel self-storage building featuring 443 units. Historically, Space Savers' occupancy has been well past 90 percent in the summer months. With over half of the University of Alabama's students residing out of state, COVID-19 has played a major role in the current occupancy of 79 percent. The facility has major upside including rent adjustments, increased occupancy, additional income though tenant insurance, etc. The current owner/operator is a very experienced, long time hospitality and storage developer. He does not enjoy the management aspect of the business and does very little marketing/advertising.

The property is located three-and-a-half miles from the University of Alabama meaning the facility is close enough to campus to capitalize on students during normal summer months, but far enough away, to not be fully dependent on them for occupancy.

Investment Highlights

  • Class A Climate Facility
  • 443 Units
  • 2007 Construction
  • 42,780 Rentable Square Feet
  • Below Market Rates

Exclusively Listed By

Listing Price: $7,400,000

Cap Rate
4.57%
Number of Units
443
Occupancy
78.38%
Gross SF
42,780
Rentable SF
42,780
Price/Rentable SF
$172.98
Year Built
2006

Investment Highlights

  • Class A Climate Facility
  • 443 Units
  • 2007 Construction
  • 42,780 Rentable Square Feet
  • Below Market Rates

Investment Overview

Marcus & Millchap is pleased to present Space Savers Self-Storage of Tuscaloosa, Alabama. Space Savers features one class A, multilevel self-storage building featuring 443 units. Historically, Space Savers' occupancy has been well past 90 percent in the summer months. With over half of the University of Alabama's students residing out of state, COVID-19 has played a major role in the current occupancy of 79 percent. The facility has major upside including rent adjustments, increased occupancy, additional income though tenant insurance, etc. The current owner/operator is a very experienced, long time hospitality and storage developer. He does not enjoy the management aspect of the business and does very little marketing/advertising.

The property is located three-and-a-half miles from the University of Alabama meaning the facility is close enough to campus to capitalize on students during normal summer months, but far enough away, to not be fully dependent on them for occupancy.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower