American Patriot Self Storage is situated in Portsmouth, Virginia, which is adjacent to the city of Norfolk and a key component of the Hampton Roads Metropolitan Area. An investor has the unique opportunity to acquire a stabilized asset in a dense retail corridor encompassed by several residential zones. The facility has excellent physical and economic occupancies of 92.7 percent and 85.1 percent, respectively. Additionally, the subject has solid projected leveraged IRRs of 19.0 percent and 17.3 percent in years five and seven. American Patriot Self Storage serves as the primary storage facility within the immediate vicinity and benefits from limited competition; there are only four other self-storage options within four miles of the subject. There is a population in excess of 235,000 individuals within five miles of the property, in addition to a 45.7 percent renter-occupied housing population. American Patriot Self Storage offers a tenant insurance program and a truck rental program for an additional stream of revenue. Furthermore, the facility offers a wide-variety of units and E-commerce software for consumer convenience.
Consisting of 48,857 net rentable square feet on 1.55 acres, the facility maintains 310 interior units and 103 drive-up units for a total of 413 units. The subject offers several well-maintained storage options, premium video surveillance, optimal lighting, fencing and professional, on-site management. American Patriot Self Storage provides consumers with individual codes for gated access and utilizes a local security company after hours to ensure secure storage. The property is easily accessible from the downtown and midtown areas of Portsmouth, Norfolk and Chesapeake.
The facility offers convenient access to several high-traffic thoroughfares within the region. London Boulevard and Martin Luther King Freeway are within 0.5 miles of the property, demonstrating traffic counts in excess of 20,000 and 37,000 vehicles per day. Additionally, American Patriot Self Storage is easily accessible from the Midtown tunnel and Interstate 64. The facility is within close proximity to Virginia Beach and is encompassed by a thriving retail corridor and nearly a dozen densely-populated residential zones. Portsmouth is a key component of the Hampton Roads Metropolitan Area and is centrally located with convenient access to Norfolk, Virginia Beach and Williamsburg.
- Acquisition Guarantees Prominent Visibility in a Residentially-Dense Area of Newark; the Most Populous City in New Jersey
- Large-Scale Facility Projected to Stabilize After a 36-Month Lease-Up Period at 90 Percent Physical Occupancy
- Property Benefits from its Location Along Park Avenue and Exposure to Both Garden State Parkway and Interstate 280, Which Witness Traffic Counts of Over 167,000 and 160,000 Vehicles Daily
- Three-Mile Population of 450,717 Individuals Among 160,789 Households, Indicating the Strength of the Residential Corridor
- 58.6 Percent Renter-Occupied Housing Population, Which is Indicative of the Need for Self-Storage Within the Surrounding Region
- An Investor can Benefit from the Market’s High Rental Rates for 10×10 Climate-Controlled Storage; Competitors Currently Offer 10×10 Climate-Controlled Storage at an Average of $200
- Numerous Points of Interest, Including a Variety of Nationally-Recognized Tenants and Local Schools that Ensure the Site’s Visibility on its Route and a Multitude of Large Suburbs