Canton Self Storage Opportunity

Canton Self Storage Opportunity2019-11-06T13:13:13-05:00

Project Description

The Canton Self Storage Opportunity is Under Contract.

UNDER CONTRACT
NRSF – 70,156

3240 Sixes Road
Canton, GA 30114

The Class A facility located in Canton, Georgia is comprised of 70,156 rentable square feet on approximately 1.7 acres of land. The state-of-the-art facility yields 689 climate-controlled units, ranging from 25 square feet to 300 square feet, delivering an average unit size of over 100 square feet per unit. This facility is well into its lease-up, coming in at 73% physical occupancy and features video surveillance, a fully enclosed structure and digital keypad access to ensure secure storage.

Located at 3240 Sixes Road, the subject is adjacent to two signalized intersections allowing for easy ingress and egress. This highly visible location has a traffic count of over 19,000 vehicles per day and is within 0.5 miles of Starbucks, Publix, Wells Fargo and McDonald’s, among several others. The site will benefit from a strong projected annual growth rate of 2.4 percent within three miles from 2019 to 2023.

Extra Space Managed-Canton has strong market fundamentals as supply is becoming more limited due to the local municipalities discouraging new storage development. The population growth and unemployment rates both bolster the market, along with a low total self-storage supply of only 5.49 square feet of storage per capita. This combined with a well above average household income of over $100,000 within a one mile radius creates a sound, sustainable investment strategy for this opportunity. This facility has been leasing up at a solid rate with over 85 new move-ins in July, 2019 alone. EXR-Managed Canton allows an opportunistic investor to either switch flags to their brand or continue with Extra Space Storage from day one.

Investment Highlights:

  • Low Current Supply of Under Six Square Feet Per Capita
  • State-of-the-Art, Class A Facility in a Thriving Component of the Atlanta MSA
  • Direct Ingress and Egress at a Signalized Intersection with Over 19,000 Vehicles Per Day
  • Average Household Income Exceeding $100,000 Within One Mile of the Subject Property
  • Capitalize on a Rapid Lease-Up Phase in a Market with a Strong Demand for Storage
  • Well-Located in a Top 10 Metropolitan Area with a Robust Global Economy